May • #03 Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) or “salary sacrifice” arrangements, to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits....

May • #02 HMRC have advised companies to consider delaying the grant of Enterprise Management Incentive (“EMI”) share options until fresh State Aid approval has been granted by the EU. As the UK Government were late in applying for an extension (12 months’ notice is...

May • #01 Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is...

April • #03 Whilst on the subject of the reduction in cash transactions, we take the opportunity to remind you of the Gift Aid Small Donations Scheme (GASDC). Under this scheme a charity or community amateur sports club (CASC) can claim top-up payments on small...

April • #02 One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless...

April • #01 As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on...

April • DIARY Main Tax Events • April & May 2018 1st April: Corporation tax for year to 30/06/17 (unless quarterly payments apply) 5th April: End of 2017/18 Tax Year. 2018/19 tax year starts 06/04/18. 19th April: PAYE & NIC deductions, and CIS return and tax,...

April • #05 The new tax year means that many directors of family companies will be considering the most tax efficient method of paying themselves. For many years accountants and tax advisors have suggested that director/shareholders should extract profit by paying...

April • #04 The Scotland Act 2016 provides the Scottish Parliament with the power to set all income tax rates and bands that will apply to Scottish taxpayers’ non-savings, non-dividend (NSND) income for tax year 2018/19. From 6 April 2018 there will be significant...

March • #04 HMRC have announced that they are looking for suitable businesses to sign up for the pilot testing of the new system of digital reporting of VAT information. Turkeys voting for Christmas springs to mind? After a period of testing the new system is...

Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally.
On 18 December 2017, HMRC published draft legislation together with examples of how the business account records might link with the HMRC computer in order to comply with MTD for VAT. The legislation specifies that “functional compatible software” must be used to record and preserve prescribed VAT related data.

March • #02 The IR35 personal service company legislation has been on the statute book since 2000 and has never really worked as intended. The main reason for this is that the interpretation of the legislation is based on the same employment status tests referred to...

March • #01 Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions...

March • DIARY Main Tax Events • March & April 2018 1st March: Corporation tax for year to 30/05/17 (unless quarterly payments apply) 19th March: PAYE & NIC deductions, and CIS return and tax, for month to 05/03/18. (due 22/03/18 if you pay electronically) 1st...

February • #04 Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as FHL. In particular the restriction on deductibility of finance costs that started to apply from 2016/17 does not apply to...

February • #03 If your pension savings exceed the annual pension input limit (generally £40,000) then there is an annual allowance charge. The effect of the annual allowance charge is to reduce tax relief on any pension saving over the annual allowance. The annual...

Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help…

Making Tax Digital (MTD) for VAT is scheduled to start in April 2019 which means that your VAT information needs to be submitted to HMRC digitally…

Main Tax Events • February & March 2018