Specialisms

At this time of year some employers may wish to make small gifts to their employees. A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy the following conditions: the cost of providing the benefit does not exc ...

1. What is the Data Protection Act about? The main aim of the Act is to promote a high standard of handling personal information to protect the individual’s right to privacy. This Act applies to all companies which hold data about living individuals in paper or electronic format. The 8 Data Protection principles for good data handling All data must be… Fairly and lawfully ...

HMRC have issued the October 2017 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. HMRC are advising that following the changes to the valuation of benefits in kind (BiK) where there is a cash option available, they will consult and then issue the necessary amendments to the PAYE Regulations. The guidance will also clarify ...

The government have announced details of a new Help to Save saving scheme. The scheme is government backed and designed to support working people on low incomes build up their savings. The scheme, administered by HMRC, will be open to working people who receive Working Tax Credits, and those who receive Universal Credit with a household income equivalent to at least 16 hours a ...

The Criminal Finances Act 2017 took effect on 30 September 2017. It makes companies and partnerships, a ‘relevant body’, criminally liable if they fail to prevent the facilitation of tax evasion being carried out by an employee, anyone acting on their behalf or someone acting as an agent. If found guilty, the business could face unlimited fines and potentially further consequen ...

The Welsh Assembly has announced the proposed rates and bands for land transaction tax (LTT) which is to be introduced for land and property in Wales on 1 April 2018, replacing Stamp Duty Land Tax. Under the new rates for LTT, Wales will have the highest starting threshold for the property tax in the UK. The proposed rates are as follows:   Residential Non- ...

HMRC are making some changes to the ways customers can make payments. The pay at the Post Office service will be withdrawn from 15th December 2017 and from 13th January 2018, HMRC will no longer accept payment by personal credit card. Debit cards and corporate credit cards will continue to be accepted. We hope these changes don’t cause any inconvenience. There are still many ...

HMRC have launched a new Trusts Registration Service (TRS), so that trustees can register their trust online and provide information on the beneficial owners of the trust. The new service launched in early July for trustees and replaces the 41G (Trust) paper form, which was withdrawn at the end of April. Under the existing self assessment rules, the trustees (or their agents) ...

HM Revenue & Customs (HMRC) has been issuing demands for National Insurance Contributions (NIC) to property letting landlords on the basis that they are ‘self-employed earners’ running a ‘business’. Self-employed earners who are liable to income tax on the profits of a trade, profession or vocation will also generally be considered a self-employed earner for NIC purposes. ...

HMRC have announced the introduction of a new service to directly help mid-sized businesses as they expand and grow. This is to be known as the Growth Support Service. According to HMRC there are approximately 170,000 mid-sized businesses registered in the UK. The businesses with either a turnover of more than £10 million or more than 20 employees, that are undergoing signific ...