The government has issued some ‘no deal’ Brexit technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. The government has published the first 25 notices. Brexit Secretary Dominic Raab was keen to emphasise that reaching a deal remains the ‘overriding priority’. However, until a Withdrawal Agre ...

What is the Requirement to Correct? The purpose of the Requirement to Correct (RTC) legislation is to require those taxpayers with undeclared offshore tax liabilities to disclose such liabilities to HMRC on or before 30 September 2018. Those who fail to do so will face severe financial penalties. The Common Reporting Standard (automatic exchange of financial data on a global ...

HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break. The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil partner, reducing their tax bill by up to £238 ...

The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’. The draft legislation could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax. The draft legislation also outlines the government’s approach to the Making Tax Di ...

The Government is reminding ‘stressed out parents’ that help may be available for childcare costs during the summer holidays. According to a YouGov poll, 31% of parents feel stressed trying to arrange childcare for the school holidays. The poll, for HMRC, also found that around 30% of parents worried about balancing their job and school holiday childcare. With 54% admitting the ...

From April 2019, the National Assembly for Wales will be able to vary the rates of income tax payable by Welsh taxpayers. Responsibility for many aspects of income tax will remain with the UK government, and the tax will continue to be collected by HMRC for Welsh taxpayers. The process for setting Welsh rates of income tax From April 2019, the UK government will reduce each ...

HMRC has launched a consultation on how to tackle non-compliance with the off-payroll working rules in the private sector and are asking for comments on the best way to do this. HMRC estimates only 10% of PSCs that should apply the legislation actually do so, and the the cost of this is projected to increase from £700m in 2017/18 to £1.2bn in 2022/23. This consultation provid ...

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options. An EMI can offer significant tax advantages as the share option scheme allows options to be granted to employees which may allow the shares to be received without any ...

Where a let property is held by one spouse or civil partner, a transfer into joint ownership can help save income tax (IT) on the rental income where one spouse or civil partner pays tax at a lower marginal rate.  Such a transfer could also mitigate any S.24 ‘landlord tax’ (restrictions on tax relief on finance costs). Holding property in joint names may also mitigate the capit ...

New company car advisory fuel rates have been published which take effect from 1 March 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or after 1 March 2018 are: Engine size Petrol 14 ...