The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The rates are due to increase from 1 April 2018 as shown in the f ...

As well publicised, the tax relief that landlords of residential properties can claim for *finance costs is now being restricted to the basic rate of income tax.  This is being phased in from 6 April 2017 and will be fully implemented from 6 April 2020. *finance costs include mortgage interest and fees incurred when taking out or repaying loans.  The tax reduction is calculat ...

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 ...

Research conducted as part of the Taken on Trust report, commissioned by the Department of Digital, Culture, Media and Sport in November 2017, noted that the majority of charity trustees are male, white and retired, the so called ‘male, pale and stale’ demographic. Since then, the CCEW, the Charity Governance Code and various other commentators have been encouraging charities t ...

Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations. The costs are tax deductible generally where the individual must have membership to do their job or it is helpful for their work.  Where the fees are paid by the individual’s employer this will not generally result in a benefit in kind c ...

HMRC have announced that they have stopped thousands of taxpayers from receiving scam text messages ‘with 90 percent of the most convincing texts now halted before they reach their phones’. HMRC’s press release states: ‘Fraudsters alleging to be from HMRC send text messages to unsuspecting members of the public. In these messages they will make false claims, such as suggestin ...

The implementation of Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, is being rolled out to eligible parents in stages. The scheme first made its debut in April 2017 and although there have been initial systems problems, HMRC’s aim is to have the scheme open to all eligible parents by 14 February 2018. Application is made onli ...

HMRC have released the latest list of imaginative excuses made by individuals who failed to submit their self assessment return by 31 January deadline in 2017. Excuses include alien sightings and being too busy touring with a one-man play. HMRC’s annual list of outlandish excuses is used to publicise the self assessment deadline of 31 January following the end of the tax year. ...

The Scottish government announced that they will introduce a new Land and Buildings Transaction Tax (LBTT) relief for first-time buyers of properties up to £175,000. The relief will raise the zero tax threshold for first-time buyers from £145,000 to £175,000, and according to the Scottish government 80% of first-time buyers in Scotland will pay no LBTT at all. The Scottish gove ...