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 ...
Off-payroll working in the private sector consultation
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 ...
200,000 receive back pay as HMRC enforce National Minimum Wage
BEIS and HMRC are urging underpaid workers to complain about National Minimum Wage (NMW) and National Living Wage (NLW) underpayments. Recent figures show that the number of workers receiving the money they are owed has doubled. During 2017/18, HMRC investigators identified £15.6 million in pay owed to more than a record 200,000 of the UK’s lowest paid workers. This is an inc ...
Tax refund scams warning from HMRC
HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on to request that they provide their personal ...
HMRC to speed up CGT payments for residential property sales
A payment on account of capital gains tax will need to be made when a residential property is sold from April 2020. Payment will be due within 30 days of completion and the seller will have to submit a “payment on account” return at the same time. The changes affect those selling a second home or rental property. They will not apply to disposals covered by principal private r ...
Extension of CGT to non-residents investing commercial property
As from 6 April 2015, non-residents are liable to UK capital gains tax (CGT) on the sale of residential dwellings situated in the UK. This change was implemented in order to bring the UK in line with many other countries, with an established pattern of taxing property situated in their jurisdiction. A PPR election is available where the non-resident individual spends at least 9 ...