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15 Nov

Finance (No.3) Bill published

  • General

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill contains the legislation for many of the tax…

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15 Nov

Directors’ loans – tax consequences for your company

  • Corporation Tax

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A director’s loan comprises not just an actual loan,…

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15 Nov

Directors’ loans - tax consequences for the director

  • Income Tax

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds.…

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15 Nov

ISAs and Inheritance Tax

  • Inheritance Tax

New rules were introduced by the Government in 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or civil partnership dies, their spouse or…

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15 Nov

Employment status of football referees

  • Employment & Payroll

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified as employees or self-employed. HMRC argued that the Professional Game Match Officials Limited (PGMOL) was the employer of the…

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15 Nov

Holiday let property and Business Property Relief

  • Inheritance Tax

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief from Inheritance Tax (IHT) on the value of their business assets if certain conditions are met. The relief can even…

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15 Nov

Foreign currency considerations

  • Overseas tax issues

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency transaction takes place at arm's length, the value of the…

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15 Nov

UK Living Wage rates rise

  • Payroll

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at £10.55 an hour and £9 an hour respectively. These Living Wage rates are not statutorily binding but represent an increase of 25p…

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15 Nov

SDLT payment deadline to be reduced

  • Stamp Duty Land Tax

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums. Higher rates of SDLT were introduced on 1 April…

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13 Nov

Security guidance on encryption and passwor

  • Employment Law

The Information Commissioner's Office (ICO) has published updated security guidance on encryption and on passwords in online services under the GDPR. The GDPR requires data controllers to implement appropriate technical and organisational measures…

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7 Nov

Child Benefit penalties under review

  • Income Tax

The High Income Child Benefit Charge (HICBC) came into force in January 2013. It applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge claws back the financial benefit of receiving child…

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7 Nov

VAT reverse charge construction industry

  • Value Added Tax

A change to the VAT rules first announced at Budget 2018 will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. The…

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