News Feed

Keyword:


18 Jul

Low emission lorries to pay lower levies

  • HMRC notices

The government has confirmed plans to introduce a lower rate of the HGV road user levy for lorries that meet the latest Euro VI emissions standards. This measure is intended to incentivize vehicle operators to move towards newer, cleaner vehicles and…

Read more..

18 Jul

New points-based late filing penalties

  • General

The Finance Bill 2018-19 draft legislation includes a new measure to introduce a points-based penalty system for certain regular (e.g. monthly, quarterly and annual) returns that are filed late. The introduction of a points system was first announced…

Read more..

18 Jul

HMRC security deposit regime to be extended

  • Corporation Tax

The security deposit legislation is to be extended to both Corporation Tax and Construction Industry Scheme (CIS) deductions from April 2019. The security deposit regime allows HMRC to require security from high-risk businesses where there is a…

Read more..

18 Jul

Change to penalties for late payment of tax

  • General

Plans to introduce a new two tiered penalty system for individuals and businesses that do not pay their tax bills on time have been included in the draft Finance Bill 2018-19. The government has said that the new late payment penalty regime will help…

Read more..

18 Jul

VAT and gift vouchers

  • Value Added Tax

New draft legislation has been published as part of the draft Finance Bill 2018-19 that aims to change the VAT treatment of vouchers. The legislation will focus on bringing the UK VAT treatment of vouchers in line with that published in the EU…

Read more..

18 Jul

Corporation Tax relief for carried forward losses

  • Corporation Tax

The rules for the Corporation Tax treatment of carried forward losses changed from 1 April 2017. The changes increased flexibility to set off carried forward losses against total profits of the same company or another company in a group whilst at the…

Read more..

18 Jul

Requirement to correct tax due on overseas assets

  • Overseas tax issues

The Requirement to Correct (RTC) legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters. The RTC applies to any person with undeclared UK Income Tax, Capital Gains Tax and/or…

Read more..

18 Jul

Tax codes for employees

  • Employment & Payroll

P9 tax code notices are used to notify employers of the tax codes to use when calculationg PAYE due from employees' wages and salaries. In a service availability update published on 17 July 2018, HMRC has confirmed that they are aware of an issue…

Read more..

16 Jul

New toolkit on handling domestic abuse

  • General

Public Health England (PHE) and Business in the Community have published a new toolkit to help employers support workers who are affected by domestic abuse. One in four women and one in six men suffer from domestic abuse in their lifetime and…

Read more..

11 Jul

Rent-a-room relief to be modified

  • Income Tax

The publication of the draft Finance Bill 2018-19 includes legislation to change the way the rent-a-room relief scheme works. Following last year's Budget, a consultation was launched by HM Treasury to examine the design of the rent-a-room scheme.…

Read more..

11 Jul

Beneficiaries of tax exempt pension benefits to be extended

  • Employee Benefits

The draft Finance Bill includes a new measure that will help modernise the tax treatment of employer paid premiums for the provision of death in service life assurance products for their employees. Currently, these premiums are only tax-exempt if…

Read more..

11 Jul

Rules for use of taxable cars and vans to be updated

  • Employee Benefits

The Finance Bill 2018-19 draft clauses include new measures that will address two anomalies in the Optional Remuneration Arrangements (OpRA) rules. These measures will: ensure that when a taxable car or van is provided through OpRA, the amount…

Read more..