Companies can claim enhanced deductions against taxable profits for qualifying R&D expenditure. HM Revenue & Customs (HMRC) had previously stated that reimbursed expenses could not be included as part of qualifying staff costs for an R&D tax claim, however, it has now reversed that decision. Reimbursed expenses include business expenses an employee has incurred personally […]
A former BBC presenter is facing a large tax bill after a recent tax tribunal ruled in favour of HMRC, following a five-year dispute. As the first IR35 victory for HMRC in nine years, this case will likely have much wider impact. The presenter received her salary via her personal service company (PSC), and under […]
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017; these Regulations bring the EU’s Fourth Money Laundering Directive into UK law. To improve transparency these Regulations create new responsibilities for the trustees of many trusts; including the need to compile and maintain […]
The pace of house price rises may be slowing, but more and more homebuyers are having to pay stamp duty land tax (SDLT). HM Revenue & Customs (HMRC) saw receipts rise from £8.23bn in 2016 to £9bn in 2017, despite a fall in the number of transactions, this is generally accredited to the 3% […]
The EIS (Enterprise Investment Scheme) is designed to encourage investment into UK businesses and it is one of the only Government-backed tax incentive schemes open to SMEs and new start-up companies. The scheme offers tax breaks to investors who subscribe for new shares in a qualifying company. However, according to HMRC data, businesses outside of […]
A PILON is a payment made to an employee when their employment is terminated without notice (ie in lieu of the employee working through a notice period and receiving pay in the normal way). Until now, PILONs could be paid free of tax and NICs where they were either compensatory awards or non-contractual payments. However, […]
The minimum auto enrolment pension contributions are set to increase this April, and again in April 2019. The minimum contribution will increase from 2% to 5%. Employers must contribute a minimum of 2% and employees will contribute the remaining 3%. On 6 April 2019 contributions will increase again from 5% to 8% and employers will […]
The National Living Wage and Minimum wage will change on 1 April when new rules announced in 2017 come into effect. 1 April will also see an increase to the Personal Allowance from £11,500 to £11,850. New minimum wage rates for 2018 Aged 21 – 24 will raise from £7.50 per hour to £7.83 per […]
Contractors carrying out the renovation of dwellings that have been empty for two years or more can still apply the VAT reduced rate of 5%. Although this has been in place for a while now, there are instances where the rules have been misinterpreted to the detriment of the contractors. There are two circumstances where […]
A bus company and its managing director will have to pay more than £60,000 after they admitted trying to avoid giving their staff workplace pensions. This is understood to be the first such prosecution by The Pensions Regulator (TPR). Lee Reynolds Payroll Manager said “Automatic enrolment is a continuing responsibility for employers who need to […]
