The annual Budget Statement is usually a big event in our world, but 2019 will be the year without a Budget! Last month we were advised that the Chancellor of the Exchequer would present his Budget Statement to the House of Commons on 6 November. However, events have since moved on, and as we know, […]
The government has abandoned its plans to increase probate fees. The fixed fee of £155 for applications made by solicitors and the charge of £215 for those made by individuals for estates valued above £5,000 will remain. A Ministry of Justice spokesperson said ‘We have listened to concerns around changes to those charged for probate, […]
HM Revenue & Customs (HMRC) has recently confirmed that the real-time information (RTI) full payment submission (FPS) must be submitted on or before the date that the employee is paid, unless the normal payment date falls on a non-banking day – Saturday, Sunday or bank holiday. On these occasions, payment is made on the last […]
Since April 2017, the amount of tax relief landlords can claim on finance costs has been reducing. Are you up to date on the changes? In an attempt to assist first-time buyers, the government introduced a number of changes to make the buy-to-let market less attractive to landlords. One of these was the introduction of […]
Availability of R&D tax relief is far wider than people anticipate New statistics from HM Revenue & Customs (HMRC) show that there has been a 28% year on year rise in the number of claims for R&D tax credits submitted by companies in the East Midlands in 2017/2018. Data shows that companies in this region […]
Some employers find it more useful to operate a carpool making a number of cars available for use by employees when they have to make a business journey, as opposed to allocating specific cars to selected employees. Provided certain conditions are met, no benefit in kind tax charge will arise where an employee makes use […]
Have you considered your business’s fraud risks? Companies in the UK are more likely to experience internal fraud than the global average. Within the last 12 months 38% of UK business experienced internal fraud, with the global average running at only 27% according to the Kroll annual global fraud and risk report. Nearly one in […]
HM Revenue & Customs (HMRC) now have an increased number of trained investigation specialists who are using the latest technology including HMRC’s Connect System to maximise tax revenues – and anyone can be selected – no one is immune! We are aware that: Aside from any penalties received for failing to pay tax, the process […]
The number of estates paying inheritance tax has risen by 15% in recent years, as the UK government’s receipts for the tax climbed to a record £5.4bn. Figures released by HM Revenue & Customs last week showed the number of UK deaths resulting in an IHT charge has been rising steadily since 2009/10 but between […]
Company cars have become less attractive to businesses over recent years, partially due to increased taxes. However, from 2020 it may be more cost effective for businesses to offer a company car, if they are electric. Company cars are taxed on a benefit in kind (BIK) value, which is based on the list price of […]
