The Treasury is reportedly considering abolishing the tax-free dividend allowance in the Autumn Budget 2018. The Budget itself is scheduled for 29 October 2018. The dividend allowance was cut from £5,000 to £2,000 with effect from 6 April 2018. Currently therefore, the first £2,000 of an individual’s dividend income is received without suffering income tax. Anything above that […]
On 7 November 2017, regulations accelerating the date when “very large” companies must pay corporation tax by instalments, were made. For accounting periods that begin on or after 1 April 2019, companies with annual taxable profits above £20m will need to make quarterly instalment payments of tax in the 3rd, 6th, 9th and 12th month […]
Research from the British Chambers of Commerce (BCC) claims that VAT creates the biggest administration burden for around two-thirds of businesses in the UK. Of the 1,100 businesses of various sizes polled, 64% were confused by the array of rates and rules to comply with VAT legislation. This percentage is likely to increase in […]
A couple of weeks ago, Britain’s next biggest firms of accountants, behind the “Big Four”, met with competition regulators to discuss limiting the Big Four’s dominance of the plc Audit market. Amongst the proposals tabled were to limit how many FTSE350 company audits the ‘big four’ should be allowed to conduct. Officials from the ‘prize-chasing’ […]
Recent statistics published by HM Revenue & Customs (HMRC) show that the number of employee share schemes hit a record high in the UK in 2016-17. Andrew Wilson, Partner said: ‘Employee share schemes allow employers to grant share options to key employee’s tax efficiently, as a reward for their efforts within the business and/or to […]
Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015. Make a claim now for 2018/19, and also backdate if eligible. Please click here to read our article. .
The government is giving consideration to the introduction of tax incentives for landlords who offer longer tenancies as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is seen as a way of supporting the increasing number of private tenants […]
HM Revenue & Customs (HMRC) wasted no time in notifying its intention to raise the rates of late payment interest, following the announcement of the rise in the Bank of England base rate to 0.75% last week. HMRC has not yet published details of the increase, but has confirmed that the change will come into effect […]
HMRC has rolled out its tough new strategy on offshore tax compliance. The ‘requirement to correct’ (RTC) imposes a legal requirement on taxpayers to disclose previously undeclared offshore matters; the deadline is 30 September 2018. HMRC’s Wealth units are writing letters to all taxpayers within their units to advise them of this new requirement, with […]
When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from tax reliefs which wouldn’t otherwise be available to residential landlords, providing certain conditions are met. To find out more please click here to read our article.
