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Proposed tax changes for non-resident companies

Currently non-UK resident companies pay income tax on rental profits from UK property.  However, the government has now introduced new rules limiting loss offset profits on over £5 million and potentially restricting relief for interest charges over £2 million.  These rules only apply for corporation tax and hence not to...

 

Date: 21st April, 2017
Author: Cathy Corns


Company Car Tax – deciding to change your company car?

The government has now confirmed the tax rates for company cars up to 5 April 2021.  The changes highlight the discrepancy between the tax on a car with low to medium CO2  emissions compared to a car with high CO2  emissions.  There has been no change to the maximum amount chargeable for the high emission cars, it is still at...

 

Date: 20th April, 2017
Author: Cathy Corns


Penalties under Making Tax Digital (MTD)

HMRC has issued a further document setting out its proposed options for the new penalties under the MTD regime. The consultation covers penalties for late submission and late payment.  It outlines three options for a new penalty for non-deliberate failures to meet filing deadlines.  HMRC says that the aim is for these to operate for all...

 

Date: 13th April, 2017
Author: Cathy Corns


Employee reimbursed expenses

HMRC is looking at the position on taxation of expenses paid to employees, in particular, the areas where payments are made in respect of pure business costs.  It is seeking information on employer practices with a view to re-examining the current tax situation and establishing the position for the future.  Accordingly, a call for...

 

Date: 12th April, 2017
Author: Cathy Corns


EIS and SEIS Advance Assurance – no changes – yet

HMRC has now published a summary of responses to the consultation on EIS/SEIS Advance Assurance consultation.  There are no recommendations for action but HMRC will publish a full report late in the year. It appears that HMRC will be focusing on reducing “unnecessary” demand, improving communications and guidance and introducing...

 

Date: 31st March, 2017
Author: Jacqui Gudgion


Spring Budget 2017 - NIC update

Further to our Budget newsletter you may have heard that the Chancellor has now announced that he will not be going ahead with the proposed increase in class 4 NIC for the self-employed.  He previously announced that the rate would increase by 1% to 10% in 2018/19 and a further 1% to 11% in 2019/20.  The proposal was controversial not...

 

Date: 20th March, 2017
Author: Jacqui Gudgion


IR35 (intermediaries guidance)

HMRC has updated its guidance to provide a link to a checking process on employment status for intermediaries. The guidance also reminds people of HMRC’s Contract Review Service which provides for HMRC to review a written contract for you; if it is decided that IR35 does not apply to your contract, HMRC will provide a confirmation letter...

 

Date: 15th March, 2017
Author: Jacqui Gudgion


Spring Budget 2017 - VAT snippets

Once again the Budget has only lightly touched on VAT, but there are some interesting points for certain sectors and some more tax for some consumers to pay. Registration thresholds The VAT registration thresholds will increase from 1 April 2017.  The registration threshold will increase to £85,000 (from £83,000), whilst the...

 

Date: 9th March, 2017
Author: Richard Collier


Spring Budget 2017 - Business bonus

The Government have announced that we are still on target for Corporation Tax to be reduced from 20% to 17% in April 2020, a measure to illustrate that the UK is open for business. Whilst we await the revaluation exercise from 1 April 2017 for non-domestic properties (i.e. shops, offices, pubs, etc.), which in some circumstances will increase the...

 

Date: 9th March, 2017
Author: Martin Coulson


Spring Budget 2017 - Making Tax Digital

The Government’s plans for Making Tax Digital (MTD) are a total transformation of the existing tax system. Whilst MTD is tax driven, it will mean increased record-keeping and accounting.  We now have HMRC responses following the consultation on MTD, some draft legislation and updates in the Spring Budget. Timeline From 2020 all...

 

Date: 9th March, 2017
Author: Cathy Corns


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