Businesses which invest in energy-saving plant or machinery may be able to take advantage of an additional tax break. Capital expenditure is covered by the Annual Investment Allowance (AIA), which gives full tax relief for capital expenditure in the year of purchase, and covers most plant and machinery up to an annual limit of £200,000. … Continue reading Considering Enhanced Capital Allowances
The Office of Tax Simplification (OTS) recently published a detailed review into the taxation of savings income. The OTS’s stated aim was to review the application of the tax system to savings and investment income, and highlight ways in which any ‘real complexities’ can be removed. Within the report, nine areas for further development were … Continue reading OTS Publishes Review into Simplifying the Taxation of Savings Income
According to HMRC, up to a million couples are still not taking advantage of a simple scheme that could save them up to £900. The Marriage Allowance was introduced in April 2015 and allows you to transfer £1,190 of your personal allowance to your partner. This could effectively save you up to £238 per year … Continue reading A Million Couples Still Missing Out
HMRC are seeking new powers that will allow them to obtain information about taxpayers from a variety of sources, without the approval of a tax tribunal. The proposals would allow HMRC to submit information requests directly to financial institutions, accountants, lawyers, estate agents and other third parties. It would, among other things, allow HMRC to … Continue reading HMRC Seeking New Powers
For employees using a company car, the new fuel rates for use from 1 September are as follows: Engine Size Petrol LPG Diesel Amount per mile (in pence) 1400cc or less 12 7 10 1401cc to 1600cc 15 9 10 1601cc to 2000cc 15 9 12 Over 2000cc 22 13 13 For the purpose of … Continue reading Advisory Fuel Rates from 1st September 2018
The government’s landmark Making Tax Digital (MTD) for business initiative is set to take effect from 1 April 2019, beginning with MTD for VAT. Here, we take a look at the latest position, and consider the recent delay to some of HMRC’s new digital services. MTD for business: an overview The MTD for business initiative … Continue reading Making Tax Digital: Where Are We Now?
The Association of Accounting Technicians (AAT) has stated that inheritance tax (IHT) is ‘unnecessarily complicated’ and ‘widely misunderstood’. Responding to a review of the tax by the Office of Tax Simplification (OTS), the AAT said that several IHT exemptions ‘could be scrapped’. It argues that certain exemptions, such as gifts on marriage and gifts to … Continue reading AAT States Inheritance Tax Is ‘Unnecessarily Complicated’
As an Employer should you be encouraging your employees to open a personal tax account with HMRC. Any taxpayer can activate their own personal tax account at: http://www.gov.uk/personal-tax-account Once activated, taxpayers can use the account to notify HMRC of a change in their financial circumstances or address, etc. In addition, they can also: Update the … Continue reading Do Your Employees Have Personal Tax Accounts?
HMRC recently issued a warning over the latest tax refund scam to affect taxpayers. Fraudsters are currently using emails and SMS messages to target individuals by promising them a tax rebate and tricking them into disclosing their personal and banking details. However, HMRC has confirmed that it will only ever inform taxpayers of any tax … Continue reading Taxpayer Beware: HMRC Warns over Tax Refund Scams
Following significant changes to the property tax regime, there are new rules which affect the cross-border purchase of property. In Scotland, Stamp Duty Land Tax (SDLT) was replaced by the Land and Buildings Transaction Tax (LBTT) for purchases made on or after 1 April 2015. In Wales, SDLT was replaced by the Land Transaction Tax … Continue reading Crossing Borders: New Rules for UK Property Transactions