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Using your own car for work

25 May, 2017

Under certain circumstances, an employee can be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. 

It is important to note that this tax-free allowance does not include journeys to and from work but is relevant to employees who use their own vehicles in the course of their work such as for making deliveries, visiting customers and prospective customers. 

Lloyds bailout completed

25 May, 2017

The government has announced that all of the government’s shares in Lloyds acquired during the financial crisis have now been sold. The sale of the final tranche of shares in the Lloyds Banking Group brings the amount recovered through sales and dividends to £21.2 billion. This means that taxpayers have received back almost £900 million more than was used to prop up the bank during the financial crisis nine years ago.

Reminder to claim the marriage allowance

25 May, 2017

The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner doesn’t pay tax or doesn’t pay tax above the basic rate threshold for income tax.

Renewing tax credit claims

25 May, 2017

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2017. Claimants who do not renew on-time may have their payments stopped.

HMRC has started sending tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All packs should be with recipients by 26 June 2017. A renewal is required if the pack has a red line across the first page and it says ‘reply now’.

Making a disclosure to HMRC

25 May, 2017

HMRC has updated their online guidance for individuals and companies who have a disclosure to make that isn’t covered by a  current HMRC campaign or the Worldwide Disclosure Facility. The guidance is relevant for disclosures relating to income tax, capital gains tax, national insurance contributions and corporation tax. Notifications can be made using HMRC’s Digital Disclosure Service and follows a similar process to making a disclosure under one of the targeted campaigns.

The following targeted disclosure opportunities are currently available:

Tax Diary June/July 2017

22 May, 2017

1 June 2017 - Due date for Corporation Tax due for the year ended 31 August 2016.

19 June 2017 - PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically the due date is 22 June 2017.)

19 June 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 June 2017.

19 June 2017 - CIS tax deducted for the month ended 5 June 2017 is payable by today.

Diverted Profits Tax

18 May, 2017

The Diverted Profits Tax (DPT) came into force on 1 April 2015. The DPT is an anti-avoidance measure that targets large multinational businesses that the government deem to be using contrived and artificial arrangements to divert profits overseas thereby paying less or no tax in the UK.

Agent authorisation form

18 May, 2017

The 64-8 form is the most commonly used form to authorise an agent, accountant or tax adviser to deal with HMRC on someone’s behalf. There are separate forms to authorise an agent to use the PAYE for Agents online service and for some High Income Child Benefit Charge matters.

The 64-8 form covers authorisation for:

G7 Finance Ministers meeting

18 May, 2017

The G7 is a forum of seven of the largest economies in the world. Italy currently presides over the group which comprises the UK, US, Germany, France, Italy, Canada and Japan. China, Brazil and India are not included. The group has in the past been known as the G8 but Russia was ejected from the group in 2014 following the Russian annexation of Crimea.

Advance Assurance for R&D

18 May, 2017

Advance Assurance for Research and Development (R&D) tax relief claims is available to small companies making their first R&D claim. To be eligible, the companies must also have an annual turnover of less than £2million and less than 50 employees. There is no requirement to apply for Advance Assurance but by doing so applicants can ensure they comply with the R&D tax relief conditions.

In order to apply for Advance Assurance the company or agent will need to provide the following information to HMRC:

IR35 and the public sector

17 May, 2017

The rules for individuals providing services to the public sector via an intermediary such as a personal service company (PSC) changed from April 2017. The new rules shift the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the public sector receiving the service. The public sector will also be ultimately held responsible for paying taxes and penalties where an error has occurred.

Credit Card Sales Campaign

11 May, 2017

HMRC’s Credit Card Sales campaign continues to be available for individuals and businesses that accept credit and debit card payments and have not paid the right amount of tax due. The campaign offers the opportunity for anyone affected to bring their affairs up to date and in doing so take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be registered with HMRC. There is currently no end date for this campaign, however anyone affected should take action to make a disclosure as soon as possible.

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