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Replacement Domestic Item relief

11 May, 2017

The wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not.

Default surcharge appeal

11 May, 2017

A recent First-tier Tribunal case examined an appeal by a taxpayer against a penalty for late submission of a VAT return for the quarter ending 30 June 2016 known as a default surcharge. A VAT default surcharge is a penalty levied on businesses that submit late VAT returns. The default surcharge penalty was levied at the second highest 10% rate. The VAT payment was due on 7 August 2016 and was made eight days late on 15 August 2016. The taxpayer's grounds of appeal were that the penalty was excessive as he had not been charged penalties at the lower 2% and 5% rates.

VAT grouping rules

11 May, 2017

There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes known as a VAT group. The representative member accounts for any tax due on supplies made by the group to third parties outside the group. As the group is treated as a single taxable person, you do not normally account for VAT on goods or services supplied between group members and only one VAT return is required for the whole group.

Employee expenses consultation

11 May, 2017

The government announced a review of the taxation of employee expenses at Autumn Statement 2016. A consultation was launched earlier this year examining the use of Income Tax relief for employees’ business expenses, including those that are not reimbursed by their employer.

Finance Act 2017 receives Royal Assent, but with provisions omitted

09 May, 2017

The Finance Bill received Royal Assent on 27 April 2017 to become the Finance Act 2017. However, as it was fast-tracked through the legislative process to receive Royal Assent before Parliament was dissolved on 3 May 2017 for the general election, several key provisions had to be omitted. In particular, the provisions changing the law on the taxation of termination payments and reducing the annual tax-free dividend allowance from £5,000 to £2,000 were both dropped. These provisions were expected to come into force in April 2018.

Introducing Dr Jo

08 May, 2017

Finance Bill receives Royal Assent

04 May, 2017

The Finance Bill 2017 officially known as Finance (No. 2) Bill received Royal Assent on 27 April 2017 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2017.

The Finance Bill was one of 22 Bills fast-tracked through Parliament to receive Royal Assent before the 2016-17 Parliamentary session was brought to a close with a 'prorogation' announcement on Thursday 27 April 2017.

Criminal Finances Act

04 May, 2017

The Criminal Finances Bill received Royal Assent on 27 April 2017 and is now known as The Criminal Finances Act 2017. The new Act gives law enforcement agencies greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and terrorist financing.

This includes:

Late filing of Self Assessment tax returns

04 May, 2017

Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017, even if no tax was due or the tax due was paid on time.
 
However, taxpayers who were meant to file online by 31 January 2017, and have still not filed their 2015-16 return, are reminded that they will face far greater penalties. A daily penalty of £10 per day, up to a maximum of £900 (90 days) is being charged from 1 May 2017.
 

Worldwide Disclosure Facility

04 May, 2017

The Worldwide Disclosure Facility (WDF) was launched in September 2016 and is open to anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue.

An offshore issue includes unpaid or omitted tax relating to:

Lost your National Insurance number?

04 May, 2017

Taxpayers who have lost or forgotten their National Insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60.

If the National Insurance number still cannot be located a request can be submitted to HMRC using form CA5403 or by calling the National Insurance enquiries helpline. HMRC will not disclose the number over the telephone and will instead send the details by post. The details should arrive within 10 working days.

Companies House - anti-money laundering changes

04 May, 2017

Companies House have announced that from 26 June 2017, changes will be made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. The changes will increase the transparency of who owns and controls companies in the UK and will make changes to current requirements about people with significant control (PSC) information.

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