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Presidential Guidance published on uprated Vento bands

03 Apr, 2018

The President of the Employment Tribunals (England and Wales) and the President of the Employment Tribunals (Scotland) have issued updated joint Presidential Guidance in relation to the so-called “Vento bands” for compensation for injury to feelings and psychiatric injury in discrimination claims brought under the Equality Act 2010.

The Vento bands are being uprated to take account of inflation and, for claims presented to employment tribunals in England or Wales on or after 6 April 2018, are:

What's in a name?

28 Mar, 2018

We recently discussed updated Companies House guidance that provides advice on checking which names are acceptable to Companies House when naming a company. HMRC also published guidance for choosing a company name when setting up a private limited company. There are different rules for sole traders and business partnerships.

HMRC suggests that some of the important points to consider when deciding on a company name include:

When you can reclaim VAT on a car purchase?

28 Mar, 2018

There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. In most cases, when a business purchases a car they can’t reclaim the VAT incurred.

Buy-back of company shares

28 Mar, 2018

When a company makes a purchase of its own shares, any excess paid over the amount of capital originally subscribed for the shares is usually treated as a distribution. However, there are special provisions that enable an unquoted trading company or an unquoted holding company of a trading group to undertake a purchase of its own shares without making a distribution.

Getting ready for Customs Declaration Service

28 Mar, 2018

The Customs Handling of Import and Export Freight (CHIEF) is a computerised service that records the movement of goods by land, air and sea. The system allows importers, exporters and freight forwarders to complete customs information electronically, and automatically checks for entry errors.

However, the CHIEF system is over 25 years old and has struggled to cope with complex reporting requirements that could not easily or cost-effectively be accommodated within the existing service. HMRC has been working on a replacement system for a number of years.

Childcare voucher scheme extended

28 Mar, 2018

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. For every 80p in the £1 contributed by parents an additional 20p or 20% will be funded by Government up to a maximum total of £10,000 per child per year.

Minimum wage increases

28 Mar, 2018

New National Minimum Wage (NMW) and National Living Wage (NLW) rates come into effect on 1 April 2018. The NLW first came into effect on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. The NLW increases by 33p to £7.83. This represents an increase of 4.4%.

Employment law changes taking effect in April 2018

26 Mar, 2018

The following key changes to employment law will come into force in April 2018:

Finance Bill receives Royal Assent

21 Mar, 2018

The Finance Bill 2017-18 officially known as Finance (No.2) Bill 2017-19, received Royal Assent on 15 March 2018 following agreement by both Houses. The Bill is now an Act of Parliament to be called the Finance Act 2018. The Act contains the legislation for many of the tax measures that were announced by the Government at Autumn Budget 2017.

HMRC tackling online VAT fraud

21 Mar, 2018

Under new rules that came into force on 15 March 2018, HMRC has enhanced powers to make online marketplaces accountable for VAT fraud committed by online sellers on their platforms. These measures are correctly referred to as joint and several liability (JSL) for marketplaces. The rules previously applied to overseas retailers that supplied goods already in the UK at the point of sale, to UK consumers through an online marketplace (such as eBay or Amazon).

The rules have now been extended:

VAT option to tax land and buildings

21 Mar, 2018

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at the standard rate.

Ken Dodd has the last laugh

21 Mar, 2018

The recent death of the comedian, Sir Ken Dodd, aged 90, would not usually be the topic of one of our weekly articles. However, the comedian managed to have one last laugh by marrying his partner of 40 years just days before his death. By doing this it is estimated his estate has avoided a tax bill of almost £2 million.

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