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Using the trivial benefits exemption

15 Jun, 2017

The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed as 'trivial' that falls within the exemption.

Pension schemes newsletter

08 Jun, 2017

A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics:

Corporation Tax online filing

08 Jun, 2017

Company Tax returns have to be filed using the iXBRL data standard using either HMRC's own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial software.

Online Corporation Tax filing is compulsory for company tax returns. HMRC does not make any specific recommendation or endorsement for any software companies nor does it provide any support for commercial software. 

Welsh land transaction tax

08 Jun, 2017

The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT legislation received Royal Assent on 24 May and is the first Act of this Assembly term.

Marginal rate of Income Tax

08 Jun, 2017

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and £123,000 as the £11,500 tax-free personal allowance is gradually withdrawn.

EU Fourth Money Laundering Directive

08 Jun, 2017

The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU were integrated into UK regulations on 26 June 2017.

As a result, Companies House has made changes to the current requirements about people with significant control (PSC) filings. Since the PSC rules were introduced in April 2016, the necessary information needed to be filed with Companies House on incorporation and updated on the confirmation statement (CS01).

Insurance Premium Tax increase

08 Jun, 2017

Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are two rates a standard rate of 12% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance. 

Gift Aid donations

01 Jun, 2017

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax allowing for an extra 25p of tax relief on every pound donated to charity.

Higher rate and additional rate taxpayers are eligible to claim tax relief on the difference between the basic rate and their highest rate of tax. This can be actioned through their Self Assessment tax return or by asking HMRC to amend their tax code.

For example:

Identifying phishing emails

01 Jun, 2017

HMRC publishes guidance on the subject of phishing and bogus emails. The document called Genuine HM Revenue and Customs contact and recognising phishing emails includes details of emails, letters, text messages, and bogus calls used by scammers and fraudsters to get your personal information.

Inheritance Tax on wedding gifts

01 Jun, 2017

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a timely reminder to anyone attending a wedding (or civil ceremony) this summer and planning to give a cash gift. The gift will be exempt from Inheritance Tax (IHT) once the gift is made on or shortly before the date of the wedding or civil partnership ceremony.

The amount of tax relief varies depending on the relationship between the donor and the recipient.

VAT education exemption case

01 Jun, 2017

A complex VAT case that examined the VAT liability of restaurant meals provided to the public, and charges for concerts and other performances organised by students as part of their further education courses at Brockenhurst College has almost reached a final conclusion. The events were offered as part of the students’ education and at a reduced price. The events were advertised to a limited database of people who had registered with the College and asked to receive newsletters informing them of such events.

Pensions regulator new enforcement action

01 Jun, 2017

Automatic enrolment into workplace pensions has been rolling out across the UK since 2012. It is expected that all employers will be part of the scheme by early 2018.

Employers failing to comply with their auto-enrolment duties and missing their staging date can trigger statutory notices, fixed penalties and even court action. Staging dates are based on the size of an employer’s PAYE scheme.

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