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Tax win for Spurs

06 Dec, 2017

HMRC’s appeal to the Upper Tribunal over termination payments made to two football players employed by Tottenham Hotspur has been rejected. The case related to the tax position of termination payments made to two professional footballers in connection with the early termination of their employment contracts.

This case had already passed through the First-Tier Tribunal, who ruled that the payments were not taxable as earnings from their employment nor were the payments subject to national insurance contributions (NICs).

Tax incentives to invest in qualifying assets

06 Dec, 2017

The annual investment allowance (AIA) limit is a generous capital allowance that will more than cover the annual capital expenditure spend of many small and medium sized businesses. The AIA is a 100% upfront allowance that applies to qualifying expenditure up to a specified annual limit. The limit has been fixed at £200,000 since 1 January 2016.

Finance Bill 2017-18 is published

06 Dec, 2017

The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages. The Bill contains the legislation for many of the tax measures that have been announced by the Government at Autumn Budget 2017.

What happens to the 5p for a plastic bag?

06 Dec, 2017

HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted to know what happens to the money raised from the sale of 5p plastic bags by retailers. HM Treasury points out that this charge is not a tax and the money from the charge does not go to the government. Therefore, the Treasury has not received any income from this measure.

Why don’t we still pay Class 2 NIC monthly?

06 Dec, 2017

Class 2 national Insurance contributions (NICs) are paid by self-employed taxpayers and members of partnerships if their annual profits are over £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count towards payments such as the state retirement pension, the employment and support allowance, maternity allowance and bereavement benefits. The withdrawal of class 2 NICs was due to take place from April 2018 but has now been delayed until April 2019.

Reminder of current tax relief for pension contributions

06 Dec, 2017

Many commentators had predicted that the Chancellor would further reduce the annual amount that can be saved into a pension as part of the Budget measures. However, these fears appear to have been unfounded as no changes were announced.

The annual allowance for tax relief on pensions will remain at the current level of £40,000 for 2018-19. There is also a three year carry forward rule that allows taxpayers to carry forward unused annual allowance from the last three tax years if they have made pension savings in those years.

Fit for Work referral and assessment service to be abolished

04 Dec, 2017

The government has confirmed that, as a result of “low referral rates”, its national Fit for Work referral and assessment service will come to an end in England and Wales on 31 March 2018 and on 31 May 2018 in Scotland.

 

Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2018

30 Nov, 2017

In a written ministerial statement, the government has announced the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2018/19. 

 

The proposed revised rates are as follows:

New Acas guidance on sexual harassment at work and on avoiding pregnancy and maternity discrimination

30 Nov, 2017

Acas has published new guidance for employers and employees that outlines what kind of workplace behaviours could be considered sexual harassment and how to report and handle it. The guidance covers:

Statutory pay to rise from April 2018

30 Nov, 2017

In a written ministerial statement, the government has announced the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2018/19. 

 

The proposed revised rates are as follows:

Sexual harassment and pregnancy and maternity discrimination

30 Nov, 2017

Acas has published new guidance for employers and employees that outlines what kind of workplace behaviours could be considered sexual harassment and how to report and handle it. The guidance covers:

Company capital gains tax increase

29 Nov, 2017

As part of the Budget measures, the Chancellor announced that the indexation allowance for companies that make capital gains is to be scrapped. The indexation allowance currently allows companies or organisations to include the effects of inflation and claim tax relief when calculating any chargeable gains that they make.

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