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Employer P11D, P11D(b) and P9D deadline

12 Apr, 2017

Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year such as company cars, loans and private medical insurance.

Rent-a-room scheme

12 Apr, 2017

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room. The limit increased to £7,500 from 6 April 2016 and remains at the same level for the current tax year 2017-18. HMRC’s rent-a-room scheme guidance has been updated for 2017-18.

Repayment of student loans

12 Apr, 2017

Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of borrowers outside the UK tax system.

Welsh land transaction tax

12 Apr, 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 marks the first new Welsh tax in almost 800 years and has moved a step closer following the passing of the Bill by the National Assembly for Wales. The Bill is expected to receive Royal Assent (when the Bill becomes an Act) in May 2017.

Working Tax Credit

12 Apr, 2017

The Working Tax Credit (WTC) assists taxpayers on low incomes by providing top-up payments including to those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in which someone has a disability. The basic amount of WTC for 2017-18 remains unchanged at £1,960 a year.

Let property campaign

12 Apr, 2017

HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion.

Legislating for the UK’s withdrawal from the EU

06 Apr, 2017

Following the UK Prime Minister, Theresa May, giving notice under Article 50 of the Treaty of the European Union of the UK’s intention to leave the EU, the government has published a White Paper on “Legislating for the United Kingdom’s withdrawal from the European Union”. This confirms that a new Great Repeal Bill will:

VAT Flat Rate Scheme

06 Apr, 2017

HMRC has introduced an additional test from 1 April 2017 that will help determine the VAT flat rate percentage used by VAT registered businesses that use the Flat Rate Scheme. It appears that HMRC considers the benefits obtained by certain businesses to be excessive.

Adding new employees to the payroll

06 Apr, 2017

Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to the new employee paying more tax than is due.

The necessary information can be collected by asking the new employee to complete HMRC's new starter checklist and / or from the employee’s P45. This information must be held in the employer's payroll records for the current year and the 3 following tax years. Once the information has been collated, HMRC’s online tool can be used to work out the employee’s tax code.

Mortgage relief restriction for landlords

06 Apr, 2017

The tax relief available to residential landlords has been reduced from the start of the 2017-18 tax year. The new rules mean that tax relief on mortgage costs will be gradually restricted to the basic rate of tax. Landlords of residential properties have benefited from full tax relief on finance charges, such as mortgage interest for many years. However, these changes will significantly reduce the amount of tax relief for many buy-to-let landlords.

Personal tax changes for 2017-18

06 Apr, 2017

A number of changes to personal taxation have come into effect with the start of the 2017-18 tax year. These changes include the following:

National Living Wage and the National Minimum Wage rates

Business tax changes for 2017-18

06 Apr, 2017

A number of changes to business taxation have come into effect with the start of the 2017-18 tax year. These changes include the following:

Corporation Tax

The Corporation Tax rate from 1 April 2017 has been reduced to 19% and set at this rate for 2018 and 2019. From 1 April 2020, the Corporation Tax rate will be further reduced to 17%.This rate will be the lowest in the G20 and benefit over 1 million businesses in the UK.

Business rates

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