Resources

You are here

ICO issues notices of intention to fine BA and Marriott

18 Jul, 2019

Following an extensive investigation, the Information Commissioner’s Office (ICO) has announced that it has issued a notice of its intention to fine British Airways (BA) £183.39 million for infringements of the General Data Protection Regulation (GDPR). If imposed, the fine will be a record amount in the UK for breach of data protection laws. The infringements relate to an incident in summer 2018 when cyber attackers gained access to the personal data of around 500,000 BA customers, due to poor security measures.

Reminder to renew your tax credit claim

17 Jul, 2019

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2019. Claimants who do not renew on-time may have their payments stopped.

HMRC has sent tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All renewal packs should have been received by the end of June. A renewal is required if the pack has a red line across the first page and it says, 'reply now'.

Draft legislation for Finance Bill 2019-20

17 Jul, 2019

The Government has published the draft legislation for Finance Bill 2019-20, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. The Bill will contain the legislation for some of the tax measures that were announced by the Government at Autumn Budget 2018 many of which have since been the subject of further consultation.

Corporate Capital Loss Restriction

17 Jul, 2019

Under current rules up to 100% of chargeable gains can be set against carried-forward capital losses. For accounting periods ending on or after 1 April 2020, large companies and unincorporated associations who accrue chargeable capital gains will only be able to offset up to 50% of those gains using carried-forward allowable (capital) losses. The measure is subject to anti-avoidance rules that took effect from 29 October 2018.

Rules for off-payroll working from April 2020

17 Jul, 2019

The rules for individuals providing services to the public sector via an intermediary such as a Personal Service Company (PSC) changed from April 2017. The new rules shifted the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the public sector receiving the service.

Tax simplification for self-employed

17 Jul, 2019

The Office of Tax Simplification (OTS) was established in July 2010 to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new document setting out the scope of a project looking at simplifying tax reporting and payment arrangements for the self-employed and for landlords of private residential property.

The OTS will initially:

Be wary of 60% Income Tax charge

17 Jul, 2019

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes income over £100,000 will result in a reduction in personal tax allowances.

Your adjusted net income is your total taxable income before any personal allowances, less certain tax reliefs such as trading losses and certain charitable donations and pension contributions.

Will you have to repay Child Benefit for 2018-19?

17 Jul, 2019

The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of Child Benefit. The charge claws back the financial benefit of receiving Child Benefit either by reducing or removing the benefit entirely.

If you or your partner have exceeded the £50,000 threshold for the first time during the last tax year (2018-19) then you must take action. Where both partners have an income that exceeds £50,000, the charge applies to the partner with the highest income.

Reminder to sign up for Making Tax Digital before August

17 Jul, 2019

VAT registered businesses with a turnover above the VAT threshold, need to be ready to keep digital records for VAT purposes using Making Tax Digital (MTD). This means that businesses must keep their records digitally (for VAT purposes only) and provide their VAT return information to HMRC through MTD functional compatible software.

Changes to the Employment Allowance

10 Jul, 2019

It was announced as part of the Autumn Budget 2018 measures that access to the Employment Allowance was to be restricted. From 6 April 2020, the £3,000 NIC Employment Allowance will only be available to employers with employer NIC liabilities of under £100,000 in the previous tax year. Connected employers will have their contributions aggregated for this purpose.

Loss buying restrictions

10 Jul, 2019

Under qualifying circumstances, Corporation Tax (CT) relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or profits of your business in the same or previous accounting period. The loss can also be set against future qualifying trading income.

OpRA’s defined

10 Jul, 2019

The Optional Remuneration Arrangements (OpRA) legislation was introduced with effect from 6 April 2017. The legislation counters the tax and NIC advantages of benefits where an employee gives up the right to an amount of earnings in return for a benefit. This includes flexible benefit packages with a cash option, cash allowances and salary sacrifice.

The taxable value is now the higher of the cash foregone or the taxable value under the normal BiK rules. A benefit is deemed to be provided under an OpRA if it is provided under an arrangement of either type A or type B.

Pages