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Plumber wins landmark gig economy case

21 Jun, 2018

The Supreme Court has upheld the Court of Appeal's decision and confirmed that a plumber who was classed as self-employed was actually a 'worker'. The Supreme Court dismissed the appeal by Pimlico Plumbers and agreed that the employment status of the person in question was that of a worker which conferred basic employment rights including entitlement to the minimum wage, holiday pay and protection from discrimination.

Payment deadlines for VAT Annual Accounting Scheme

21 Jun, 2018

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year. Businesses that use the scheme are only required to file one VAT return at the end of each year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT returns.

The scheme has the benefit of allowing a business to make regular interim payments throughout the year which can help businesses manage their cashflow. The interim VAT payments are based on their estimated total liability for the year.

Are you on track to qualify for a full State Pension?

21 Jun, 2018

Anyone aged 16 or over and at least 30 days from their State Pension age can request a State Pension statement from the Department for Work & Pensions (DWP). The statement provides an estimate of how much State Pension they can expect to receive when they reach State Pension age. The estimate is based on the applicant's National Insurance Contribution record as it stands on the date the statement is produced.

Is the email really from HMRC?

21 Jun, 2018

HMRC continues to warn taxpayers to be aware of email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link within the email can result in personal information being compromised and the possibility of computer viruses being downloaded to your computer or smartphone.

Self-assessment second instalment due end of July

21 Jun, 2018

Taxpayers that make payments on account should be aware that the second payment on account for 2017-18 is due on or before 31 July 2018. The amount due for payment is usually the same as the first payment on account made on 31 January 2018 in relation to the 2017-18 tax year.

M&S lose expensive VAT case

21 Jun, 2018

The First-Tier Tribunal recently heard an appeal that considered the correct VAT treatment of a promotional offer by the retailer, Marks and Spencer (M&S). The issue concerned a frequently run promotion referred to as 'Dine In for £10 with Free Wine'. Using this offer, customers could buy 3 items of food (comprising a main course, side dish and dessert) from a specific selection for £10 and receive a 'free' bottle of wine.

Tax gap lowered according to HMRC

21 Jun, 2018

HMRC has published figures that show the tax gap for the 2016-17 tax year was 5.7%. The tax gap is basically the difference between the amount of tax due and the amount of tax collected by the Exchequer. The gap includes tax that has been avoided in the UK’s black economy, criminal activities and by the use of tax avoidance and evasion schemes.

Impact on pensions of maternity leave

18 Jun, 2018

The Pensions Advisory Service (TPAS) has published a “Maternity Leave Spotlight” outlining the impact on pensions of maternity leave. It also covers what happens when the employee returns to work and the impact of having a baby on the state pension. Although aimed at employees rather than employers, the Spotlight is a useful summary for employers of the law in this area.

The Spotlight confirms that employers and employees are required to continue contributing to a pension scheme during maternity leave as follows:

New “Spotlight” explains impact on pensions of maternity leave

18 Jun, 2018

The Pensions Advisory Service (TPAS) has published a “Maternity Leave Spotlight” outlining the impact on pensions of maternity leave. It also covers what happens when the employee returns to work and the impact of having a baby on the state pension. Although aimed at employees rather than employers, the Spotlight is a useful summary for employers of the law in this area.

The Spotlight confirms that employers and employees are required to continue contributing to a pension scheme during maternity leave as follows:

Dormant assets scheme to be expanded

13 Jun, 2018

The Government has announced that the dormant asset schemes is to be expanded to include to a wider set of financial assets including stocks, shares, pensions or bonds. The government has appointed four 'industry champions' to expand the dormant assets scheme across these four important financial sectors.

Don’t forget to renew your tax credit claims

13 Jun, 2018

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped.

Companies and capital gains

13 Jun, 2018

Capital Gains Tax (CGT) is not payable by limited companies or unincorporated associations when they sell an asset and make a gain. Instead, the gain (proceeds less any allowable costs and reliefs) is subject to Corporation Tax at the applicable rate, currently 19%. There are various allowances and reliefs available that can reduce the amount of Corporation Tax payable.

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