News

New “Spotlight” explains impact on pensions of maternity leave
17/06/2018 - More...
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...

Dormant assets scheme to be expanded
12/06/2018 - More...
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. The Independent Dormant Assets Commission was set up in March 2016 and...

VAT reverse charge may be coming to the construction sector
12/06/2018 - More...
HMRC has launched a new consultation inviting comments from interested parties regarding the introduction of new VAT reverse charge legislation for certain construction services. The new legislation will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. This move is part of the government’s measures to...

The maternity allowance
12/06/2018 - More...
The maternity allowance is a financial benefit for pregnant women who are self-employed, who are working but do not qualify for statutory maternity pay (SMP) or who have recently stopped working. The maternity allowance is paid directly by the Department for Work and Pensions for up to 39 weeks for qualifying applicants. An application must be made for the maternity allowance...

Claim back pre-registration VAT
12/06/2018 - More...
There are special rules that determine the recoverability of VAT incurred before a business registers for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and services and VAT can only be reclaimed if the pre-registration expenses relate to the supply of taxable goods or services by the newly VAT registered...

When do charities pay or not pay tax?
12/06/2018 - More...
The tax treatment of charities is complex. Many charities trade either as part of their charitable interests or to raise funds. As a first step, any charity hoping to claim from beneficial tax treatment needs to be recognised as a charity for UK tax purposes by HMRC as well as meeting other criteria. A recognised charity may qualify for a number of tax exemptions and reliefs...

Companies and capital gains
12/06/2018 - More...
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. Until...

Don’t forget to renew your tax credit claims
12/06/2018 - More...
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. HMRC has begun sending tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All packs should be with recipients by 26...

World Cup 2018 – Acas guidance
10/06/2018 - More...
The World Cup 2018 will take place in Russia between Thursday, 14 June and Sunday, 15 July 2018, with 32 national football teams taking part, including England. Football match times in the UK will vary between 1pm and 8pm. Acas has now published new guidance explaining how employers worried about staff productivity should start planning now to reduce the impact the World Cup...

Religion and belief discrimination
10/06/2018 - More...
Acas has published new guidance on religion and belief discrimination in the workplace. The 26-page guidance booklet, entitled “Religion or belief discrimination: key points for the workplace”, primarily offers employers, managers, HR professionals, employees and job applicants a grounding in how to reduce the chance of religion or belief discrimination happening in the...

Gifts with strings attached
05/06/2018 - More...
Most gifts made during a person's lifetime are not subject to tax at the time of the gift. The lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. There is a tapered relief available if the donor...

Don’t leave assets in a company you dissolve
05/06/2018 - More...
The final step in bringing a company to a legal end is when the company is dissolved. However, one if the important points to be aware of when doing so is that the dissolved company can no longer trade or otherwise deal with it's assets. For example, receive a tax refund. It is the responsibility of the company directors to ensure that all of a company’s assets and liabilities...

Liability of non-resident companies
05/06/2018 - More...
Under the current rules non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency. There are some differences in the taxation of non-resident companies as opposed to resident companies. For example, a non-resident company: is not liable to account for ACT on...

What is the Repayment of Teachers Loan Scheme?
05/06/2018 - More...
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...

Pensions paid to non-residents
05/06/2018 - More...
The HMRC Double Taxation Relief Manual sets out the overall principles to be applied in respect of pension income. It states: 'Pensions, other than Government pensions, paid in consideration of past employment to a resident of a country with which the United Kingdom has a double taxation agreement, are normally taxable only in the country of which the pensioner is a...

VAT Agricultural Flat Rate Scheme
05/06/2018 - More...
Businesses that use the flat rate scheme pay VAT as a fixed percentage of their VAT inclusive turnover. The VAT agricultural flat rate scheme is a variant of the flat rate scheme specifically designed for farmers and other activities relating to agricultural production (such as horticulture). Farmers cannot join this scheme if the value of their non-farming activities is...

New Time Off for Public Duties Order 2018 due in force from 1 October 2018
03/06/2018 - More...
The Time Off for Public Duties Order 2018 has been laid before Parliament and will come into force on 1 October 2018. The Order amends section 50 of the Employment Rights Act 1996 so as to grant unpaid time off work to four groups of volunteers in the criminal justice system, who all monitor conditions of those in custody. Currently, employers are not obliged to grant time off...

Payments in lieu of notice - an update
29/05/2018 - More...
Since 6 April 2018, employers have been required to pay Income Tax and Class 1 National Insurance Contributions (NICs) on certain parts of termination payments made to employees whether or not these payments are contractual. The element that is liable to taxation is the amount of the termination payment that represents a payment in lieu of notice commonly referred to as...

Claiming tax relief on pension contributions
29/05/2018 - More...
The annual allowance for tax relief on pensions is £40,000 for the current tax year. 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. Qualifying taxpayers can get tax relief on private pension contributions worth up to 100% of their annual...

Is professional gambling a trade?
29/05/2018 - More...
A thought-provoking question that has been asked by one of our readers is whether professional gambling is a trade or not. The answer to this question might surprise you. According to HMRC and reinforced by a number of court cases the answer is that gambling is not a taxable trade. This answer holds even for a professional gambler who spends a significant amount of time...

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