HM Revenue and Customs (HMRC) announced earlier this month that it will bring some existing IT services under its direct control, while it continues to plan the transition to a new IT delivery model following the ending of the Aspire contract in 2017. These changes will ultimately enable HMRC to make savings of up to […]
Author Archives: Apple
HMRC has had considerable success in using third party data to better target compliance activity and to tackle the hidden economy. A current consultation by HMRC proposes that these data gathering powers be extended in order to combat tax evasion. We have extracted the following comments from the formal consultation document. Many businesses use intermediaries […]
Treasury Minister Damian Hinds visited Belfast and Newry recently as HM Revenue and Customs (HMRC) unveiled new roadside fuel testing equipment to tackle the trade in illicit diesel. The hi-tech equipment has been introduced to allow officers to test vehicles at the roadside for the presence of the new fuel marker, which was introduced into […]
1 August 2015 – Due date for Corporation Tax due for the year ended 31 October 2014. 19 August 2015 – PAYE and NIC deductions due for month ended 5 August 2015. (If you pay your tax electronically the due date is 22 August 2015) 19 August 2015 – Filing deadline for the CIS300 monthly […]
Legislation in Summer Finance Bill 2015 introduces a tapered reduction in the annual allowance from 6 April 2016, for those with an ‘adjusted income’ of over £150,000. The ‘adjusted income’ definition adds-back any pension contributions, to prevent individuals from avoiding the restriction by exchanging salary for employer contributions. To provide certainty for individuals with lower […]
Some of the key changes that will impact small businesses in particular are set out below: Taxation of dividend income from April 2016. The present 10% dividend tax credit is being abolished from April 2016. In its place an annual dividend tax allowance of £5,000 is being introduced. Dividends received will be free of further […]
One of the tax issues that the Conservative Party promised to legislate for, a promise they made during the recent election campaign, was the easing of the Inheritance Tax charge for home owners in the UK. The much publicised change was to take family homes of up to £1m out of Inheritance Tax charge completely. […]
From June 2017, British visitors to Europe will no longer be charged additional fees for using their mobile phones. This is great news for business people who need to keep in touch with their UK base of operations when travelling in Europe. Ironically, it is the UK that has been a vocal supporter of this […]
There were a number of measures in the Summer Budget that will impact the taxation of property income. These include: the abolition of the 10% wear and tear allowance (see details below); the restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This […]
The new regime to crack down on offshore evaders, which HM Revenue and Customs (HMRC) will consult on from 16 July, includes: a new criminal offence for offshore evasion – so in the worst cases it’s no longer possible to plead ignorance in an attempt to avoid criminal prosecution a new criminal offence for corporates […]