Bank of England raises UK interest rates

competex-bank-of-england-raises-interest-rate

Source: BBC The Bank of England has raised the interest rate from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt increase the interest costs of residential mortgages that have variable or tracker rates. It … Read More

Amy FowlerBank of England raises UK interest rates

Consultation on pensions cold calling ban

competex-ban-cold-calling-pensions

Source: Gov.uk HMRC has launched a consultation on draft proposals to ban pensions cold calling. Under the proposals, unsolicited marketing calls relating to pensions could be banned, alongside cold calls that offer a ‘free pension review’. The government also outlined its intention to ban cold calls that promote retirement income products, such as drawdown. The … Read More

Amy FowlerConsultation on pensions cold calling ban

Making Tax Digital for VAT

competex-making-tax-digital-vat

Source: HMRC HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be … Read More

Amy FowlerMaking Tax Digital for VAT

Employer supported childcare schemes will close to new applicants from 5 October 2018

Do you currently incur childcare costs? If so, you should be aware that employer supported childcare schemes will close to new applicants from 5 October 2018. These include the childcare voucher scheme and directly contracted childcare. Such schemes can save contractors and small businesses a significant amount of tax each year. However, you can continue getting … Read More

Amy FowlerEmployer supported childcare schemes will close to new applicants from 5 October 2018

Next round of draft tax legislation published

competex-draft-tax-legislation-finance-bill-2018-19-consultation

Source: Gov.uk The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation, and ‘continues the government’s commitment to a competitive and fair tax system’. The draft legislation could affect a range of taxes, from Stamp Duty Land Tax (SDLT) to income tax. The draft legislation also outlines the government’s approach … Read More

Amy FowlerNext round of draft tax legislation published

Scotland introduces tax relief for first time buyers

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Source: Scottish Government First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT). According to the Scottish Parliament approximately 80% of first-time buyers will pay no LBTT once the LBTT First Time Buyer relief takes effect. The change … Read More

Amy FowlerScotland introduces tax relief for first time buyers

One million couples still eligible for tax boost

competex-one-million-couples-eligible-tax-boost-marriage-allowance

Source: Gov.uk HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break. The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse … Read More

Amy FowlerOne million couples still eligible for tax boost

HMRC release latest guidelines for employers

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HMRC have issued the latest version of the Employer Bulletin. This June edition has articles on a number of issues including: P11D and P11D(b) filing and payment deadlines benefits in kind with cash allowances, flexible benefits packages and salary sacrifice important information about childcare voucher and directly-contracted childcare schemes Construction Industry Scheme – helpful reminders … Read More

Amy FowlerHMRC release latest guidelines for employers

Use Tax-Free Childcare over the summer holidays

The Government is reminding ‘stressed out parents’ that help may be available for childcare costs during the summer holidays. According to a YouGov poll, 31% of parents feel stressed trying to arrange childcare for the school holidays. The poll, for HMRC, also found that around 30% of parents worried about balancing their job and school … Read More

Amy FowlerUse Tax-Free Childcare over the summer holidays

UK ‘tax gap’ falls to 5.7%

competex-uk-tax-gap-falls-5.7%

HMRC has confirmed that the tax gap for 2016/17 has fallen to 5.7%. The ‘tax gap’ is the difference between the tax that should theoretically be paid to HMRC and the actual tax that has been paid. HMRC believes that the tax gap is lower as a result of its work to help taxpayers get … Read More

Amy FowlerUK ‘tax gap’ falls to 5.7%