HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation … Read More
Stamp duty reduction may help over 1 million people get onto the housing ladder
According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief, part of the UK government’s housing policy … Read More
12 Tax Saving Tips for Small Businesses [INFOGRAPHIC]
As a small business owner, there are many ways to save tax and become even more profitable in your business. However, with so much to do in your business and so many hats to wear, it can be difficult to keep track of which savings you are entitled to. With this in mind, our Senior … Read More
Bank of England raises UK interest rates
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
Consultation on pensions cold calling ban
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
Making Tax Digital for 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
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
Next round of draft tax legislation published
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
Scotland introduces tax relief for first time buyers
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
One million couples still eligible for tax boost
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