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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Trivial in name only – do you know the rules on trivial benefits in kind? - April 20, 2017
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Although designated as ‘trivial’ by the taxman, trivial benefits in kind can result in tax savings for you and your employees, which can be anything but trivial. The rules cover benefits such as taking employees out for meals or giving gifts at Christmas – costs which can quickly add up and might, over the course … Continue reading Trivial in name only – do you know the rules on trivial benefits in kind?


Small businesses see changes to the VAT Flat Rate Scheme - April 20, 2017
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Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes, which came into effect at the beginning of this month. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to figure out … Continue reading Small businesses see changes to the VAT Flat Rate Scheme


HMRC launches digital tax pilots - April 12, 2017
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In a bid to calm fears about the introduction of Making Tax Digital (MTD), HM Revenue & Customs (HMRC) is to invite selected businesses and agents to take part in a pilot programme to report their income and expenses as part of the MTD strategy. A report from the Treasury Committee in response to the … Continue reading HMRC launches digital tax pilots


‘True costs’ of Making Tax Digital still unclear, says Treasury Committee - March 28, 2017
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The Treasury Committee has again called on HM Revenue & Customs (HMRC) to provide greater clarity on the true costs of Making Tax Digital (MTD) for small and medium-sized enterprises (SMEs). Chairman of the Committee, Andrew Tyrie MP, has said that HMRC should implement a far-reaching MTD pilot for businesses prior to the mandatory roll-out … Continue reading ‘True costs’ of Making Tax Digital still unclear, says Treasury Committee


Consultation on late submission penalties for MTD - March 22, 2017
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HM Revenue & Customs (HMRC) has opened a consultation on penalties for firms that either submit records late under the Making Tax Digital (MTD) scheme or do not pay on time. When HMRC consulted on its compliance powers last year, it was recognised that more work needed to be done on the matter but has … Continue reading Consultation on late submission penalties for MTD


One in five micro-businesses unaware of Making Tax Digital, research shows - March 10, 2017
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Research published by FreeAgent has found that a fifth of the smallest business are unaware of Making Tax Digital (MTD) – HM Revenue & Customs’ (HMRC) flagship policy, which will introduce quarterly electronic reporting for most businesses. The FreeAgent survey also found that 84 per cent of micro-businesses thought the Government had not provided enough … Continue reading One in five micro-businesses unaware of Making Tax Digital, research shows


Reporting company car expenses and fuel - March 10, 2017
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If you provide cars to your employees for their own private use, you will need to report this to HM Revenue & Customs (HMRC) using form P11D at the end of the tax year. The value you will need to list for any vehicles provided in this way is set by HMRC and reflects the … Continue reading Reporting company car expenses and fuel


£30K tax-free redundancy payments set to be abolished - March 10, 2017
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Payments in Lieu of Notice (PILON), one aspect of a typical redundancy payment, alongside compensation for loss of employment, is set to lose its tax-free exemption, which currently applies to payments of up to £30,000, where it is not a contractual requirement. The changes, which are included in draft legislation and set to come into … Continue reading £30K tax-free redundancy payments set to be abolished


Spring Budget 2017 - March 8, 2017
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Various rumours were swirling around Westminster in the days before Philip Hammond rose to deliver his first Budget – confirmed as the last time a major fiscal statement will be made in the spring. The Chancellor, still scarcely nine months in the job, has a reputation as a cautious man and in advance many expected … Continue reading Spring Budget 2017


Changes to the Inheritance Tax threshold – will you be affected? - February 22, 2017
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A significant change to inheritance tax rules comes into force this year which you need to be aware of. The new residence nil rate band allowance comes into effect on 6 April 2017. If you are married with children (and/or grandchildren), own your own home and have assets above the nil rate band allowance (currently … Continue reading Changes to the Inheritance Tax threshold – will you be affected?


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