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22/11/2017 More...

As the Chancellor, Philip Hammond alluded to in his Budget speech there had been much speculation in the press that he would do something to alleviate the Stamp Duty Land Tax (SDLT) burden for first time buyers. However, he went a step further by introducing a temporary freeze in SDLT. SDLT for all first-time buyers making a purchase of

22/11/2017 More...

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same time period. Businesses

22/11/2017 More...

The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an increase from the current £11,500) and the basic rate limit to £34,500. As a result, the higher rate threshold will increase to £46,350 from April 2018. These increases are part of the government’s commitment to increase the basic personal

22/11/2017 More...

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2018. The NLW first came into effect on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. From 1 April 2018 the National Living Wage

22/11/2017 More...

As part of the Budget measures the Chancellor announced that the duty rates on beers, ciders, spirits and wine will be frozen at the current rates. These measures will mean that a bottle of whisky will be £1.15 less than if the rates had increased as expected and a pint of beer 12p less. As the Chancellor said in his speech ‘Merry

22/11/2017 More...

As part of the Budget measures several changes were announced to both the Enterprise Investment Scheme (EIS) Venture Capital Trusts (VCT) scheme. These schemes are designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies. The EIS

22/11/2017 More...

R&D tax credits were introduced for Small and Medium Sized Enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief used to encourage innovation and enterprise within the UK economy. Large companies can currently claim an 11% Research and Development Expenditure Credit (RDEC) also

22/11/2017 More...

Air passenger duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of air passenger duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first class). Currently, band A (short-haul) ranges from £13 for a standard class journey and

21/11/2017 More...

Prospects for growth, especially for productivity have been downgraded, but the Chancellor was bullish in his forecasts for investment and the Government’s intention to sort out the slow pace of house building in the UK. A few non-tax comments of note were: Unemployment at its lowest rate since 1975. Chancellor is providing an extra

21/11/2017 More...

Following the successful completion of the first phase of its refund scheme for employment tribunal fees, following the Supreme Court's judgment in July 2017 in R (on the application of Unison) v Lord Chancellor 2017 that the fees regime was unlawful, the government has now fully opened the scheme to anyone who thinks that they may be

20/11/2017 More...

Back in October 2016, in Aslam and others v Uber BV and others 2016, an employment tribunal was held that Uber drivers were “workers” for the purposes of the Employment Rights Act 1996, the Working Time Regulations 1998 and the National Minimum Wage Act 1998. This potentially gave them an entitlement to various basic employment rights,

14/11/2017 More...

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision made by HMRC. There are a number of different options open to taxpayers seeking to use the review and appeals process. Note, there is a separate procedure to be followed by taxpayers to make a complaint about HMRC for issues such as

14/11/2017 More...

There are special rules that govern how assets are divided if a person dies without making a will. If this happens your assets are passed on to family members in accordance with a set legal formula. This can result in a distribution of assets that would not be in keeping with your final wishes, and can be especially problematic for

14/11/2017 More...

Businesses that are starting to import goods for the first time need to be aware of a myriad of special rules that apply. Whilst most smaller businesses importing goods will use a courier or freight forwarder, it is still important to be aware of the duties and VAT implications. Businesses importing goods must be able to distinguish

14/11/2017 More...

A new measure to tackle disguised remuneration tax avoidance schemes was announced as part of the Autumn Statement 2016. The new measure will introduce a loan charge on disguised remuneration avoidance schemes that remain unpaid on 5 April 2019. These types of schemes (including contractor loans) are used by employers and individuals and

14/11/2017 More...

If you have been in the same job for two years or more and are made redundant you will usually be entitled to a redundancy payment. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where you are not entitled to statutory redundancy pay, such as if your employer offers to keep

14/11/2017 More...

This may come as a surprising fact to many of our readers, but a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, beneficiaries who would be left worse off by the change must give their agreement before

14/11/2017 More...

The High Income Child Benefit Charge (HICBC) applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge either reduces or removes the financial benefit of receiving child benefit. Where both partners have an income that exceeds £50,000, HICBC is payable by the partner with the

07/11/2017 More...

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers and will draw together expertise from across the tax and legal professions, the business community and other interested parties. It was

07/11/2017 More...

In a surprising move, the Government has announced that the planned abolition of Class 2 National Insurance Contributions (NICs) is to be delayed for a year. The withdrawal of Class 2 NICs was due to take place from April 2018 but will now take place one year later from April 2019. The enabling legislation for this change, NICs Bill

07/11/2017 More...

HMRC has won a landmark case after the Supreme Court overturned an earlier decision of the Court of Appeal. The issue at hand concerned historic overpayments of VAT by Littlewoods (a catalogue sales business) between 1973 and 2004. In 2004, HMRC accepted that the VAT had been overpaid and repaid £205m plus a further £268m interest

07/11/2017 More...

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £85,000 per person, per authorised bank or building society. There is additional protection

07/11/2017 More...

In a widely expected move, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the Bank Rate from 0.25% to 0.5%. This is the first increase in interest rates since July 2007 when the rate increased to 5.75%. The interest rate has been fixed at 0.5% since the crash of 2009 and was further reduced to

07/11/2017 More...

The current National Minimum Wage (NMW) hourly rate for adults between 21-24 years old is £7.05, and the national living wage is £7.50 for those aged 25 and over. The Living Wage Foundation (an initiative of Citizens UK), recently announced living wage rates for London and the UK at £10.20 an hour and £8.75 an hour respectively. The

 

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