The list of offshore funds that have applied for and been approved for reporting fund status, has been updated. The list comprises over 65,000 funds within the definition of an offshore fund that have successfully applied to HMRC for reporting fund status. Under UK rules, a fund is obliged to publish, for each of its

A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Lifetime allowance. The lifetime allowance for pension savings is currently £1,030,000. It was announced as part of the Budget measures that the lifetime allowance will increase to £1,055,000 from April 2019. Pension flexibility.

You may be able to delay paying Capital Gains Tax if you transfer your unincorporated business to a company in return for shares. Incorporation Relief means you won’t pay any tax until you sell (or ‘dispose of’) the shares. To qualify for Incorporation Relief, you must: • be a sole trader or in a business partnership

The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads. Under the system anyone who brings a vehicle into the UK is required to notify HMRC within 14 days and any VAT due will have to be paid or accounted for. Until this

Autumn Budget 2018   The Prime Minister announced at the Conservative Party conference that the end of austerity was in sight. Recent tax revenues have exceeded expectations, and although there was an expectation that these declarations and indicators would herald a relaxation of fiscal policy, the Chancellor is mindful of the potential fallout next year

The Fulfilment House Due Diligence Scheme (FHDDS), is part of a package of measures aimed at combatting the abuse of VAT rules by online traders based outside the European Union. Fulfilment houses that store any goods imported from outside the EU on behalf of others, need to apply for approval from HMRC. These businesses will

Company Tax returns have to be filed with the iXBRL data standard using either HMRC’s own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial software. The list has recently been updated and presents the details of approved suppliers in two main categories: Software

The government has announced plans for new legislation to prevent employers from keeping tips intended to go to workers. The new legislation, to be introduced at the earliest opportunity, will set out that tips must go in full to the workers providing the service. The government says that while most employers act in good faith,

The government has published a report on the National Minimum Wage (NMW) and National Living Wage (NLW), detailing evidence on compliance and enforcement in 2017/18. The report reveals the following key statistics for 2017/18: • A record £15.6 million was identified in NMW/NLW underpayments, benefitting over 200,000 UK workers – this is more than double the

The Chancellor has announced that the Autumn Budget 2018 will be held on Monday, 29 October 2018. The announcement was made on the GOV.UK website. The Treasury said the Budget will set out the government’s plan to build a stronger, more prosperous economy, building on the recent Spring Statement and last year’s Budget. Earlier this