Q. I am an employee and am liable to income tax at the higher rate. I also receive income from a rental property that I own. My wife does not work. If I instruct the tenants to pay the rent directly to my wife, will that absolve me from declaring it on my own self-assessment return…Read More
New rates for the National Minimum Wage (NMW) and National Living Wage (NLW) (aged 25 and over) apply from 1 April 2018, and employers must ensure that they implement them accordingly. The rates are as follows: 25 and over – £7.83 per hour; 21 – to 24-year-olds – £7.38 an hour; 18 – to 20-year-olds…Read More
HMRC’s proposed new penalty system isn’t fair and could end up punishing some small business owners disproportionately, tax experts have warned. In a recent consultation on interest and late payment penalties, HMRC has proposed a new penalty model for those that need more time to pay their taxes. HMRC says the aim of the proposal…Read More
HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders. Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive. Income…Read More
Chancellor Philip Hammond said it would be a short, snappy affair when he delivered the government’s first Spring Statement to the House of Commons today, and this was indeed to be the case – it took just 30 minutes to cover the key points. The statement focused on the latest forecasts for the economy and…Read More
The maximum annual investment limit for Individual Savings Accounts (ISAs) will remain at £20,000 for 2018/19 (of which, for eligible investors, £4,000 may be saved in a Lifetime ISA). Although the investment limit is not rising in the new tax year, a couple will still be able to add up to £40,000 to their ISA…Read More
Moving your financial record keeping onto an electronic ledger will become unavoidable due to HMRC’s Making Tax Digital policy, see how cloud based financial systems can benefit your SME.
Draft regulations, together with a draft explanatory memorandum and a draft VAT Notice, covering required changes to the VAT regime under the Making Tax Digital (MTD) project were published for consultation in December 2017. The consultation runs until 9 February 2018, and it is expected that live pilot testing will then begin in spring 2018.…Read More