Changes to company carry-forward of losses confirmed

Initially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions to reform the tax treatment of certain types of carried-forward loss for corporation tax purposes with effect from 1 April 2017.…


Salary v dividend

The questions surrounding the issue of how best to extract profits from a company in a tax-efficient manner remain as popular as ever. Despite the introduction of the dividend allowance, and the personal savings allowance, extraction by as remuneration and by way of dividend remain the two most widely used methods. The tax effects of these methods may be broadly contrasted as follows:…


Changes to IR35 rules confirmed

HMRC have recently announced changes to the way the intermediaries legislation (known as the ‘IR35 rules’) will be applied to off-payroll working in the public sector. In particular, contractors who provide their services to a public authority through an intermediary will need to be aware for the changes, which take effect from 6 April 2017.…


Self-employed professionals urged to check their NICs and their subsequent pension eligibility

The Institute of Chartered Accountants in England and Wales (ICAEW) has raised concerns that the UK’s self-employed community could be in danger of missing out on future pension payments because the lines of communication between HM Revenue and Customs (HMRC) and the National Insurance office regarding Class 2 National Insurance contributions and the manner of their collection aren’t functioning smoothly.…


HMRC confirms that quarterly digital reporting will go ahead in 2018

The government announced in the Autumn Statement that it intended to publish its response to the Making Tax Digital consultations at some point in January, 2017, and true to its word it delivered on the promise. Following an extensive consultation process over the last 8 months – a consultation which generated over 3,000 responses – HM Revenue & Customs (HMRC) has published new information about how the UK’s self-employed community, small businesses and property landlords will benefit from the tax authority’s Making Tax Digital project.  …


Coming soon: tax-free childcare

Plans for the introduction of a new scheme called ‘tax-free childcare’ were initially announced way back in the 2013 Budget. The original proposals have since been amended and the scheme is now set to be implemented during 2017. Broadly, the new scheme, which aims to help working parents with the cost of childcare, will replace the current system of employer-supported childcare (ESC) which is offered by less than 5% of employers and used by around 450,000 families.…


Implementation timetable for Making Tax Digital extended

Following representations from the House of Commons Treasury Committee, HMRC have published proposals to undertake a year-long pilot of the Making Tax Digital programme. HMRC are committed to having Making Tax Digital fully operational by 2020, and a pilot scheme is expected to run from April 2017 until April 2018.…


HMRC’s tougher approach to offshore tax evasion

HMRC have implemented various measures over recent years designed to encourage those not paying the right amount of tax across their offshore tax affairs to make full disclosures. Whilst there has been a positive approach to the facilities provided, HMRC have recently reminded taxpayers that things are about to get even tougher for those who try to hide investments offshore.…


RLA research finds that 1-in-4 buy-to-let landlords are putting their properties on the market in response to MIR changes

How are the proposed changes to landlord mortgage tax relief affecting the property market? Well, according to research conducted by the Residential Landlords’ Association, the answer is very badly. According to the RLA the series of changes to mortgage interest tax relief (MIR) which are due to begin in April have resulted in one-in-four landlords putting their properties on the market.…


News / Blog

24th
February

Changes to company carry-forward of losses confirmed

Initially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions…

24th
February

Salary v dividend

The questions surrounding the issue of how best to extract profits from a company in a tax-efficient manner remain as…

24th
February

Changes to IR35 rules confirmed

HMRC have recently announced changes to the way the intermediaries legislation (known as the ‘IR35 rules’) will be applied to…

21st
February

Self-employed professionals urged to check their NICs and their subsequent pension eligibility

The Institute of Chartered Accountants in England and Wales (ICAEW) has raised concerns that the UK’s self-employed community could be…