Draft finance bill clauses published

HMRC has issued the following information regarding the publication of draft clauses of the Finance Bill 2016: New draft tax legislation has been published (9 December 2016) to implement policies published at Summer Budget and Autumn Statement 2015. It has also published new tax consultations and responses to policy consultations Read more…

Training for employees and franchisees

Employers who pay for their employees and sub-contractors to attend training courses may be interested in the following directive from HMRC, issued July 2015. The cost of food and accommodation provided for employees attending training courses for the purpose of the trade is not disallowable under the legislation. However, if Read more…

National Living Wage

HMRC has issued the following information regarding the imminent launch of the NMW 1 April 2016. Firms are advised to take simple steps now as poll reveals 93% of bosses support initiative, with majority believing it will boost productivity and retain staff. Britain’s bosses are urged to take 4 simple Read more…

Tax Diary December 2015/January 2016

 1 December 2015 – Due date for Corporation Tax due for the year ended 28 February 2015.  19 December 2015 – PAYE and NIC deductions due for month ended 5 December 2015. (If you pay your tax electronically the due date is 22 December 2015.)  19 December 2015 – Filing Read more…

Repaying employers for private fuel

Company car drivers should be giving consideration to the issues raised in this article if they are provided with fuel for private mileage by their employers. With no repayment to compensate for private fuel provided, employees will suffer a significant car fuel benefit in kind charge. Depending on the type Read more…

A 30th December 2015 filing deadline

One of the more obscure filing deadlines for Self Assessment purposes relates to a claim to have your tax underpaid for a year recovered by an adjustment, an increase, in the PAYE stopped from your salary in a future tax year.  For underpayments year to 5 April 2015, the filing Read more…

Landlords despair

On the 8 July 2015, George Osborne announced a number of changes to the taxation of property businesses. Without a doubt the most impactful change is the loss of higher rate tax relief for finance charges, which includes mortgage interest. What he didn’t explain was the not so gentle push Read more…

Reduction in bank deposit protection

From January 2016 the Financial Services Compensation Scheme (FSCS) is changing. Savers have one month left to adjust their bank deposits to the new limits. Here’s the updated information posted to the FSCS website posted 5 July 2015:  “Savers are getting a new deposit guarantee limit from the New Year. Read more…