Latest News

Please find a list of our news stories / press releases

Technical guide for employers on shared parental leave and pay
The Government has published a new technical guide for employers on shared parental leave and pay. The new guidance covers technical aspects for employers to consider when implementing policies on shared parental leave (SPL) and shared parental pay ...

Pensions – annual allowance
The annual allowance for tax relief on pensions was reduced to £40,000 (from £50,000) with effect from 6 April 2014. Pension providers are in the process of writing to pension scheme members contributing more than £40,000 per year. Finance Act 2011 ...

Employment intermediaries
There are special rules that apply when an intermediary must treat a worker they provide to a UK-based client as an employee for Income Tax and National Insurance purposes. Since 6 April 2014, a worker is treated as an employee if the following ...

National Minimum Wage
New National Minimum Wage (NMW) rates came into effect on 1 October 2014. The hourly rate of the NMW increased to £6.50 (a rise of 19p) adults aged 21 years and older. The rate for apprentices under the age of 19 or in the first year of their ...

RTI late filing penalties
The vast majority of employers are now reporting their PAYE information in real time. Following the introduction of RTI in April 2013, it was decided to stagger the start of the in-year late filing and payment penalties to give employers more time to ...

VAT liability of construction services
The First-tier Tribunal recently heard an appeal by a construction company regarding the VAT liability of construction services supplied at a residential property in a North London suburb. The homeowners had sought and been granted planning ...

Disclosure opportunity for landlords
Landlords that may owe tax, whether through misunderstanding the rules or deliberate evasion, are being targeted by HMRC in a campaign that was launched last year. Unusually, the campaign does not currently have a finish date and will run until at ...

Exemptions from CGT
Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual CGT tax-free allowance (currently £11,000) and the exemption for the qualifying sale of the ...

Online trader jailed
An online trader has been sentenced to two years in jail for failing to declare the sales he made online. John Woolfenden from Radcliffe sold DVDs, CDs and games using online portals such as Play.com, Playtrade and eBay. He was found guilty of ...

HMRC launches new property taskforce
New specialist taskforces have recently been launched to target property tax dodgers in the south west and south Wales. According to HMRC the taskforce will target those who have sold one or more properties and haven’t paid Capital Gains Tax or ...

Hows does the budget affect you?
Download our easy to ready guide to the Budget 2014 here: http://www.accountax.net/downloads/Budget2014.pdf  ...

New HMRC Residence Indicator Tool
From 6 April 2013 new Statutory tests were introduced to determine whether individuals are resident in the UK or not, generally making the rules much clearer than previously. There will still be situations where someone’s tax residence isn’t clear cut where they spend substantial time overseas and also make visits to the UK. ...

Tax Relief for Renewing White Goods in Let Properties
Controversially and without any prior warning HMRC removed the concession that allowed a tax deduction for the replacement of free standing equipment that does not qualify for capital allowances in unfurnished buy to let properties with effect from 6 April 2013.  ...

RTI penalties will not come into force in April!
RTI penalties were due to come into force on 6 April 2014. However, HMRC has just announced that it's decided to delay their introduction until later in the year. Why the U-turn and when will they come into force? ...

Best to be informed
If you are self-employed, as a sole trader or in partnership, and if we assume that your business year end is 31 March, then the profits you earn in the year to 31 March 2014 will form the basis of your tax payments on account for the tax year 2014-15 (unless the year to 31 March 2014 was your final year of trading). ...

HR Update Winter 2013/14
HR Update Winter 2013/14 ...

Employee Benefits
Where employees are provided with living accommodation, a car or a van, any private use is usually subject to specific scale charges or other rules. This article considers the provision of two further classes of assets provided for an employee’s or director’s personal use. ...

Tax office bogus emails
Readers are reminded that HMRC do not send communications to tax payers by email. ...

Salaried members of LLPs
HMRC published the draft Finance Bill 2014 last month. Included were changes to the taxation of certain partnerships. This article discusses the introduction of a new type of partnership member for Limited Liability Partnerships (LLPs) that will commence 6 April 2014: the "salaried member". ...