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New DBS basic disclosure service goes live

21/01/2018 – From 17 January 2018, individuals who need to obtain a basic disclosure check for a job in England and Wales should apply to the Disclosure and Barring Service (DBS), not to Disclosure Scotland. The DBS now provides the service for England and Wales. Individuals who wish to apply for their own basic check can use the new online service … More...

Statutory payment rates for tax year 2018/19 confirmed

21/01/2018 – Following the written ministerial statement published in November 2017 announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2018/19, the government has now published the draft Social … More...

A reminder of ways you can pay tax due

17/01/2018 – Last week we confirmed that as from 13 January 2018, HMRC will not accept personal credit cards for payment of tax or penalties. We have listed below the payment options you still have available to you: Electronic payment. HMRC’s preferred method of payment is by electronic bank transfer using Faster Payments, CHAPS or BACS. In order … More...

Buying a rental property?

17/01/2018 – The removal of the 10% wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets (after the end of the 2015-16 tax year) was a significant loss for many landlords. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not. The wear … More...

Projects that count as R & D for tax purposes

17/01/2018 – Research and Development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief to encourage innovation and enterprise within the UK economy. Small and medium-sized enterprises (SME) can claim SME R&D tax deductions … More...

Salary sacrifice examples of tax consequences

17/01/2018 – The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of salary sacrifice arrangements such as mobile phones and workplace parking. When the changes … More...

What to consider when employing family, young people and volunteers

17/01/2018 – When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members. HMRC’s guidance is clear that if you hire family members you must: avoid special treatment in terms of … More...

What is the herd basis?

17/01/2018 – There are special rules which can apply to farmers and market gardeners that prepare their accounts on an accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses and the treatment of compensation for compulsory slaughter. The special rules also refer to the use of the herd basis. The herd basis is … More...

Holiday let property – reminder to check your occupancy stats

09/01/2018 – The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits. In order to qualify as a FHL, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of … More...

Who is entitled to claim statutory maternity pay?

09/01/2018 – Employees that are pregnant are eligible to take up to 26 weeks of maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means that an employee can take up to a full year of maternity leave once they give their employers the correct notice. All women employees are … More...

 

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