News

Significant lack of awareness around gifting rules for IHT
10 June 2019

A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that only 25 per cent of those who had made a gift had a ‘working knowledge’ of...
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EIS and SEIS tax relief funding passes £2.1 billion
10 June 2019

A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark. The EIS scheme saw the larger increase in approved funding, with an increase in funds raised of £28 million.
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New code launched to help protect victims of sophisticated banking fraud
10 June 2019

A new code has been launched by 17 UK banks to protect customers who fall victim to a sophisticated form of fraud known as Authorised Push Payment (APP) scams. APP scams involve tricking people into making payments to fraudsters, who are masquerading as legitimate payees.
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Revenue tests new trigger to increase the accuracy of PAYE codes
10 June 2019

HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes. According to HMRC, as many as half a million tax codes being used by employers across the UK could be incorrect, leading to employees either overpaying or underpaying tax.
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Pass on up to £950,000 tax-free in 2019-20
16 May 2019

As of 6 April, direct descendants can inherit up to £950,000 completely free of inheritance tax from their parents or grandparents thanks to increases in the residence nil-rate band. This tax-free allowance on inherited property has risen from £125,000 to £150,000 this year and will rise again next year to £175,000.
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Beware the Employer Compliance Check Questionnaire
16 May 2019

HM Revenue & Customs (HMRC) is understood to be sending out “Employer Compliance Check Questionnaires” without notifying agents, which could land businesses in trouble if the wrong information is provided. The questionnaires are understood to be a replacement or substitute for a PAYE audit, which would typically...
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Employers must comply with new payslip rules
16 May 2019

Under the Government’s Good Work Plan, more than 300,000 workers have received a payslip for the first time under new rules that came into force in April. However, experts fear that many employers may be unaware of the recent changes and how it could affect them.
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Additional year to prepare for Making Tax Digital for taxes other than VAT
16 May 2019

The Chancellor’s Spring Statement contained an important nugget of information for businesses that had been wondering when they will need to be ready for Making Tax Digital (MTD) for taxes other than VAT. Until recently, the Government’s official line was that the rollout of the UK’s digital system...
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IR35: off-payroll working rules set to change next year
16 May 2019

HM Revenue & Customs (HMRC) has published new guidance on the expansion of the IR35 requirements to contractors working in the private sector. IR35 governs the tax status of people working through personal service companies (PSCs) and until now required public sector employers to determine whether contractors...
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Registering for Making Tax Digital for VAT takes seven days, warns HM Revenue & Customs
16 May 2019

HM Revenue & Customs (HMRC) has warned businesses across the UK that the registration process for Making Tax Digital (MTD) for VAT takes seven working days. This means that VAT-registered businesses turning over £85,000 or more need to register more than seven days before submitting a return...
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