Where credit card sales have been omitted from business takings, HMRC are encouraging taxpayers to come forward and make a disclosure of the income that has been omitted to avoid incurring interest and penalties on top of the unpaid tax. As you may be aware HMRC now receiv...
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Where a married couple hold savings accounts and other investments in joint names, the income from those investments is split 50:50 for tax purposes, unless there is an election to allocate the income in accordance with their beneficial interests. This is particularly import...
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From 6 April 2016 new rules were introduced to allow employers to provide their directors and employees with certain "trivial" benefits in kind, tax-free. The new rules are a simplification measure so that certain benefits in kind will not need to be reported to HMRC, as w...
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Note that where employers reimburse their employees 45p per mile for using their own cars they are able to reclaim input VAT based on the amounts shown in the table. In the case of a 1600cc diesel car that would be 1.5 pence per mile. (9p x 20/120). Such a claim needs to b...
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The latest Finance Act has retained the 28% CGT rate for sales of residential property, whereas the general rate was reduced to 20% for higher rate taxpayers. It has been suggested that it is possible to reduce the rate from 28% to 20% by deferring the gain temporarily i...
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Changes to Farmers Averaging

November 7, 2016
From 2016/17 onwards farmers now have the option to smooth out their profits over two or five tax years as the result of a change in Finance Act 2016. Farmers' and market gardeners' profits often fluctuate wildly from one year to the next and the tax rules for many years...
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The Government and HMRC remain committed to the "Making Tax Digital" project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions. The next big step will be the introduction of quarterly reportin...
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Guidance for Employers

October 30, 2016
HMRC have issued their latest guidance to employers in the August edition of the Employer Bulletin. This publication, which is issued every two months, includes articles on: expenses and benefits in kind consultations HMRC Toolkits – helping to reduce errors Automati...
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New company car advisory fuel rates have been published which take effect from 1 September 2016. The guidance states: 'You can use the previous rates for up to one month from the date the new rates apply'. The rates only apply to employees using a company car. The advisory ...
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The government is being urged by both pension providers and banks to delay the April 2017 launch of the new Lifetime ISA as they are warning that they will not be ready to offer the savings product by this time. A new Lifetime ISA introduces a new type of savings account fo...
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