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A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January 2019. Other changes to the ...

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full ...

HMRC has announced that they achieved record enforcement results this year, identifying £15.6million of minimum wage underpayments. The number of workers identified as underpaid was double that in 2016/17 and the highest number since the National Minimum Wage came into force. The figures reveal: a record £15.6 million of underpayment identified for more than 200,000 workers ...

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2017/18 return is 31 October 2018. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid on time. If you would like any help with the compl ...

Rising house prices and increases in other assets have seen HMRC launch more investigations to ensure individuals are paying the correct amount of inheritance tax (IHT), with the number of tax probes up by 5% this year. There were 5,400 investigations into IHT returns in 2017/18, an increase from 5,100 on the previous year. If an investigation finds that IHT has been underpai ...

The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019. Class 2 NICs are currently paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more per year. The government had planned to scrap the Class 2 contribution and had been investigating ways in which self-employed indi ...

The Chancellor of the Exchequer, Philip Hammond, has announced that the Budget will take place on Monday 29 October. Breaking with the tradition of a Wednesday in November, perhaps in a bid to avoid the ongoing Brexit negotiations, the government is expected to set out its plans ‘to build a stronger, more prosperous economy, building on the recent Spring Statement and last yea ...

The government has issued some ‘no deal’ Brexit technical notices, with the aim of helping both businesses and individuals to prepare in the event of a UK-EU agreement not being realised. The government has published the first 25 notices. Brexit Secretary Dominic Raab was keen to emphasise that reaching a deal remains the ‘overriding priority’. However, until a Withdrawal Agre ...

HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on: Reporting your payroll information accurately and on time   Irregular payments and completion of Full Payment Submissions Starter Declaration on a Full Payment Submission (FPS) PAYE Settlement Agreements and Scottish Income Tax National Liv ...

HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019. From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations under MTDfV. Only businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required to use ...