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With less than 100 days until the self assessment tax return deadline of 31 January 2020, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. HMRC report that last year more than 2,000 people submitted their tax returns on Christmas Day. Taxpayers should consider submitting their returns early to avoid the stress of a last minu ...

Tax

On 25 October 2019 the Chancellor of the Exchequer Sajid Javid wrote to the Treasury Select Committee to confirm that the Budget will not now take place on 6 November 2019 as originally planned. You can read that letter here. We will keep you informed of developments. Internet link: GOV.UK Budget  ...

On Monday 28th October 2019 we held a Charity Halloween Cake Bake in aid of Stand Up To Cancer, at our offices in Weybridge, Uxbridge and Sunninghill. We received some astounding spooky creations from some talented bakers! All the entries were judged using strict criteria and after a tough marking session, the winner from each office received a prize! We would like to say a m ...

The government has initiated a review of the Loan Charge and whether the policy is an appropriate way of dealing with disguised remuneration loan schemes used by individuals who entered directly into these schemes to avoid paying tax. Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit Office (NAO), will lead an independent rev ...

Tax

The government has announced that HMRC collected a record sum of £5.4 billion in inheritance tax (IHT) during the 2018/19 tax year. The increase comes on the back of a 15% rise in the number of estates liable for IHT. Between 2015/16 and 2016/17, the number of estates paying IHT rose by 3,600 to 28,100. Rising asset values, particularly in regard to properties in London and t ...

Tax

The Government has reversed its decision to change probate fees, which would have seen some bereaved families pay almost £6,000 in additional costs.  At the end of 2018, the Government announced plans to alter the charging structure for probate fees in England and Wales, which are paid when administering someone's estate after they die. It said it would replace the current fla ...

The Department for Business has launched a nationwide programme of events to help businesses prepare for Brexit. The free events are designed to provide free advice on a range of Brexit-related topics, including exporting, importing and employing EU citizens. Attendees will also have the opportunity to hear from senior government officials and access support tailored to their ...

HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on: Class 1A liabilities payable on Termination Awards and Sporting Testimonial Payments Off-payroll working rules from April 2020 Disguised Remuneration Seasonal Workers Contractors operating CIS – new VAT reverse charge on building and constr ...

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged the government to simplify the complexities of accessing apprenticeship funding. The Apprenticeship Levy took effect from 6 April 2017 and changed the way in which apprenticeships are funded. Larger employers are required to pay a levy of 0.5% of their annual pay bill. However an annual allowance of ...

In order to try and ensure that businesses are ready to trade post-Brexit, HMRC is automatically enrolling them in the customs system. HMRC has confirmed that more than 88,000 VAT-registered businesses across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in order to enable them to keep trading with customers and suppliers in the EU ...