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HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD). In February 2020, the OECD consulted on proposed rules setting out how digital platforms should collect information about the income of sellers and report it to tax authorities. Under t ...

The launch of a social care levy from 2022 will see all taxpayers facing a 1.25% tax charge under government plans, while dividend tax will also rise. There are warnings that the increase in National Insurance contributions for businesses could discourage the creation of new jobs and potentially put some at risk, while the individual tax burden is at its highest for decades U ...

The government has confirmed that the state pension will rise by 2.5% from April 2022, breaking the pension lock as a result of the impact from the pandemic. The minister, told MPs that this would be a one-year intervention and that the normal increase in line with average earnings increase would be reinstated from the 2023-24 tax year. As last year, once again the state pens ...

HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).   The changes will ...

From April this year, new rules were introduced to the private sector, similar to those used for the IR35 Public sector reform in 2017. It is now the responsibility of all public sector businesses and medium or large-sized businesses in the private sector, to decide the employment status of their workers. These are very technically complex rules with a lot of potential permutat ...

Download PDF of Business Expenses, Benefits and Loans Employee expenses An employer may reimburse an employee for an expense tax-free if it is incurred wholly, necessarily and exclusively in the performance of their employment (s.336 ITEPA 2003).  Where an employee incurs a cost on behalf of the company, tax & National Insurance Contributions (NICs) relief is given by ...

After leaving the EU, the UK has lost the benefit of being a part of the EU Interest and Royalties Directive, where withholding taxes were removed on interest and royalty payments between EU member states. Companies resident in EU member states who receive interest and royalty payments from the UK may no longer benefit from withholding tax exemptions. The UK's ability to withh ...

For the seventh year running Ward Williams entered a team of 4 into the Weybridge Rowing Regatta which took place on Friday 6th August. The regatta is organised by Weybridge Rowing Club, along the River Thames. The Regatta was created as a community initiative for local businesses to meet, network and compete in a sporting environment. This year the crew was made up of Alex P ...

The Coronavirus Job Retention Scheme (CJRS) is being wound down on 30 September 2021 and data published by HMRC has revealed that 1.9 million workers remain on furlough. The data showed that the number of employees furloughed on the CJRS fell by 590,000 during June. The total number of furloughed workers is 1.9 million. The data also revealed that younger workers have been le ...

HMRC has confirmed that almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year's entitlement if they have been told to work from home by their employer, even if it has been for just one day dur ...