Our Ward Williams Tax blog covering all of the latest tax issues and how these issues could affect you, including news of all announcements regarding investigations and tax litigation.

The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is not worthwhile if it will be clawed back in full via t ...

Tax

The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.   There is a penalty of £100 if a taxp ...

Tax

HMRC has issued the latest Employer Bulletin. This issue includes articles on a number of areas including: guidance for employers on reporting PAYE information in real time when payments are made early at Christmas electronic payment deadline falls on a weekend Ultra Low Emission Vehicle High Income Child Benefit Charge deadline 31 January Tax-Free Childcare payments up ...

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy t ...

Tax

HMRC has published the October 2019 issue of the Employer Bulletin which contains guidance on a number of issues relevant for employers. Topics in this edition include: Changes for UK employers sending workers to the EU, the EEA or Switzerland PAYE Settlement Agreements and Welsh rate of Income Tax Guidance for employers on reporting PAYE information in real time when paym ...

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

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

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 ...

In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting. In 2016 the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this change, trustees and personal representatives had increased reporting requirem ...

Tax