Newsletter 88

Headlines from our latest newsletter.  Please click on any of the links below for more information:

CHANGES TO THE CONSTRUCTION INDUSTRY SCHEME (CIS)

The government has announced that it will implement a package of improvements to the CIS. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Changes

VAT AND DIGITAL SERVICES

HMRC have issued some additional guidance for small businesses which supply digital services to consumers in other EU Member States. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#VAT

1,773 ‘HAPPY RETURNS’ AT CHRISTMAS

HMRC have reported that they received 1,773 online tax returns on Christmas Day, with the busiest time for online returns on 25 December between midday and 1pm, when 148 Yuletide returns were delivered electronically. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Christmas

HOLIDAY PAY AND OVERTIME UPDATE

We have previously reported that in the judgment an Employment Appeal Tribunal (EAT) decided that holiday pay should reflect non-guaranteed overtime. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Holiday

TAX ON THE DIVERTED PROFITS DUBBED THE NEW 'GOOGLE TAX'

The government has published draft tax legislation to implement the new tax on diverted profits which has been referred to as the ‘Google tax’. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Tax

SOLICITORS’ TAX CAMPAIGN

Solicitors are being given the chance by HMRC to bring their tax affairs up to date or face tougher penalties, as part of a new tax campaign. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Solicitors

RTI: FILING PENALTIES AND APPEALS

In the latest Employer Bulletin HMRC are reminding employers that they are about to issue penalty notices to those employers who have failed to meet their RTI filing obligations. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#RTI

Newsletter 87

Headlines from our latest newsletter.  Please click on any of the links below for more information :

AUTUMN STATEMENT

The Chancellor George Osborne delivered his Autumn Statement on 3 December - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Autumn

STAMP DUTY LAND TAX (SDLT)

One of the Autumn Statement announcements is a major reform to SDLT on residential property transactions - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Stamp

INCORPORATION - RESTRICTION OF RELIEF FOR GOODWILL AND ENTREPRENEURS’ RELIEF

Corporation tax relief is given to companies when goodwill and intangible assets are recognised in the financial accounts - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Incorporation

EMPLOYMENT BENEFITS CHANGES AHEAD

In the Autumn Statement the government announced a package of measures which will impact the treatment of employee benefits in kind and expenses - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Employment

PERSONAL ALLOWANCES AND TAX BANDS 2015/16

For those born after 5 April 1948 the personal allowance will be increased from £10,000 to £10,600 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Personal

STARTING RATE OF TAX FOR SAVINGS INCOME

From 6 April 2015, the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings will be increased to £5,000 from £2,880, and this starting rate will be reduced from 10% to nil - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Savings

HOLIDAY PAY AND OVERTIME

In the judgment an Employment Appeal Tribunal (EAT) has decided that holiday pay should reflect non-guaranteed overtime - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Holiday

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which took effect from 1 December 2014 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Advisory

DO YOU EMPLOY ANYONE UNDER THE AGE OF 21?

From the 6 April 2015, if any of your employees are under the age of 21 you may no longer need to pay employer Class 1 secondary National Insurance contributions (NICs) on their earnings - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#21

GIFT AID DECLARATION TO BE IMPROVED - POTENTIALLY SAVING CHARITIES BILLIONS OF POUNDS

The Gift Aid model declaration form is to be improved, to stop charities potentially losing out on billions of pounds of Gift Aid - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Gift

HELPING EMPLOYERS IDENTIFY A PENSION SCHEME FOR AUTOMATIC ENROLMENT

The Pensions Regulator (TPR) has opened consultation on a proposal to publish a list of pension schemes that are available to any employer, regardless of the number or workers the employer has or their levels of pay - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Pension

HMRC WARNING ‘TEN THINGS YOU NEED TO KNOW ABOUT TAX AVOIDANCE’

HMRC have published a list of factors to consider before buying into a ‘scheme’ - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#HMRC

Autumn Statement

The Chancellor of the Exchequer yesterday delivered his Autumn Statement to the House of Commons

Some of the key points for business are summed up here

 http://www.bbc.co.uk/news/uk-politics-30307528

More detailed information will be available shortly through our office and in the Walker Thompson Newsletter

Stamp Duty

The Chancellor yesterday made some large changes in the way Stamp Duty will affect residential properties

Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band

0% paid for the first £125,000 then 2% on the portion up to £250,000

5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home

Changes to come into effect at midnight on Thursday, 4 December

Landlords

The Government has issued guidelines requiring Landlords of properties to verify the status of their tenants by requiring relevant ID and evidence of their rights to be in the UK. The scheme will begin in early 2015 within the West Midlands and will carry fines of up to £3,000 for Landlords who do not comply. Whilst there may appear to be all manner of excuses and reasons not to act as unofficial border agency “snoopers” we urge all private landlords to begin putting in measures to record tenants ID . 

See the links courtesy of BBC News.

http://www.bbc.co.uk/news/uk-england-birmingham-29059538

http://www.bbc.co.uk/news/uk-england-birmingham-30251741

HMRC withdraws ‘little used’ IR35 business tests

HMRC is to withdraw the business entity tests (BETs) intended to help taxpayers assess whether they might be caught by the IR35 legislation, after a review conducted by the IR35 Forum found that the tests were used “very little” and were not fulfilling their intended purpose

Newsletter 85

Headlines from our latest newsletter.  Please click on any of the links below for more information :

MIS-SOLD INTEREST RATE HEDGING PRODUCTS

Following a review of the way some banks sold Interest Rate Hedging Products (IRHP), some businesses are entitled to redress payments. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#MIS-SOLD

GIFT AID AND FREE ADMISSION

HMRC have updated their guidance for charities to explain that the terms and conditions attached to a donation that gives a right of admission to property cannot include a right to a full or partial refund of the admission payment. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#GIFT

UK BROADBAND VOUCHER SCHEME OVERHAULED

Businesses are being urged to take advantage of a scheme to get faster, cheaper broadband. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#UK

LATEST FAKE ‘HMRC’ PHISHING SCAM

We are aware that there is a new bogus email which is phishing scam aimed at taxpayers. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#LATEST

DEADLINE FOR ‘PAPER’ SELF ASSESSMENT TAX RETURNS

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2013/14 return is 31 October 2014. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#DEADLINE

LATEST LABOUR MARKET EMPLOYMENT FIGURES

The Office for National Statistics has announced that the latest statistics, based on the period May to July 2014, show that employment continued to rise and unemployment continued to fall. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-85#LABOUR