A report published by the National Audit Office (NAO) estimates that online VAT fraud and error cost the UK somewhere between £1bn and £1.5bn in lost tax revenue during the 2015/16 financial year. Under current UK tax rules, any traders based outside the European Union (EU) who sell goods to UK customers over the internet… Read more…
Last year saw an important change to the way tax-deductible business expenses, which are paid to employees, are dealt with. Until the beginning of the 2016-17 tax year, employers who did not have a dispensation from HM Revenue & Customs (HMRC) were required to report benefits and expenses paid to employees. Now, these dispensations have… Read more…
Landlords should be aware of the different rules which apply to furnished holiday lets and private rented properties, as the tax implications can be enormous. Privately rented properties that are not a principal private residence, and therefore do not qualify for principal private residence relief, are normally subject to capital gains tax at 18 per… Read more…
A range of provisions which allow civil penalties to be levied against residential landlords who commit offences under the Housing Act 2004 came into effect last month. Local authorities are now empowered to levy fines of up to £30,000 against landlords for offences including failing to comply with an improvement notice, breaches of HMO licensing,… Read more…
Finance Bill shrinks in the parliamentary wash-up as PM announces snap election The announcement of a snap general election to take place on 8 June 2017 had an immediate impact on some of the most eye-catching announcements from the Spring Budget, with the parliamentary wash-up seeing key clauses dropped from the Finance Bill. Making Tax… Read more…
The way in which dividends are taxed in the UK has changed significantly in the last few years and what was once seen as an effective way of managing remuneration in a tax-efficient manner has come under intense scrutiny. Up until April 2016, Dividends were paid net of a 10 per cent notional tax credit,… Read more…
Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes, which came into effect at the beginning of this month. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to figure out… Read more…
A number of prominent UK collection agencies appear to be closely monitoring liquidations and issuing some businesses and individuals who have purchased goods and services from now-liquidated companies with unexpected payment notices. In some cases, such notices may demand interest and compensation on invoices backdated as far as six years. It would appear that such… Read more…
Although designated as ‘trivial’ by the taxman, trivial benefits in kind can result in tax savings for you and your employees, which can be anything but trivial. The rules cover benefits such as taking employees out for meals or giving gifts at Christmas – costs which can quickly add up and might, over the course… Read more…
As part of the introduction of Making Tax Digital, HM Revenue & Customs (HMRC) has confirmed that it will extend the simplified cash basis of accounting for businesses with a turnover below £150,000. This expansion of cash basis accounting is likely to be welcomed, with an ounce of trepidation, by landlords, who will now be… Read more…
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