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Non-domiciled individuals

  • Posted On: 31 March 2016
Non-domiciled individuals Non-domiciled individuals (non-doms) that wish to retain access to the remittance basis of taxation must pay an additional sum in addition to the tax on any income or gains remitted. This sum is known as the Remittance Basis Charge or RBC for short.

Finance Bill 2016

  • Posted On: 31 March 2016
Finance Bill 2016 The Finance Bill 2016 was published on 24 March 2016 and runs to almost 600 pages. The Bill contains the legislation for many of the tax measures that have been announced by the government at Budget 2016, Autumn Statement 2015 and Summer Budget 2015.

VAT zero rating of women’s sanitary products

  • Posted On: 31 March 2016
VAT zero rating of women’s sanitary products Under existing EU rules the UK is currently unable to zero rate VAT on the sale of women’s sanitary products. The VAT charge on sanitary products has colloquially become known as the 'Tampon Tax' and has received a lot of attention in the mainstream

Gift Aid donations clarification

  • Posted On: 31 March 2016
Gift Aid donations clarification The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax. Higher rate

Employment allowance limit for 2016-17

  • Posted On: 31 March 2016
Employment allowance limit for 2016-17 An annual employment allowance for businesses and charities to be offset against their employers Class 1 NICs was introduced in April 2014. The allowance can be claimed as part of the normal payroll process through RTI using an employer’s payroll

Tribunal considers VAT penalty

  • Posted On: 31 March 2016
Tribunal considers VAT penalty HMRC imposes a VAT default surcharge on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their return and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date. The

Employment law changes taking effect in April 2016

  • Posted On: 31 March 2016
Employment law changes taking effect in April 2016 The following changes to employment law will come into effect from 6 April 2016: The Employment Rights (Increase of Limits) Order 2016 will increase the maximum amount of a “week’s pay” (which is used to calculate statutory redundancy payments,

New register of people with significant control

  • Posted On: 23 March 2016
New register of people with significant control A new register for individuals who exert significant control over UK companies came into effect from 6 April 2016. The register of people with significant control (PSC register) brings a new requirement for all UK companies (including dormant

Tax-Free Childcare Scheme

  • Posted On: 23 March 2016
Tax-Free Childcare Scheme The implementation date of the Tax-Free Childcare Scheme (TFCS) was delayed until 2017 following a Supreme Court decision earlier this year. When the scheme is launched, the TFCS will support working families with their childcare costs. HMRC has now

Entrepreneurs’ relief extended to include investors

  • Posted On: 23 March 2016
Entrepreneurs’ relief extended to include investors Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where entrepreneurs' relief is available, CGT of 10% is payable in place of the standard rate. There are a