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Tax credit renewals deadline

  • Posted On: 28 July 2016
Tax credit renewals deadline The 31st July was the last day for families and individuals that receive tax credits to renew their tax credit. As in previous years, there was likely last minute rush when it may have been difficult to contact HMRC by phone. Claims can be renewed

Tax relief for buy-to-let landlords

  • Posted On: 28 July 2016
Tax relief for buy-to-let landlords HMRC has published new guidance on the upcoming changes to tax relief for buy-to-let landlords. From April 2017, tax relief on mortgage costs is to be restricted to the basic rate of tax. Landlords of residential properties have benefited from tax

Pension auto-enrolment

  • Posted On: 28 July 2016
Pension auto-enrolment The introduction of automatic enrolment for workplace pensions is intended to ensure that the majority of employees in the UK are offered the chance to be part of a work based pension scheme. Automatic enrolment into workplace pensions has been

Company vehicles and private use

  • Posted On: 28 July 2016
Company vehicles and private use Where employees are provided with fuel for their own private use by their employees the car fuel benefit charge is applicable. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. The fixed

VED receipts drop after new rules introduced

  • Posted On: 28 July 2016
VED receipts drop after new rules introduced The use of paper tax discs for cars was first introduced in 1921. In October 2014, the requirement to display a motor disc on a vehicle windscreen was removed. Cars are now checked against the DVLA's electronic register which the public can use to

Employment intermediaries reporting deadline

  • Posted On: 28 July 2016
Employment intermediaries reporting deadline New rules introduced in April 2015 require employment intermediaries, who supply two or more workers to a client, to send HMRC details of workers where they don’t operate PAYE on the workers’ payments. HMRC has created these new rules to help combat

Withdrawal of transitional relief on investment growth

  • Posted On: 28 July 2016
HMRC Spotlights identify specific tax avoidance schemes of which HMRC has become aware and that they consider are not likely to have the legal effect desired by those thinking of using them. According to HMRC, the Spotlights series is designed to

New requirements for large businesses to publish tax strategy

  • Posted On: 21 July 2016
New requirements for large businesses to publish tax strategy Companies, partnerships, groups or sub-groups that had a turnover of £200m or more, or balance sheet over £2bn in their previous tax year, are now required to publish their tax strategy. This requirement is separate to the 2014 Organisation for

Late filing of Self Assessment tax returns

  • Posted On: 21 July 2016
Late filing of Self Assessment tax returns Taxpayers that have not yet filed their 2014-15 Self Assessment returns will have been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2016 even if no tax was due or the tax due was paid on time. However,

Finance Bill 2016

  • Posted On: 21 July 2016
Finance Bill 2016 After a tumultuous period of change for the government, we have finally had confirmation from the Leader of the House that the Finance Bill will be delayed until after the summer. The Finance Bill has completed the committee stage and is scheduled to