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News Stories

Was inherited land a business asset?

  • Posted On: 25 August 2016
Was inherited land a business asset? A recent case before the First-tier Tribunal examined the applicability of Business Asset Taper Relief (BATR). In this case a taxpayer appealed against a Closure Notice from HMRC that the sale of land was not a business asset. HMRC amended the

The Help to Save scheme

  • Posted On: 25 August 2016
The Help to Save scheme A consultation on the launch of the new Help to Save scheme recently closed. The new scheme will allow anyone in work and in receipt of Universal Credit or Working Tax Credits to save up to £50 a month and receive a 50% bonus after 2 years that can

The apprenticeship levy

  • Posted On: 25 August 2016
The apprenticeship levy The new apprenticeship levy will commence in England from 6 April 2017 at a rate of 0.5% of the employer's 'pay bill'. To exclude smaller employers a £15,000 allowance can be claimed. This will mean that only employers with a pay bill in excess of £3

Pensions lifetime and annual allowances

  • Posted On: 25 August 2016
Pensions lifetime and annual allowances The income and gains which arise as part of pension savings are generally exempt from Income Tax and Capital Gains Tax. Tax relief for contributions to pension schemes is given at a taxpayer’s marginal rate of Income Tax subject to the annual and

Let property campaign

  • Posted On: 25 August 2016
Let property campaign HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to a

Child Trust Fund changes

  • Posted On: 25 August 2016
Child Trust Fund changes An HMRC consultation last year examined whether Child Trust Fund (CTF) accounts should be subject to lifestyling. 'Lifestyling' is the process by which the account provider adopts an investment strategy that aims to minimise variation in the capital

Paper Self Assessment return deadline

  • Posted On: 18 August 2016
Paper Self Assessment  return deadline The 2015-16 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2016. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there

New government guarantees to replace EU funding

  • Posted On: 18 August 2016
New government guarantees to replace EU funding The Chancellor, Philip Hammond has given important reassurances to British businesses and universities in the wake of the Brexit vote. The new Chancellor has given his assurance that British organisations that are receiving EU funding will continue

SDLT filing and payment date changes

  • Posted On: 18 August 2016
SDLT filing and payment date changes In last year’s autumn statement, George Osborne announced plans to change the Stamp Duty Land Tax (SDLT) filing and payment process. SDLT is a tax that is generally payable on the purchase or transfer of land and property in England, Wales and

Duty free limits for travellers

  • Posted On: 18 August 2016
Duty free limits for travellers Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. It remains to be seen what impact Brexit will have on these allowances once Article 50 of the Lisbon Treaty is triggered. However, for the time