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Inheritance Tax main residence nil-rate band

  • Posted On: 11 May 2017
Inheritance Tax main residence nil-rate band The new Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a new transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent

Replacement Domestic Item relief

  • Posted On: 11 May 2017
Replacement Domestic Item relief The wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their

Companies House - anti-money laundering changes

  • Posted On: 04 May 2017
Companies House - anti-money laundering changes Companies House have announced that from 26 June 2017, changes will be made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. The changes will increase the transparency of who owns and controls companies

Worldwide Disclosure Facility

  • Posted On: 04 May 2017
Worldwide Disclosure Facility The Worldwide Disclosure Facility (WDF) was launched in September 2016 and is open to anyone who wants to disclose a UK tax liability that relates wholly or partly to an offshore issue. An offshore issue includes unpaid or omitted tax relating

Finance Bill receives Royal Assent

  • Posted On: 04 May 2017
Finance Bill receives Royal Assent The Finance Bill 2017 officially known as Finance (No. 2) Bill received Royal Assent on 27 April 2017 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2017. The Finance Bill

Criminal Finances Act

  • Posted On: 04 May 2017
Criminal Finances Act The Criminal Finances Bill received Royal Assent on 27 April 2017 and is now known as The Criminal Finances Act 2017. The new Act gives law enforcement agencies greater powers to recover the proceeds of crime, tackle money laundering, tax evasion and

Late filing of Self Assessment tax returns

  • Posted On: 04 May 2017
Late filing of Self Assessment tax returns Taxpayers that have not yet filed their 2015-16 Self Assessment returns will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2017, even if no tax was due or the tax due was paid on time.

Lost your National Insurance number?

  • Posted On: 04 May 2017
Lost your National Insurance number? Taxpayers who have lost or forgotten their National Insurance number should first try and locate the number on paperwork such as their tax return, payslip or P60. If the National Insurance number still cannot be located a request can be submitted

Pre-election publications by HMRC

  • Posted On: 27 April 2017
Pre-election publications by HMRC HMRC has announced via one of their blogs that readers will notice that communication will be much less than normal during the pre-election period which started at midnight on Friday 21 April and the general election on 8 June. These rules have been

Initial launch of Tax-Free Childcare Scheme

  • Posted On: 27 April 2017
Initial launch of Tax-Free Childcare Scheme The new Tax-Free Childcare Scheme (TFCS) is now available to the first tranche of working parents. The scheme has initially been made available to working parents of children that will be aged under 4 on 31 August 2017. Qualifying parents can now