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Update on Finance Bill 2017

  • Posted On: 27 April 2017
Update on Finance Bill 2017 Following the Prime Minister’s unexpected announcement that there will be a snap general election on 8 June 2017, Parliament will now be dissolved on 3 May 2017. After this date, no further legislation will be passed until Parliament opens again

Non-Resident Landlords Scheme

  • Posted On: 27 April 2017
Non-Resident Landlords Scheme The Non-Resident Landlord (NRL) Scheme is a special scheme for the UK rental income of Non-Resident Landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. As a general rule basic rate tax (currently 20%) must

Government recovers Lloyds investment

  • Posted On: 27 April 2017
Government recovers Lloyds investment The government has announced that all of the £20.3 billion invested in Lloyds during the financial crisis has now been recovered. The sale of the latest tranche of shares in the Lloyds Banking Group brings the amount recovered through sales and

Tax Diary May/June 2017

  • Posted On: 21 April 2017
1 May 2017 - Due date for Corporation Tax due for the year ended 31 July 2016. 19 May 2017 - PAYE and NIC deductions due for month ended 5 May 2017. (If you pay your tax electronically the due date is 22 May 2017) 19 May 2017 - Filing deadline for

State Pension age review

  • Posted On: 20 April 2017
State Pension age review In March 2016, John Cridland CBE, the former Director General of the Confederation of British Industry (CBI) was appointed by the government to lead an independent review of the State Pension age. The State Pension age for both men and women is set

Furnished holiday lettings

  • Posted On: 20 April 2017
Furnished holiday lettings The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for specific tax purposes. Individuals, partnerships, trustees and companies who let furnished holiday accommodation

Prime Minister calls for snap election

  • Posted On: 20 April 2017
Prime Minister calls for snap election In a shock announcement following the Easter weekend the Prime Minister Theresa May declared plans to call a snap election on 8 June. The announcement marked a seismic shift from her earlier declarations that there would be no new elections until

Tax codes for employees

  • Posted On: 20 April 2017
Tax codes for employees The P9X form is used to notify employers of the tax codes to use for employees. The form shows the tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use

Claiming the employment allowance

  • Posted On: 20 April 2017
Claiming the employment allowance An annual employment allowance for businesses and charities, to offset against their employer's 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

EU VAT refund scheme

  • Posted On: 20 April 2017
EU VAT refund scheme The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount refundable depends on the other country's rules for claiming input tax. It is important to note