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Using the trivial benefits exemption

  • Posted On: 15 June 2017
Using the trivial benefits exemption The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed

Post-election comment

  • Posted On: 15 June 2017
Post-election comment The recent election result has certainly thrown the cat amongst the pigeons. Manifesto pledges that were removed from the Queen's speech include: cancelling plans to remove the triple lock on pensions the means testing of winter fuel

Benefits filing deadline approaching

  • Posted On: 15 June 2017
Benefits filing deadline approaching Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax

VAT Flat Rate Scheme – limited cost traders

  • Posted On: 15 June 2017
VAT Flat Rate Scheme – limited cost traders The VAT Flat Rate Scheme (FRS) was introduced to ease the process of calculating and submitting VAT returns for smaller businesses - the FRS is only available to businesses that expect their annual taxable turnover in the next 12 months to be no more

Main Residence Nil Rate Band

  • Posted On: 15 June 2017
Main Residence Nil Rate Band The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into effect on 6 April 2017. The RNRB is a

Marginal rate of Income Tax

  • Posted On: 08 June 2017
Marginal rate of Income Tax For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers with annual income between £100,000 and

EU Fourth Money Laundering Directive

  • Posted On: 08 June 2017
EU Fourth Money Laundering Directive The EU Fourth Money Laundering Directive which makes sweeping changes to combatting money laundering and terrorist financing across the EU were integrated into UK regulations on 26 June 2017. As a result, Companies House has made changes to the

Welsh land transaction tax

  • Posted On: 08 June 2017
Welsh land transaction tax The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT legislation received Royal Assent on 24 May and is the first Act of this Assembly term. The LTT marks the

Corporation Tax online filing

  • Posted On: 08 June 2017
Corporation Tax online filing Company Tax returns have to be filed using the iXBRL data standard using either HMRC's own software or third-party commercial software. Businesses that use third-party commercial software should refer to the HMRC list of recognised commercial

Pension schemes newsletter

  • Posted On: 08 June 2017
Pension schemes newsletter A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Pension advice allowance. HMRC has been asked by pension scheme administrators if their members can request