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Tax Diary April/May 2017

  • Posted On: 24 March 2017
1 April 2017 - Due date for Corporation Tax due for the year ended 30 June 2016. 19 April 2017 - PAYE and NIC deductions due for month ended 5 April 2017. (If you pay your tax electronically the due date is 22 April 2017) 19 April 2017 - Filing

Finance Bill 2017

  • Posted On: 23 March 2017
Finance Bill 2017 The Finance Bill 2017 was published on 20 March 2017 and runs to a mammoth 762 pages, comfortably taking the record for the longest bill from Finance Bill 2012 which ran to 686 pages. The Bill together with the explanatory notes contains 313,031

Emails and letters from HMRC

  • Posted On: 23 March 2017
Emails and letters from HMRC HMRC continues to warn taxpayers about email scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are potentially dangerous

Inheritance Tax main residence nil-rate band

  • Posted On: 23 March 2017
Inheritance Tax main residence nil-rate band The new Inheritance Tax main residence nil-rate band (RNRB) comes into effect from 6 April 2017. The new RNRB is in addition to the existing £325,000 Inheritance Tax Nil-Rate Band (NRB) threshold. The initial RNRB will amount to £100,000 for

Tackling money laundering

  • Posted On: 23 March 2017
Tackling money laundering HM Treasury has announced that a new watchdog is to be established to help tackle potential weaknesses in the supervisory system that criminals may be trying to exploit. The new office for professional body anti-money laundering supervision (OPBAS)

Employer arranged pensions tax-free allowance

  • Posted On: 23 March 2017
Employer arranged pensions tax-free allowance A new annual £500 tax-free allowance for any adult that receives advice for employer arranged pensions comes into effect from 6 April 2017. The advice provided can relate directly to the pension as well as to the general financial and tax issues

VAT fuel scale charges

  • Posted On: 23 March 2017
VAT fuel scale charges The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices. The new fuel scale charges must be used by companies from the start of their next

Salary sacrifice changes

  • Posted On: 16 March 2017
Salary sacrifice changes There will be changes to the tax rules for salary sacrifice schemes from April 2017. These changes will see the removal of the tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement. The following benefits

Card Transaction Programme disclosure opportunity

  • Posted On: 16 March 2017
Card Transaction Programme disclosure opportunity HMRC’s Card Transaction Programme is a new disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The campaign offers the opportunity for affected businesses to bring their affairs up to date

Is a Self Assessment return required?

  • Posted On: 16 March 2017
Is a Self Assessment return required? There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.