Last Chance for Energy Efficient Capital Allowances?
From April 2020 the Enhanced Capital Allowances (ECAs) available on energy and water efficient assets will be withdrawn. Currently, 100% first-year allowances are available on these assets, and where the allowances create a loss, this can be converted into a payable tax credit from HMRC.
CGT Relief on Homes Slashed
The 2020 Finance Act is set to reduce the scope of the valuable Private Residence Relief (PRR), which prevents Capital Gains Tax (CGT) being charged when you sell your home. From 6 April 2020, the CGT payable on the sale of a residence may increase by up to £11,200 due to a restriction to PPR ‘Letting Relief’.
Non-Resident CGT – April 2019 Changes
From 6 April 2019 the scope of UK CGT on non-residents is being extended to include all UK real estate property as well as to assets deriving at least 75% of their value from UK land.
Companies House and HMRC Scam Alert
Changes to the Taxation of QNUPS
HMRC is making changes to the taxation of Qualifying Non UK Pension Schemes (QNUPS) but, if structured correctly to provide for your future and that of your family, a QNUPS remains an attractive retirement planning opportunity.
EMI Scheme Renewed
On 15 May 2018, the EU reinstated State Aid Approval for the Enterprise Management Incentive (EMI) Scheme, which had lapsed on 6 April 2018. This means that EMI options granted to employees will once again receive a beneficial tax treatment.
Finance Act 2018 Enacted
On the 15th March 2018, the Finance Act 2018 received Royal Assent, bringing the third Finance Act of the 2017/18 period into force. We discuss the main items brought into force from the 6th April 2018.
EMI Scheme On Hold?
The Enterprise Management Incentive (EMI) Scheme is a popular scheme for smaller companies to provide their key employees with tax-advantaged share options, but delays in obtaining renewal of EU State Aid approval for the EMI scheme means that the benefits will be switched off for an unknown period.
2018 Spring Statement Update
As had been expected, the 2018 Spring Statement update did not include any major tax policy announcements; rather it provided a number of consultations that suggest potential legislative changes in the future. Read more about the areas set for exploration here.
Overseas Tax Disclosure Deadline Approaching
Taxpayers you should be aware of the overseas tax disclosure deadline approaching. Taxpayers who know or suspect that they have unpaid income tax, capital gains tax and inheritance tax relating to overseas assets, income or activities need to act before the deadline of 30 September 2018 to avoid incurring much higher penalties for non-compliance.
Time for 2017/18 Company Remuneration Planning
Now that the deadline for submission of tax returns for the 2016/17 tax year has passed, it is time for this financial year's company remuneration planning. You need to consider the level of salary and dividends you may require from your limited company in the 2017/18 tax year, as this needs to be in place by 5 April 2018.
Expanding into the UK Market: Tax Advice and Assistance
If you have started your business outside the UK and are looking to expand into the UK market, there are a variety of structural and regulatory issues facing you. Read more to discover how Tax Innovations can help.
Trust Registration Penalty Deadline Looms 2018
Deadlines for registration for the 2016/17 tax year have already passed, but the trust registration penalty deadline is now looming, on the 5th March 2018.
Disguised Remuneration Update – Loan Charge Enacted
Continuing HMRC’s long-running campaign against abusive tax avoidance, Finance (No. 2) Act 2017, which was enacted on 16 November 2017, contains legislation to create a one-off tax charge on loans from disguised remuneration (DR) schemes if those loans are not repaid by 5 April 2019.
Inheritance Tax Relief When Downsizing Your Home
From 6 April 2017, taxpayers have been entitled to an additional nil-rate inheritance tax (IHT) band, which applies to residences that are ‘closely inherited’ on the death of the donor.
Possible Post-Brexit VAT Issue for Importers
Changes to the way VAT on imports of goods from the EU is paid after Brexit could leave over 130,000 UK businesses out of pocket.
Autumn Budget 2017
On 22 November 2017, Philip Hammond gave his first Autumn Budget as Chancellor. The main tax announcements are set out in Autumn Budget 2017.
Inheritance Tax: Future Planning
Without a strategy in place it is easy to find yourself with no options for Inheritance Tax mitigation just when you need it the most, and an unnecessary 40% Inheritance Tax liability.
On 8 March 2017, Philip Hammond gave his first Spring Budget as Chancellor. The main tax announcements out in this summary.
Autumn Statement 2016
The Autumn Statement 2016 has significant implications for your finances and tax. So what does it mean for you? Read Tax Innovations Summary.
HMRC Telephone Scam Warning
HMRC are reporting that they are aware of a telephone scam where telephone calls have been received claiming to be from HMRC.
Tax Innovations sponsors Portraits 14
Fee Protection Services 2014
Choosing an Online Accounting System
Inheritance Tax on Holiday Lets
Tax Avoidance versus Tax Evasion
HMRC Campaigns Update
We are supporting ‘The Descent of The Shard’
Tax Innovations Ltd – Summer 2012 Newsletter
Beware of Fake HMRC Tax Refund Emails
We are supporting the ‘Fat Boy Swim’ Charity Event
Inheritance Tax Overpayments
Child Benefit Payments to Parents are Changing
A busy year end – Employers 2011-12 PAYE deadlines!
The 2011-12 tax year ended on 5 April 2012 and employers are being reminded by HM Revenue & Customs (HMRC) to submit their annual PAYE P35 payroll Returns on time, or be liable to penalties.
VAT – HMRC penalising ‘Failure to Notify’ change of status cases
VAT – Benefits of the Flat Rate Scheme
Online VAT Filing Compulsory
VAT changes affect employee benefits
VAT on sales of goods to non-VAT registered customers in the EU
2012 Budget Alert
Our alert cuts through all the detail and the incomprehensible figures and gives you the headline issues from the Budget on 21 March 2012.
E-Traders Targeted by HMRC
This new campaign targets individuals who trade goods via e-marketplaces such as Ebay that have not disclosed the appropriate business trading income in their tax returns.
Tax Innovations – Spring 2012 Newsletter
Year End Tax Planning
With the end of the UK tax year (5 April) looming in to view; it is time to consider various year end tax planning that might make a difference in reducing your tax liabilities. Issues to consider include but are not limited to:
Record number of on-time taxpayers
PAYE on Share-based payments
Payments made by an employer after an employee had ceased working for them used to be taxed at the basic rate of tax. This was altered so that currently, graduated rates of PAYE tax are applied depending on the level of payment made.
HMRC ESC C16
HMRC Issue Fraudulent Email Warning
HM Revenue and Customs is warning taxpayers about fraud emails being sent out requesting credit or debit card details.
Pensions Rules Changes
The Annual Allowance for making UK pension contributions remains at £50,000. However, with careful planning relating to “pension input periods” and the three years carry forward of unused Annual Allowances from previous years, it may be possible to receive tax relief in the current tax year on contributions well in excess of £50,000.
Autumn Statement 2011
George Osborne the Chancellor of the Exchequer delivered his Autumn Statement on the 29th of November 2011.
Independent study on general anti-avoidance rule (GAAR) published
The QC responsible for the independent study on general anti-avoidance has laid out his recommendation to the Government to introduce a narrowly focused general anti-avoidance rule (GAAR) to the UK tax system.
HMRC SA252 update
HMRC Launches Offshore Tax Unit
HMRC Criticised for Delays in Issuing Penalties
HMRC have been criticised for unfairly delaying of issuing penalties for late submission of P35 Employer Annual Returns for up to four months.
Modernising the personal tax system
The publication 'Modernising Administration of the Person Tax System' details ideas of how personal taxes can be made more visible to individuals and invites professionals and taxpayers to submit their views on a number of questions about the subjects mentioned below.
HMRC Targets Foreign Property Owners
Seafarers UK tax relief
HM Revenue and Customs (HMRC) has announced that they intend to extend the Seafarers' Earnings Deduction to European Economic Area (EEA)/European Union (EU) resident seafarers who have paid UK tax from 2011 - 12.
HMRC warns of employing ‘A.N Other’
HM Revenue and Customs (HMRC) has urged employers to take greater care with their paperwork after receiving more than 500 employer returns for 2009/10 claiming to employ 'A.N Other'.
ISA limits increased for April 2012
HM Revenue and Customs has announced that from April 2012, the subscription limits for Individual Savings Accounts (ISAs) will increase to £11,280.
Employer National Insurance Holiday
The Employer National Insurance Holiday is the entitlement to a reduction in NIC's, dependent on meeting certain qualifying criteria.
Centre for Policy Studies says Abolish 50p Tax Rate
HMRC warns against misuse of scholarship scheme
HM Revenue and Customs (HMRC) is warning businesses about the use of employee scholarships as a means of putting family members through college at the expense of the taxpayer.
EU Admits Tax on Bankers May Cost 50,000 City Jobs
HMRC Targets Private Tutors and Coaches
UK is 4th highest EU tax payer
According to figures from KPMG, Britain's top earners are faced with the fourth highest income tax rate in the EU.
Her Majesty's Revenue and Customs (HMRC) are in the process of contacting up to 1.2 million people over the next three months to notify them that they underpaid their tax for the year 2010 - 2011.
31 October deadline for paper tax returns
Her Majesty's Revenue and Customs (HMRC) today posted a reminder on their website saying that if you are submitting your paper tax returns for the 2010-11 tax year, it must be submitted by midnight on Monday 31st October 2011.
Big Four Auditors Face Anti-Competition Legislation Changes
Enterprise Investment Scheme Tax Reliefs to Rise
Enterprise Investment Scheme Tax Reliefs (EIS) are set to rise from 20% to 30%, with an increase in the annual investor limit doubling to £1M.
IR35 Tax System ‘completely unnecessary’
The Office for Tax Simplification has said that the difficulties caused by the IR35 tax system are 'completely unnecessary', following a freedom of information request.
Pension Tax Relief Imbalances
Reminder for New Tax Return Penalties
Her Majesty's Revenue and Customs (HMRC) have sent out a reminder regarding the new penalty system for self-assessment returns that comes into effect for 2010/2011 and onwards.
VAT “Amnesty” Rule Breakers
Coalition must ditch 50p tax rate for growth – FT.com
An open letter from some twenty economists was published to in the Financial Times - Coalition must ditch 50p tax rate for growth - FT.com.
PAYE Notices of Coding
£50,000 Non Domicile Charge
- Non-Resident CGT – April 2019 Changes
- Changes to the Taxation of QNUPS
- Companies House and HMRC Scam Alert
- HMRC warns against misuse of scholarship scheme
- Seafarers UK tax relief