Lettings Relief and Principal Private Residence Relief Following my previous blog regarding the changes announced to the Principal Private Residence Relief (PPR) and lettings relief rules, the consultation period ended on 1 June 2019. You can view the consultation responses here. HMRC have now published a policy paper on 11 July 2019,…
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This week HMRC have published draft legislation that will affect private sector personal services companies (PSCs) from 6 April 2020. PSC’s supplying services to medium or large-sized organisations will no longer decide if they are employed or self-employed, the end engager will assess this. If caught by these rules, known as IR35, employment taxes and…
The property allowance was introduced on 5 April 2017, allowing a flat rate deduction of £1,000 to be claimed against property income, in lieu of keeping detailed records of expenses. This however, raises the question as to whether individuals renting out a joint property are required to make the same claim as one another. In…
A recent series of HMRC high-profile court cases have brought Contractors back into the tax spotlight. TV presenters Lorraine Kelly, Kay Adams and Christa Ackroyd have all defended their working practices with mixed success. HMRC claimed all three should have been taxed as employees rather than business owners. HMRC won the case against Ackroyd…
Many companies, not just those in the tech industry, will have benefitted from the generosity of R&D tax relief. Eligible R&D expenditure can be inflated by a notional 230% uplift, and a refund of tax claimed on tax that was never paid in the first place. Perhaps not unsurprisingly, HMRC have identified abuses of…
The team at Whiting’s payroll bureau have produced their latest newsletter, to keep clients updated on relevant recent changes to payroll and related legislation. Edition 10 – March 2019
The charges made under the Annual Tax on Enveloped Dwellings (ATED) regime increase in line with inflation on 1 April 2019: Property value From 1 April 2018 From 1 April 2019 £ £ More than £500,000 up to £1 million 3,600 3,650 More than £1 million up to £2 million 7,250 7,400 More…
From 6 April 2020, UK residents disposing of UK residential property will have new capital gains tax (CGT) reporting and payment obligations. The introduction of a 30-day reporting and payment window, i.e. within 30 days of completion of the sale, marks a significant change to the administration of CGT. The changes do not apply…
HMRC’s latest attempt to stamp out tax fraud has turned their attention to the construction industry and, more specifically, VAT within the construction industry. HMRC state they have identified “a significant risk to the Exchequer” as a result of missing trader fraud. Missing trader fraud occurs where fraudsters take over or create shell companies…
The expected consultation period to roll out “off-payroll working rules” to the private sector has begun. HMRC propose that, from April 2020, medium and large sized private sector end-clients will be responsible for deciding if workers fees will be subject to PAYE and national insurance. The consultation document advises HMRC will seek to address…
