HM Treasury has confirmed that the Spring Statement will take place on Tuesday 13 March 2018.
At Autumn Statement 2016, the Chancellor announced that in future there will be a single fiscal event each year – the annual Budget statement, which will be delivered in the autumn. Autumn Budget 2017 was the first Budget in this new cycle. From Spring 2018, an annual Spring Statement will accompany an updated economic and fiscal forecast from the Office for Budget Responsibility. The Chancellor has said that he will not make significant tax…
The new Fulfillment House Due Diligence Scheme will open for online applications on 1 April 2018. From that date, businesses in the UK that store any goods imported from outside the European Union (EU) owned by, or on behalf of, someone established outside the EU, will need to apply for HMRC approval if those goods are offered for sale. The deadline for applications from existing businesses falling within the scope of the scheme is 30 June 2018, and there are penalties for late applications. For businesses that commence…
Whilst forming a partnership can be an extremely flexible way for two or more people to own and run a business together, it is important to appreciate that under this type of trading vehicle, the partners themselves do not have individual protection. If one of the partners resigns, dies, or goes bankrupt, the partnership has to be dissolved, even though the business itself may not need to cease. Although there is no legal requirement to do so, it is highly recommended that, on forming a partnership, a formal partnership…
In the Scottish Budget, which took place on 14 December 2017, Scotland’s Financial Secretary, Derek Mackay, announced that two thirds of income taxpayers will pay less next year on their current income. However, new bands of income tax were also announced, which will see taxes rise for Scottish taxpayers in the middle income bracket.
The Draft Budget 2018/19 proposes a progressive income tax policy which protects low earning taxpayers through the introduction of a new Starter Rate of tax.
It was also confirmed that a new intermediate rate of tax of 21%…
The dividend allowance cut, that will affect contractors across the country, will go ahead from April 2018, now that the Government’s second Finance Bill has been confirmed.
The tax free dividend allowance will be cut from £5,000 to £2,000 from April 2018, in the Chancellor’s bid to create a level playing field on taxes for employees and contractors. However, the changes could hit family businesses particularly hard, if more than one family member takes a dividend payment.
The dividend allowance cut was mooted in the Chancellor’s Spring Budget speech, with…
On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018.
The delay will allow time for the government to engage with interested parties and Parliamentarians with concerns relating to the impact of the abolition of Class 2 NICs on self-employed individuals with low profits.
The relevant legislation will be contained in the National Insurance Contributions (NICs) Bill, which will now be introduced in 2018 with…
HMRC have recently confirmed that the second phase of the roll-out of the new 30 hours free childcare has commenced.
Broadly, from September 2017, the new 30 hours free childcare offer for working parents of three and four year olds in England doubled the previous 15 hours of free childcare, saving eligible working families up to £5,000 a year. From 24 November 2017, the service will also be available to parents whose youngest child is under six or who has their sixth birthday on that day.
Eligible parents will be able…
HMRC have launched a technical consultation seeking comments on draft legislation which will amend the PAYE requirements (provided for in the PAYE Regulations) for employers in respect of car data reporting and optional remuneration arrangements. If enacted, the changes will apply from 6 April 2018.
Car data reporting requirements
Legislation was introduced at April 2016 that provided for employers to choose to tax most benefits-in-kind (BiKs) through their payroll rather than at the end of the year. These BiKs are reported to HMRC though Real Time Information (RTI), and remove…
Employment status tax cases often make the headlines in the professional press and the recent case involving Deliveroo riders was no exception. The meal delivery firm won the case in the Central Arbitration Committee (CAC), confirming that its riders are not ‘workers’. This is the latest challenge to the employment status of ‘gig economy’ workers.
In this case, the Independent Workers Union of Great Britain (IWGB) sought to argue that riders were workers, so that they could claim union recognition, thus affording them certain collective rights regarding the minimum…
Making the most of your money and achieving your financial goals in a world of complex and ever-changing tax legislation requires careful planning and expert advice.
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