Are you ready for Making Tax Digital (MTD) for VAT? Making Tax Digital is the biggest change to the UK tax system in decades. From 1 April 2019, VAT registered businesses and sole traders with a taxable turnover above the VAT threshold of £85,000 will be required to keep digital VAT records and file VAT … Read more Making Tax Digital – are you ready?
The latest NLP newsletters have been published this week. As ever, there are two newsletters covering key developments in personal and business finance. The Personal Tax Newsletter includes articles about planning for Inheritance Tax and Pensions tax relief. Landlords will find information about furnished holiday lettings and how they can be used as a tax-free … Read more Read the Latest NLP Newsletters
Government scraps its plans to abolish Class 2 NICs The government recently scrapped its plans to abolish Class 2 national insurance contributions (NICs). They were originally due to be abolished in April 2018, but the plans were delayed for a year until April 2019. The government has now announced that Class 2 NICs will not be … Read more Business and Tax Round-up
Landlords have been subject to a number of significant tax changes in recent times, including restrictions in the allowability of finance costs for tax purposes, which are being phased in between 2017/18 and 2020/21. With this in mind, many are contemplating the potential advantages of furnished holiday lettings (FHLs). Here we outline some key areas … Read more Furnished holiday lettings – a tax-free alternative?
Experts have recently warned that thousands of over-55s are at risk of incurring charges and reducing the available tax relief if they continue to delve into their pension pots whilst benefiting from workplace pension contributions. This article takes a look at some key pensions tax reliefs and allowances. Relief on pension contributions All pension schemes, … Read more Are you making the most of pensions tax reliefs?
With the value of homes continuing to increase over the past decade, and with the majority of housing wealth now being owned by older households, inheritance tax (IHT) continues to be an issue for many, despite the introduction of the residence nil-rate band (RNRB). Recent figures have revealed that IHT receipts reached a record high … Read more Inheritance tax: is your estate covered?
After a period of some uncertainty, HMRC has confirmed that the Enterprise Management Incentive (EMI) regime remains unchanged, and recent research has served to underline the importance of the scheme. What is an EMI? An EMI scheme is an approved employee share scheme which allows employers to offer share options to key employees as a reward. Unlike normal … Read more Considering Enterprise Management Incentives
A recent report by the Federation of Small Businesses (FSB) has revealed that many business owners in the UK are not sufficiently prepared to handle unexpected disruption to their business. A business continuity plan can help to safeguard your business against both internal and external disasters. By considering the points below, you can help to … Read more Creating a business continuity plan
25 May 2018 saw the introduction of a new data protection regime in the UK. As part of the changes, a new data protection fee structure now applies, which replaces the previous requirement to register with the Information Commissioner’s Office (ICO). Here, we consider the rules in more detail. The regulations: an overview On 25 … Read more Data protection self-assessment: are you up-to-date?
HMRC recently reviewed the ‘effectiveness’ of its risk-based approach to late filing PAYE penalties, and opted to continue to use this approach for the current tax year. Here we provide an overview of the PAYE system. How the PAYE system works Pay As You Earn (PAYE) is the system through which employers deduct an amount of … Read more Getting to grips with PAYE