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Employer toolkit for EU Settlement Scheme published

19/02/2020

Following Brexit, the government has published an updated toolkit for employers on how to support their employees who are EU citizens (including EEA and Swiss citizens) to apply to stay in the UK. The content includes print and digital fact sheets,

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Change to the off-payroll working rules

19/02/2020

As part of a review into changes to the operation of the off-payroll working rules (IR35), HMRC has announced that the changes will only apply to payments made for services provided on or after 6 April 2020. Previously, the rules would have applied

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Could you claim the marriage allowance?

18/02/2020

If you are entitled to the marriage allowance and have not yet applied, you could receive a payment of up to £1,150 from HMRC. HMRC used the occasion of Valentine’s Day to remind couples to make a claim. It is estimated that whilst 1.78

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Budget date re-confirmed

18/02/2020

After a tumultuous few days in politics, it has been confirmed by the new Chancellor of the Exchequer, Rishi Sunak that the Budget will take place as planned on Wednesday 11 March 2020. There has been fevered press speculation that the new

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Tax if you return to the UK

18/02/2020

There are tax implications that you will need to consider if you previously left the UK to live abroad and are now returning to live and work in the UK or are considering such a move. In most cases, if you have returned to live in the UK, you will

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Rent a room relief 2019-20

18/02/2020

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. If you are using this scheme you should ensure

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Student and postgraduate loans

18/02/2020

If you have a student loan, have finished your studies and entered the workforce you must begin to make loan repayments from the April after you have finished your studies or when your income begins to exceed the annual threshold. The annual

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PAYE payment dates

18/02/2020

This article is a reminder to payroll staff about the electronic PAYE payment dates. The due date for electronic PAYE payments falls on the 22nd of the month and when a payment is made electronically, a payment on the day usually suffices. However,

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New bandings for electric vehicles

18/02/2020

From 6 April 2020, the car and car fuel benefit calculations are changing with the introduction of 11 new bands for ultra-low emission vehicles (ULEVs) including a separate zero emissions band. If a car has a CO2 emission figure of 1-50g/km

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IHT tenants in common or joint tenants?

18/02/2020

As a general rule, Inheritance Tax (IHT) is collected from a person's estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is

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A reminder – badges of trade

18/02/2020

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side-line to a hobby. Eventually, taxpayers may have to decide if

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Breathing space to help those in debt

11/02/2020

HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from creditor action while those affected will receive professional

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Scottish Income Tax rates announced 2020-21

11/02/2020

Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay. This is the first time that Scotland has held a Budget

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Still time to utilise annual tax-free allowance

11/02/2020

We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that there is no CGT to pay on the first £12,000 of

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Checking your NIC records

11/02/2020

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up

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Review occupancy for Holiday Lets owners

11/02/2020

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The

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Change to off-payroll working rules

11/02/2020

A welcome change to the implementation of the new off-payroll working rules has been announced. The Government has confirmed that the changes that come into effect April 2020 will not be retrospective. This means that the new rules will only apply to

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Gifts to spouse or charity

11/02/2020

There is usually no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. However, the gift is still treated as a disposal that has taken place for CGT purposes, on a no- gain no-loss basis. When the asset is

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Statutory payment rates 2020/21 confirmed

05/02/2020

Following the government policy paper published in January 2020, announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick

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Draft regulations to increase the National Minimum Wage published

05/02/2020

The draft National Minimum Wage (Amendment) Regulations 2020 have been laid before Parliament and are due to come into force on 1 April 2020. The regulations will increase the various rates of the National Minimum Wage (NMW) and National Living Wage

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Still time to plan for tax year 2019-20

04/02/2020

As the deadline for submitting your 2018-19 tax return has passed, now is a good time to focus on the 2019-20 tax year. It is important to carry out an annual review and ensure that you have planned properly for the current tax year. This includes

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Changes to NIC from April 2020

04/02/2020

The Chancellor, Sajid Javid, has confirmed that a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500 will apply from April 2020. The increase, by more than 10% over the current

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Farm payments during the transition period

04/02/2020

The Chancellor recently announced that the level of funding for direct payments for farmers would continue for 2020 at the same rate as 2019. This has now been confirmed by the Department for Environment, Food & Rural Affairs (DEFRA). This will

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Travel to EU during transition period

04/02/2020

For the time being, travel between the EU and UK continues as before. This means that if you have any travel plans to the EU during the rest of 2020 you can expect the pre-Brexit withdrawal travel regulations will still apply. However, new rules are

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Did you miss the Self-Assessment deadline?

04/02/2020

Are you among the over 958,000 taxpayers that missed the 31 January 2020 filing deadline for 2018-19 Self-Assessment returns? If you missed the filing deadline you will be charged a £100 fixed penalty if your return is up to 3 months late,

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Points to consider during transition period

04/02/2020

Now that the formal Brexit withdrawal agreement is agreed, there will be changes to the rules for living, working, travelling and doing business in the UK and EU. These changes are expected to commence at the end of the transition period, from 1

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Reminder of important CGT change from April 2020

04/02/2020

A major change to the way Capital Gains Tax (CGT) is reported and paid will come into effect from 6 April 2020. Currently, the usual due date for paying any CGT owed to HMRC on property disposals is the 31 January following the end of the tax year

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Reviewing clients using VAT Flat Rate Scheme

04/02/2020

If you have clients that have been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, you should consider whether it will be more beneficial for them to leave the VAT Flat Rate Scheme (FRS) and

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Tax Diary February/March 2020

29/01/2020

1 February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 - PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020) 19

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New tax deadline for property sales

28/01/2020

The 6 April 2020 will see a seismic change in the deadline for UK residents that sell a residential property when Capital Gains Tax (CGT) on the sale is due. Currently, the due date for paying any CGT you owe to HMRC is the 31 January following the

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