Are You a Medium to Large Business? IR35 Could Impact You

After many years of dithering and sabre rattling HMRC finally started to enforce the off-payroll working rules (commonly known as IR35) for the public sector in 2017. Now those same rules are about to be applied to medium sized and large businesses from April 2020. IR35 was introduced in 1999 initially to curb the proliferation…

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No Change to Rent a Room Scheme for Air BnB Landlords

Last year HMRC carried out a review of rent a room relief that was introduced in 1992 to offer a wider range of low cost rented accommodation. It was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when…

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Non-Resident Capital Gains Tax (CGT) on Property

Non-UK residents will from 6 April 2019 must pay Capital Gains Tax (CGT) on the disposal of UK real estate. Prior to the legislation CGT on real estate for non-residents was only on disposals of residential property. Moving forward CGT will be applied to all UK land (including commercial). Indirect disposals The CGT will also…

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Disguised Remuneration Loan Charge April 2019

Disguised remuneration charges will apply to certain loans to directors and employees that are still outstanding after 5 April 2019. The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes. The new reporting and payment obligations came into force for employers using such schemes on 5 April 2019.…

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Personal Service Company Changes from April 2020

In the Autumn Budget, the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services…

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Increased Pensions Contribution

Pensions contributions for Auto Enrolment are due to increase 6 April 2019, meaning you are likely to be at least £20 short on your next payday. What is Auto Enrolment? The Auto Enrolment was introduced by the government in 2012, the scheme was set up to ensure everyone has a private pension to add to…

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Termination Payment Changed Delayed until 2020

HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020. From 6 April 2020 Employer class 1A NIC will become payable on termination payments in excess of £30,000 and on sporting testimonials that exceed £100,000 (lifetime limit). The changes are…

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Regulation Changes No Deal Brexit

There is still a great deal of uncertainty regarding Brexit. If you are a business that trades within the EU you should take the time to create contingency plans. These plans should cover a variety of situations including a ‘no deal’ Brexit. Below are some areas we think will businesses should prepare for in the case of…

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Time to Declare Your Offshore Income and Assets

HMRC are urging UK to tax payers to come forward and declare any profits earned from offshore assets. Overseas profits may be from undeclared holiday homes or oversea properties. The deadline to declare the income is 30 September 2018 under the ‘Requirement to Correct’ regulation. Those who do not make the declaration before the deadline…

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