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Dormant assets scheme to be expanded

13/06/2018 – The Government has announced that the dormant asset schemes is to be expanded to include to a wider set of financial assets including stocks, shares, pensions or bonds. The government has appointed four 'industry champions' to expand the dormant assets scheme across these four important financial sectors. The Independent Dormant Assets … More...

VAT reverse charge may be coming to the construction sector

13/06/2018 – HMRC has launched a new consultation inviting comments from interested parties regarding the introduction of new VAT reverse charge legislation for certain construction services. The new legislation will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. This move … More...

The maternity allowance

13/06/2018 – The maternity allowance is a financial benefit for pregnant women who are self-employed, who are working but do not qualify for statutory maternity pay (SMP) or who have recently stopped working. The maternity allowance is paid directly by the Department for Work and Pensions for up to 39 weeks for qualifying applicants. An application … More...

Claim back pre-registration VAT

13/06/2018 – There are special rules that determine the recoverability of VAT incurred before a business registers for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for the supply of goods and services and VAT can only be reclaimed if the pre-registration expenses relate to the supply of taxable goods or … More...

When do charities pay or not pay tax?

13/06/2018 – The tax treatment of charities is complex. Many charities trade either as part of their charitable interests or to raise funds. As a first step, any charity hoping to claim from beneficial tax treatment needs to be recognised as a charity for UK tax purposes by HMRC as well as meeting other criteria. A recognised charity may qualify for … More...

Companies and capital gains

13/06/2018 – Capital Gains Tax (CGT) is not payable by limited companies or unincorporated associations when they sell an asset and make a gain. Instead, the gain (proceeds less any allowable costs and reliefs) is subject to Corporation Tax at the applicable rate, currently 19%. There are various allowances and reliefs available that can reduce the … More...

Don’t forget to renew your tax credit claims

13/06/2018 – Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2018. Claimants who do not renew on-time may have their payments stopped. HMRC has begun sending tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All … More...

World Cup 2018 – Acas guidance

11/06/2018 – The World Cup 2018 will take place in Russia between Thursday, 14 June and Sunday, 15 July 2018, with 32 national football teams taking part, including England. Football match times in the UK will vary between 1pm and 8pm. Acas has now published new guidance explaining how employers worried about staff productivity should start planning … More...

Religion and belief discrimination

11/06/2018 – Acas has published new guidance on religion and belief discrimination in the workplace. The 26-page guidance booklet, entitled “Religion or belief discrimination: key points for the workplace”, primarily offers employers, managers, HR professionals, employees and job applicants a grounding in how to reduce the chance of religion or belief … More...

Gifts with strings attached

06/06/2018 – Most gifts made during a person's lifetime are not subject to tax at the time of the gift. The lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. There is … More...

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