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Tax is changing in Wales next year

13/12/2017 – From next April, Wales will join Scotland in becoming responsible for some of the taxes paid locally. This will begin with the introduction of the new Welsh land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) as well as the new landfill disposals tax (LDT) which will replace landfill tax. These changes will … More...

What is reasonable care from a tax point of view?

13/12/2017 – The tax penalty system is intended to make penalties simpler to understand and more consistent across many taxes. The penalties can range from 0% where reasonable care is taken, but nonetheless an incorrect return is submitted up to 100% of the tax where an error is deliberate, and the taxpayer attempts to conceal it. HMRC has the power … More...

Selling your business – 10% tax may apply to sale

13/12/2017 – Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where entrepreneurs' relief is available CGT of 10% is payable rather than the normal main rate of 20%. This can significantly reduce the amount of CGT due and there is a £10 million lifetime … More...

Coventry named UK City of Culture for 2021

13/12/2017 – In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The announcement was made by the Minister for Arts, Heritage and Tourism, John Glen after Coventry beat four other cities that were in the running. The title of UK City of Culture is awarded every four years by an independent panel of culture experts. … More...

When you can’t claim employment allowance

13/12/2017 – The employment allowance of £3,000 per year is available to most businesses and charities and can be used to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process. An employer can claim less than the maximum if this covers their total Class 1 NIC bill. Eligible employers … More...

Spring Statement 2018

07/12/2017 – The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House of Commons on Tuesday, 13 March 2018. This will be the first Spring Statement to take place following the government’s decision to switch to a new cycle with the annual Budget taking place in the autumn and the annual Statement taking … More...

Finance Bill 2017-18 is published

06/12/2017 – The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages. The Bill contains the legislation for many of the tax measures that have been announced by the Government at Autumn Budget 2017. The Finance Bill introduces a number of diverse measures including the introduction of a new permanent stamp … More...

What happens to the 5p for a plastic bag?

06/12/2017 – HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted to know what happens to the money raised from the sale of 5p plastic bags by retailers. HM Treasury points out that this charge is not a tax and the money from the charge does not go to the government. Therefore, the Treasury has not received … More...

Tax incentives to invest in qualifying assets

06/12/2017 – The Annual Investment Allowance (AIA) limit is a generous capital allowance that will more than cover the annual capital expenditure spend of many small and medium sized businesses. The AIA is a 100% upfront allowance that applies to qualifying expenditure up to a specified annual limit. The limit has been fixed at £200,000 since 1 … More...

Reminder of current tax relief for pension contributions

06/12/2017 – Many commentators had predicted that the Chancellor would further reduce the annual amount that can be saved into a pension as part of the Budget measures. However, these fears appear to have been unfounded as no changes were announced. The annual allowance for tax relief on pensions will remain at the current level of £40,000 for … More...

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