The British Chambers of Commerce (BCC) recently called for HMRC to ‘cut the complexity’ associated with tax administration and compliance. A survey carried out by the business group in conjunction with software company Avalara suggested that 75% of firms believe that the overall burden of tax administration and… read more
In July 2018, HMRC published a new VAT Notice for Making Tax Digital for VAT (MTD for VAT), providing ‘additional clarity’ for businesses mandated to use the system from April 2019. Under MTD for VAT, businesses with taxable turnover above the VAT registration threshold (currently £85,000) will be… read more
A survey conducted by the British Chambers of Commerce (BCC) in conjunction with insurer Aviva has suggested that discussing mental health in the workplace is becoming ‘less taboo’ for both employers and employees. Almost 30% of firms have experienced an increase in the number of employees taking time… read more
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 abolished… read more
Following the recent budget, plans were announced that from April 2020, lettings relief will only be available to landlords in shared occupancy with the tenant. For any landlords who have previously lived in their buy-to-let property, this could have a significant impact on capital gains tax payable if… read more
For those incurring, or about to incur capital gains tax on the sale of investments, consider the fact that married couples can make transfers between each other without incurring such a charge. This way, a transfer of an investment, or share of an investment, to a spouse immediately… read more
If you are an employee and pay for your own childcare, if you are not already in a childcare voucher scheme then this option is no longer available as the government closed such schemes to new applicants on 4 October 2018. However, there are two alternatives for working… read more
If you are self-employed, there is still time to top up your national insurance contributions (NICs) by making Class 2 payments, which can be a significantly cheaper option than making Class 3 voluntary contributions. Class 2 NICs were due to be abolished in April 2018, but the measure… read more
The Association of Accounting Technicians (AAT) has stated that inheritance tax (IHT) is ‘unnecessarily complicated’ and ‘widely misunderstood’. Responding to a review of the tax by the Office of Tax Simplification (OTS), the AAT said that several IHT exemptions ‘could be scrapped’. It argues that certain exemptions, such… read more
The Office of Tax Simplification (OTS) recently published a detailed review into the taxation of savings income. The OTS’s stated aim was to review the application of the tax system to savings and investment income, and highlight ways in which any ‘real complexities’ can be removed. Within the… read more