The new regime to crack down on offshore evaders, which HM Revenue and Customs (HMRC) will consult on from 16 July, includes: a new criminal offence for offshore evasion – so in the worst cases it’s no longer possible to plead ignorance in an attempt to avoid criminal prosecution a new criminal offence for corporates […]
Monthly Archives: July 2015
The Small Business, Enterprise and Employment Act has now received Royal Assent and is expected to be implemented to the timescales set out below. The measures that affect companies aim to: reduce red tape whilst increasing the quality of information on the public register enhance transparency and ensure the UK is seen as a trusted […]
On 17 July 2015 HMRC published a consultation document that outlines the changes to the way tax relief will be given for replacement of furnishings in let residential properties. The present wear and tear allowance (10% of rents) has a number of inconsistencies: The allowance can be claimed even where the landlord incurs no actual […]
The government has published more information about the proposed changes to their tax-free childcare scheme. Here are the top ten things to know about the scheme… 1. You’ll be able to open an online account You’ll be able to open an online account, which you can pay into to cover the cost of childcare with […]
Four London companies involved in selling “miracle” software guaranteed to make investors money trading on the London Stock Exchange, have been ordered into liquidation in the High Court on grounds of public interest following an investigation by the Insolvency Service. The court heard how Direct Technologies Limited, D Corporation Ltd, Stock Market Charting Programs and […]
Personal Tax and miscellaneous matters The Tax Lock The Government are to legislate to set a ceiling for increases to various taxes. This will ensure that they cannot rise above their 2015-16 levels for the duration of the current parliament. The taxes affected are: The main rates of Income Tax. The standard and reduced rates […]
There seems be a trend. Most of the key issues that will be disclosed this week seem to have been leaked to the press prior to the actual budget speech. For example: Inheritance tax (IHT): the government will fulfil its election promise and increase the tax free value that couples can leave to their families […]
The Cabinet Office launched an initiative on the 25 June that will provide grants to increase the sustainability of around 250 organisations working in the voluntary, community and social enterprise (VCSE) sector. The fund, which will be delivered by the Big Lottery Fund, will provide grants that will enable recipients to implement organisational changes and […]
Following on from our posting last week. HMRC has underlined its commitment to relaxing the issue of penalty notices, this time for employers having problems meeting the online filing of payroll information. Rather than issue late filing penalties automatically when a deadline is missed, HM Revenue and Customs (HMRC) will take a more proportionate approach […]