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Finance Bill 2017

22/03/2017 – The Finance Bill 2017 was published on 20 March 2017 and runs to a mammoth 762 pages, comfortably taking the record for the longest bill from Finance Bill 2012 which ran to 686 pages. The Bill together with the explanatory notes contains 313,031 words. The Bill contains the legislation for many of the tax measures that have been announced … More...

Emails and letters from HMRC

22/03/2017 – HMRC continues to warn taxpayers about email scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are potentially dangerous and clicking on a link from within such an email can result in personal information being … More...

Inheritance Tax main residence nil-rate band

22/03/2017 – The new Inheritance Tax main residence nil-rate band (RNRB) comes into effect from 6 April 2017. The new RNRB is in addition to the existing £325,000 Inheritance Tax Nil-Rate Band (NRB) threshold. The initial RNRB will amount to £100,000 for 2017-18, increasing to £125,000 in 2018-19, £150,000 in 2019-20 and £175,000 in 2020-21. The … More...

Tackling money laundering

22/03/2017 – HM Treasury has announced that a new watchdog is to be established to help tackle potential weaknesses in the supervisory system that criminals may be trying to exploit. The new office for professional body anti-money laundering supervision (OPBAS) is expected to be operational from the start of next year. The new watchdog will be tasked … More...

Employer arranged pensions tax-free allowance

22/03/2017 – A new annual £500 tax-free allowance for any adult that receives advice for employer arranged pensions comes into effect from 6 April 2017. The advice provided can relate directly to the pension as well as to the general financial and tax issues relating to pensions. New draft guidance explaining these changes in more detail has recently … More...

VAT fuel scale charges

22/03/2017 – The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices. The new fuel scale charges must be used by companies from the start of their next prescribed accounting period beginning on or after 1 May 2017. The fuel scale rates … More...

Employment law changes taking effect in April 2017

22/03/2017 – The following key changes to employment law will come into force in April 2017: The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 will require private and voluntary sector employers with 250 or more employees to report on their median and mean gender pay gap figures, their median and mean gender bonus gap figures, the … More...

Salary sacrifice changes

15/03/2017 – There will be changes to the tax rules for salary sacrifice schemes from April 2017. These changes will see the removal of the tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement. The following benefits will not be affected by these changes: Employer provided pensions and pensions … More...

Card Transaction Programme disclosure opportunity

15/03/2017 – HMRC’s Card Transaction Programme is a new disclosure opportunity for businesses that accept card payments and have not paid the right amount of tax due. The campaign offers the opportunity for affected businesses to bring their affairs up to date and in doing so take advantage of the best possible terms. HMRC cites examples of … More...

Is a Self Assessment return required?

15/03/2017 – There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need to complete a Self Assessment return for the first time should inform … More...

Combatting pension scams

15/03/2017 – In December 2016, the Department for Work and Pensions together with HM Treasury launched a consultation on a package of measures to tackle three different areas of pension scams. Pension scams commonly target those who have not yet reached the minimum pension age. The three areas being considered are: A cold calling ban. This … More...

Reduced Money Purchase Annual Allowance

15/03/2017 – The MPAA applies to individuals who have flexibly accessed their pension benefits and were introduced to stop abuse of the pension system under certain circumstances. The annual allowance that applies in respect of money purchase pension contributions is to be reduced from £10,000 to £4,000 from 6 April 2017. This measure has been put in … More...

 

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Finance Bill 2017

22/03/2017 – The Finance Bill 2017 was published on 20 March 2017 and runs to a mammoth 762 pages, comfortably taking the record for … More...

Emails and letters from HMRC

22/03/2017 – HMRC continues to warn taxpayers about email scams. Phishing emails are used by fraudsters to access recipients’ … More...

Inheritance Tax main residence nil-rate band

22/03/2017 – The new Inheritance Tax main residence nil-rate band (RNRB) comes into effect from 6 April 2017. The new RNRB is in … More...

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