News

SIMPLIFICATION OF INHERITANCE TAX

The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates.
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EMI SHARE OPTIONS SCHEME RECEIVES STATE AID APPROVAL

Last month, we reported that the Enterprise Management Incentives (EMI) share option scheme lost its EU State Aid approval on 6 April 2018. The consequence of loss of approval being that the tax advantages of such options was temporarily withdrawn.
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INSTANT MESSAGING VERSUS EMAIL

For most businesses, email remains a key method of both internal and external communication. However, there has been a significant rise in the popularity of instant messaging. So what does this mean for you and your business?
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HMRC LOSES IR35 CASE

Previously we reported the Tax Tribunal decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the arrangements. In a recent case involving a night manager on a building site, another tribunal decided that the IR35 rules did not apply.
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TAKING A LODGER? DON’T FORGET TO CLAIM “RENT A ROOM” RELIEF

HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence are rented out.
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FORM P11DS TO INCLUDE BENEFITS PROVIDED BY SALARY SACRIFICE

Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) or “salary sacrifice” arrangements, to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits.
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CHANGES TO TERMINATION PAYMENTS

Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly recommended to avoid unnecessary pitfalls. The tax treatment of these payments changed from 6 April 2018 and further changes come into effect in 2019.
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CHALLENGES FACED BY WOMEN IN THE WORKPLACE

In the centenary of women winning the right to vote, stubbornly persistent gender inequality in the workplace is in sharp focus. New reporting requirements which force companies with more than 250 employees to publish their gender pay gap are now providing some hard, granular evidence to show the extent of the problem. Helen Colechin from The HR Dept looks at the issue of gender inequality in the workplace and discusses why SME businesses would be wise to eradicate their own gender pay gaps.
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CHARITIES GIFT AID SMALL DONATIONS SCHEME

Are you aware of the Gift Aid Small Donations Scheme (GASDC)? Under this scheme a charity or community amateur sports club (CASC) can claim top-up payments on small donations up to £20.
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CASH AND DIGITAL PAYMENTS IN THE NEW ECONOMY

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless payments.
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Mobile Device Management

Bring your own device (BYOD) policies have become increasingly popular in the last number of years. However, this has meant that small and medium sized businesses have faced new challenges in terms of how to manage company data held on the personal devices of employees.
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ARE YOU AWARE OF THE AUTO-ENROLMENT CHANGES?

The minimum contribution rates for automatic enrolment are increasing - on the 6th April 1018 employers are required to increase the total contributions into their employees pensions from 2% to 5%. These increases are set by law and will increase again on 6th April 2019 to a minimum amount of 8%
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TAX DIARY

1/04 Corporation tax payment for year to 30/6/17 (unless quarterly instalments apply)
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PENSION FUNDS CAN BE VERY EFFECTIVE IN ESTATE PLANNING

We have featured the tax efficiency of pension fund investment in a number of recent newsletters. As well as the increased flexibility in terms of drawdown arrangements that were introduced in April 2015 there were some important changes to what happens to the undrawn funds on death. These changes mean that your pension fund can be passed to survivors tax efficiently.
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ARE YOU SURE YOU OR YOUR WORKERS ARE SELF-EMPLOYED?

Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow "bogus" self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it.
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