News

WAYS INTO ACCOUNTANCY

While many students will have recently accepted their university places after A Level results day, there will be many who are still uncertain of what route to take next and whether the decisions they have made are the right ones. If a career in finance is a consideration, it’s the perfect time to consider all options.
Read story

NO TAX FREE CGT UPLIFT ON DEATH

Although the OTS were tasked with simplifying inheritance tax, they also considered the interaction with CGT as many asset transfers potentially have both CGT and IHT implications.
Read story

INHERITANCE TAX TO BE SIMPLIFIED

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax.
Read story

CGT LETTING RELIEF RESTRICTION

Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence
Read story

OFF-PAYROLL WORKING RULES GOING AHEAD

The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020.
Read story

HR NEWS: LANDMARK RULING ON SHARED PARENTAL LEAVE

In a landmark ruling at the Court of Appeal, a judge has found in favour of Capita and the Chief Constable of Leicestershire Police. They had been accused of discrimination for not offering fathers on shared parental leave (SPL) the equivalent of the enhanced maternity pay that they offered to mothers on maternity leave.
Read story

NEW VAT RULES FOR THE CONSTRUCTION SECTOR

Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT.
Read story

MORE COMPLICATED PENSION RULES

Last month we highlighted the restricted annual pension allowance for those with high income, such as doctors. Note that the deadline for requesting for the additional tax to be paid out of the fund for 2017/18 is 31 July 2019.
Read story

REQUEST THAT THE PENSION CHARGE IS PAID BY YOUR FUND BY 31 JULY

The Pension Annual Allowance tax charge depends on the individual’s marginal rate of tax. Where their income exceeds £150,000 it would be at 45%. Thus if the pension input for 2018/19 was £40,000 and the limit is tapered to £10,000 the excess of £30,000 would incur a £13,500 tax bill on top of their normal tax liability.
Read story

P11D FORMS DUE SOON

As set out in the tax diary employers need to submit details of benefits in kind provided to directors and employees by 6 July 2019.
Read story

REPORTING THE ISSUE OF SHARES OR OPTIONS TO STAFF

Gifts and awards of shares in companies, often known as employment related securities (ERS) are commonly used by employers to reward, retain or provide incentives to employees. They can be tax advantaged or non-tax advantaged.
Read story

Categories