Income tax personal allowances

The personal allowance is increased. Higher rate threshold increased for the first time since 2009/10.

Defined contribution pensions advice

Government to introduce new guarantee offering free and impartial guidance on pension choices at the point of retirement.

Pension flexibility increases

Individuals will benefit from changes to withdrawals from registered pension schemes. Saving was a theme of this Budget and the reform of pensions was a headline measure.

Pensions Consultation: Freedom and Choice

On 19 March 2014 the government issued a consultation entitled 'Freedom and Choice in Pensions’...

LLPs in the spotlight

Under the Finance Bill 2014, salaried members of limited liability partnerships (LLPs) will become employees under certain conditions, while excess profits in mixed partnerships will be reallocated...

Venture capital trusts: anti-avoidance

New legislation around VCTs will counter particular forms of share buy-back arrangements.

National Insurance £2,000 set-off

Business and charities will be eligible for a new £2,000 Employment Allowance to set off against their employers’ (secondary) national insurance contributions.

Residence, domicile and the remittance basis

As business becomes ever more global and the workforce more mobile, accountants will often need to consider issues such as residence, domicile and the remittance basis: issues that would have been much rarer just a generation ago.

RTI penalties - HMRC announces a relaxation of penalties

Following feedback from taxpayers and the professional bodies, HMRC has decided to stagger the start of new, automated, in-year late payment and filing penalties, to give HMRC and employers more time to adapt to reporting in real time.

Tax Information - HMRC and GOV.UK websites  

HMRC business and agent content is gradually being transferred to the Gov.UK site.

Let property campaign

The Let Property Campaign targets the residential property letting market and offers a chance for landlords in this sector to get up to date or put right any errors they have made.

RTI: reporting, payments and penalties  

HMRC has highlighted information that is now required for submissions

Pension transfer - QROPS

Draft guidance has been made available that is intended to apply from 6 April regarding the transfers of pension savings to qualifying recognised overseas pension schemes (QROPS).

Benefit in kind: works bus

Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.

Long service award

This short article gives information on the taxable status of long service awards.

Claiming relief for losses

Supreme Court case clarifies the correct procedures that clients seeking to claim relief on losses should follow.

High income child benefit charge

The 2012/13 self-assessment tax return for individuals includes, for the first time, a section in respect of the high income child benefit charge.

Trading losses and how to utilise them

A review of how trading losses may be utilised for tax purposes.

Personal service companies

Expected changes to the rules affecting personal service companies will only affect persons working through an offshore agency.

Anti-avoidance and mixed partnerships

Draft legislation that counters excessive tax-motivated allocations of profits and losses in mixed partnerships and LLPs was published as part of the Chancellor’s Autumn Statement.

Income tax, national insurance, pensions and tax credits

What changes to personal taxes were announced in the Autumn Statement?

Robert Smith v HMRC (TC2768) 2013

[20/12/2013] The recent tax first tier tribunal case has caused controversy in the professional press and calls into question whether the 'enquiry window' for opening an HMRC inquiry is still meaningful. Is it as bad as it seems?

Entertainers: national insurance contributions

Revenue & Customs Brief 29/13, National Insurance contributions: HM Revenue & Customs’ position following the Court of Appeal decision in the case of ITV Services Ltd v Commissioners for HMRC, states that the decision reached in earlier tribunals has been upheld by the Court of Appeal.

Limit on income tax reliefs from 6 April 2013

[03/12/2013] Legislation was implemented by the Finance Act 2013 to place a limit on income tax reliefs from 6 April 2013. Here we look at how this limit will operate.

RTI and penalties

[01/11/2013] A look at the PAYE penalty regime under RTI.

US tax residents

[18/09/2013] HMRC has issued an update on the Foreign Account Tax Compliance Act (FATCA).

Disincorporation relief

[12/09/2013] Disincorporation Relief is available to small businesses looking to convert from being a corporation subject to the regulations of the Companies Acts to the flexibility of being unincorporated.

Benefits in kind

A detailed look at income, in the context of employment.

Gift aid

HMRC has published detailed guidance on The Gift Aid Small Donations Scheme (GASDS)

Tax avoidance schemes

HMRC, as part of its 'Spotlights' updates, has issued warnings on two types of tax scheme.

Withholding tax rates

Maximum rates of tax those countries with a Double Taxation Agreement with the UK can charge a UK resident on payments of dividends, interest, royalties and management/technical fees.

HMRC campaign targets tax return catch-ups

HMRC has launched its latest campaign entitled 'My Tax Return Catch-Up'

Remittance basis 2011-12: HMRC exercise

HMRC announce an "educational exercise" aimed at taxpayers taxed on the remittance basis due to a perceived lack of understanding of what constitutes a remittance.

Cash accounting - the pros and cons

Arguments in favour of and against the cash accounting regime for small businesses, which is optional for small unincorporated businesses from 6 April 2013.

Seed enterprise investment scheme - HMRC guidance

Several changes to the SEIS were announced in this year’s Budget.

Termination payments - a refresher

The tax consequences of termination payments on cessation of employment

Disclosure facilities and campaigns

A summary of the current HMRC campaigns and disclosure facilities that are currently running

Repairs and renewals

HMRC have issued Revenue and Customs Brief 05/13 Direct tax: Guidance on repairs and renewals of assets, its draft guidance on what is a repair for direct tax purposes.

Leaving the UK

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Arriving in the UK

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Temporary periods of non-residence

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Statutory Residence Test: Overview of the legislative changes

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Residence

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Sufficient ties test

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Split-year treatment

ACCA UK have produces a series of articles on residence and domicile, following the introduction of the statutory residence test from 6 April 2013.

Residence and Domicile

Visit our dedicated section on Residence and Domicile following the introduction of the statutory residence test with effect from 6 April 2013.

Back to basics: loan interest relief

A look at the rules relating to tax relief on loan interest.

Changes to class 2 and class 4 NICs

Sleeping and inactive partners will be affected by changes introduced by HMRC this month.

Finance Bill 2013

A look at some of the highlights of the 2013 Finance Bill

Taxable commission

HMRC have issued Revenue and Customs Brief 04/13 Payments of trail commission.

HMRC Isle of Man disclosure facility

Details of the recently agreed Isle of Man disclosure facility

HMRC Agent Account Manager service

HMRC has set up a team of Agent Account Managers (AAMs) to assist agents and advisers to deal with HMRC more easily and effectively

Charities online

From 22 April 2013, charities and Community Amateur Sports Clubs (CASCs) will be required to use HMRC’s charities online service to obtain repayment of gift aid.

Budget 2013

Information on ACCA's guides

Collecting small debts through PAYE

From April 2012 HMRC will be able to collect debts up to the value of £2999.99 by amending the tax code of individuals in PAYE employment or receiving a UK-based pension.

High-income child benefit charge - opting out

Elections not to receive child benefit for higher rate taxpayers will need to be considered soon for 2013/14

Business record checks

HMRC business record checks are revived from 1 November 2012.

Child benefit tax charge

The child benefit charge on ‘high income’ families applied from 7 January 2013

Universal credits

Universal credit is likely to have a significant impact on small businesses.

High income child benefit charge

What the changes to child benefit will mean for your clients

Special relief (formerly equitable liability)

Understand the concept of ‘special relief’, formerly known as ‘equitable liability’.

Vouchers

This short article looks at the circumstances in which vouchers are classed as a taxable benefit.

Van benefits

Where an employee is provided with a van and this is available for private use, there is a fixed benefit of £3,000...

Travelling and subsistence

HMRC Booklet 490 is an excellent guide, explaining the extended reliefs relating to travelling and associated expenses.

PAYE penalties podcast

Welcome to ACCA's PAYE penalties podcast

Transport for disabled employees

Information relating to transport for disabled employees (ITEPA 2003, sections 246-7).

Child benefit tax change

The child benefit charge on ‘high-income’ families comes into effect for 2012/13, but only applies from 7 January 2013

Professional subscriptions

Allowable fees and subscriptions paid to professional bodies or learned societies under Section 344 ITEPA 2003

Compliance check factsheets

HMRC have published a suite of compliance check factsheets.

Child benefit: high income charge

What you need to know about the child benefit charge on high income families.