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10 July 2018

New rules for tax and NIC on termination payments from April 2018

on Tuesday, 10 July 2018.

The so called ‘abuse’ of the tax and NIC exemptions relating to ex gratia termination payments by employers has been a hot topic for HMRC for some time now.

In this month’s Tax News we look at the new rules which seek to tighten up the tax exemption, and also align the tax and Employers NIC treatment of termination payments.

07 June 2018

Tax relief denied for salary paid to taxpayer's son while at university

on Thursday, 07 June 2018.

In a recent tribunal case, HMRC were successful in denying tax relief to a self-employed taxpayer who made salary payments to his son while at university.

In this month’s Tax News we consider the facts of this case, and what steps might be taken to secure tax relief where children are employed by your business.

01 May 2018

Closure of childcare voucher scheme delayed until October 2018

on Tuesday, 01 May 2018.

Regular readers will know that the new Tax-Free Childcare scheme replaces the previous Childcare Voucher Scheme, which was due to close to new entrants on 5 April 2018.

In this month’s Tax News we compare the schemes and encourage those better off under the old scheme to join up before the opportunity disappears in October.

01 March 2018

Extended scope of the substantial shareholding exemption

on Thursday, 01 March 2018.

The substantial shareholding exemption (SSE) has been around for many years, and allows a company to sell shares in another company, with any gains tax-free.

In this month’s Tax News we take a look at the SSE, and how the revised rules extend the scope of the relief, and will apply retrospectively for disposals from April 2017 onwards.

31 January 2018

HMRC's trust registration service hit with delays

on Wednesday, 31 January 2018.

Following changes introduced in July 2017, all trusts must now give details of their assets, settlors, trustees and beneficiaries to HMRC, using the Trust Registration Service (TRS).

In this month’s Tax News we take a look at the TRS, which required new trusts to register by 5 January 2018, with existing trusts having to update their details with HMRC by 6 March 2018.
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