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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

The new Soft Drinks Industry Levy came into effect with the start of the new tax year on 6 April 2018. The Levy commonly known as the 'sugar tax', has been put into effect to help combat the excess use of sugar especially by children.Since the introd... Read More

The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. The scheme a... Read More

HMRC's recently published, and usually routine, Employment related securities bulletincontains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on... Read More

Employers are reminded that the deadline for submitting the 2017-18 forms P11D, P11D(b) and P9D is 6 July 2018. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrange... Read More

With effect from 6 April 2018, employers will need to pay income tax and Class 1 national insurance contributions (NICs) on certain parts of termination payments made to employees whether or not these payments are contractual. The element that is lia... Read More

Following new measures introduced in Parliament, from 1 April 2018 disabled workers can now benefit from a £15,000 rise in Access to Work grants to assist them at work. Such workers can now claim up to £57,200 annually to help pay for the additional... Read More

HMRC has issued an update of what can be dealt with by accessing and using a personal tax account (PTA). The PTA works like an online bank account to allow taxpayers to review all their details in real time.HMRC has confirmed that the following... Read More

The new Fulfilment House Due Diligence Scheme (FHDDS) opened for online applications on 1 April 2018. The FHDDS is part of a package of measure to combat the abuse of VAT rules by online traders based outside the European Union.Fulfilment houses that... Read More

The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property, in a settlement, that the income arising is treated as the settlor’s income for tax purpose... Read More

There are now just 3 weeks to go until the new data protection regulations become law on 25 May 2018. The new provisions known as the General Data Protection Regulation (GDPR) represent a step change in data protection regulation, that will impo... Read More

We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to en... Read More

As a general rule, there should be no capital gains tax (CGT) to be paid on a property which has been used solely as the main family residence (referred to by HMRC as one’s principal private residence). Conversely, an investment property which has ne... Read More