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Steve Maggs Tax Blog
The world of tax is fast moving, ever changing and constantly evolving. By writing my regular Tax Blog I hope to bring important tax changes and advice to your attention and help you keep abreast of developments in this ‘taxing’ world! If you’d like any further information on any of my posts please call me on 01872 276116 or email me at firstname.lastname@example.org
Withdrawal of free Corporation Tax filing software – 26/09/2016
It’s just over a year since HMRC announced that they would be withdrawing their free to use CT600 Corporation Tax online filing software. The software remains available until 31 December 2016 for accounting periods ended on or before 31 December 2015.
Guidance issued on Apprenticeship Levy – 07/09/2016
The Department for Education has issued guidance as to how it proposes the new Apprenticeship Levy will operate, detailing how the 0.5% charge on employer’s wage bills will work, and who will be affected.
HMRC late payment interest rate cut – 05/09/2016
HMRC has cut the interest rate applied to late payments of tax from 3% to 2.75%, in light of the recent 0.25% reduction in the Bank of England base rate.
Commercial property transactions – Importance of taking expert advice on capital allowances – 01/09/2016
It has recently been reported by various agents that the Cornish commercial property market has performed robustly in the first half of the year. This is very consistent with our experience of advising on a significant number of transactions since the start of the year (for both vendors and purchasers), and is obviously pleasing.
Consultation on the use of salary sacrifice arrangements – 31/08/2016
If you are an employer and have salary sacrifice arrangement in place, HMRC have now issued their consultation document.
HMRC release Inheritance Tax statistics – 11/08/2016
On 29th July HMRC released updated inheritance tax (IHT) statistics covering items such as data about tax receipts, the composition of estates and the use of available reliefs.
Running out of options – Bank of England rate reduction – 09/08/2016
Much has been made in the popular press around the winners and losers of the base rate being cut to 0.25%, with those on a variable rate mortgage standing to gain, and savers losing out.
HMRC releases guidance on significant tax change for residential landlords – 08/08/2016
HMRC have released guidance relating to the impending restriction on the availability of higher-rate income tax relief on finance costs for residential landlords.
Profits from trading in and developing UK land by non-residents – 04/08/2016
HMRC published a technical note in March explaining new anti-tax avoidance rules that focused on ensuring offshore property developers are subject to UK tax on their UK profits. The new rules were effective from 5th July 2016.
Pensions Lifetime Allowance 2016 Transitional Protections – Applications now only online 02/08/2016
On 6th April 2016 the Lifetime Allowance for pensions savings reduced from 1.25m to £1m.
In order to guard against the effects of this reduction two new transitional pension protections have been created – Fixed Protection 2016 and Individual Protection 2016.