Change to penalties for late payment of tax
Plans to introduce a new two tiered penalty system for individuals and businesses that do not pay their tax bills on time have been included in the draft Finance Bill 2018-19. The government has said
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VAT and gift vouchers
New draft legislation has been published as part of the draft Finance Bill 2018-19 that aims to change the VAT treatment of vouchers. The legislation will focus on bringing the UK VAT treatment of
Tax codes for employees
P9 tax code notices are used to notify employers of the tax codes to use when calculationg PAYE due from employees' wages and salaries. In a service availability update published on 17 July 2018, HMRC
Requirement to correct tax due on overseas assets
The Requirement to Correct (RTC) legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters. The RTC applies to any person with
Corporation Tax relief for carried forward losses
The rules for the Corporation Tax treatment of carried forward losses changed from 1 April 2017. The changes increased flexibility to set off carried forward losses against total profits of the same
New toolkit for employers on handling domestic abuse
Public Health England (PHE) and Business in the Community have published a new toolkit to help employers support workers who are affected by domestic abuse. One in four women and one in six men
Technical change to Entrepreneurs’ Relief
Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is
Change to evidence required for employee expenses
A new measure to remove the requirement for employers to check receipts for expense claims made by employees using the HMRC benchmark scale rates or overseas scale rates is to be introduced. The
Draft clauses for forthcoming Autumn Budget are published
The Finance Bill 2018-19 draft legislation was published on 6 July 2018. The Bill which runs to 226 pages (with a further 143 pages of explanatory notes) contains the legislation for many of the tax
Rules for use of taxable cars and vans to be updated
The Finance Bill 2018-19 draft clauses include new measures that will address two anomalies in the Optional Remuneration Arrangements (OpRA) rules. These measures will: ensure that when a taxable