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State Pension age review
20/04/2017 - More...
In March 2016, John Cridland CBE, the former Director General of the Confederation of British Industry (CBI) was appointed by the government to lead an independent review of the State Pension age. The State Pension age for both men and women is set to increase to 67 by April 2028. The review was tasked with looking beyond the existing

Furnished holiday lettings
20/04/2017 - More...
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for specific tax purposes. Individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the EEA can benefit from having a FHL. HMRC’s guidance

Prime Minister calls for snap election
20/04/2017 - More...
In a shock announcement following the Easter weekend the Prime Minister Theresa May declared plans to call a snap election on 8 June. The announcement marked a seismic shift from her earlier declarations that there would be no new elections until 2020. Her dramatic speech on the steps of Downing Street made it clear that she felt she

Tax codes for employees
20/04/2017 - More...
The P9X form is used to notify employers of the tax codes to use for employees. The form shows the tax codes to use from 6 April 2017. The basic personal allowance for the tax year starting 6 April 2017 is £11,500 and the tax code for emergency use is 1150L. The basic rate limit is £33,500 except for those defined as Scottish taxpayers

Claiming the employment allowance
20/04/2017 - More...
An annual employment allowance for businesses and charities, to offset against their employer's Class 1 NICs, was introduced in April 2014. The allowance can be claimed as part of the normal payroll process through RTI using an employer’s payroll software or HMRC’s Basic PAYE Tools. The maximum amount available is currently £3,000 per

EU VAT refund scheme
20/04/2017 - More...
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The amount refundable depends on the other country's rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never by reclaimed on a domestic UK VAT return.

Repayment of student loans
12/04/2017 - More...
Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly

Employer P11D, P11D(b) and P9D deadline
12/04/2017 - More...
Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax year such as company cars, loans and private medical insurance. Since 6 April 2016,

Welsh land transaction tax
12/04/2017 - More...
The new land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) in Wales will be launched on 1 April 2018. The LTT marks the first new Welsh tax in almost 800 years and has moved a step closer following the passing of the Bill by the National Assembly for Wales. The Bill is expected to receive Royal Assent (when

Working Tax Credit
12/04/2017 - More...
The Working Tax Credit (WTC) assists taxpayers on low incomes by providing top-up payments including to those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in which someone has a disability. The basic amount of WTC for 2017-18 remains unchanged at £1,960 a year. In

Let property campaign
12/04/2017 - More...
HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion. HMRC’s guidance on making a

Rent-a-room scheme
12/04/2017 - More...
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room. The limit increased to £7,500 from 6 April 2016 and remains at the same level for the current tax year 2017-18. HMRC’s rent-a-room scheme guidance has been updated for 2017-18. The relief applies only to the letting of furnished accommodation