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New rules for termination payments
New rules are coming into force on 6 April 2018. The tax treatment of termination payments can be complex, not least because a termination package typically comprises several different elements, which may be treated differently for tax and national insurance purposes. In a bid to simplify matters, the rules for taxing payments made on the…
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Devolution of tax powers – what you need to know
What tax powers are moving away from Westminster? It may feel like we’re living in increasingly uncertain times ever since the UK voted to leave the EU. That centred on most of the electorate’s desire to obtain more devolved powers from Brussels, but in reality devolution has been going on a lot closer to home…
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No more extra credit card fees on bills
Retailers and businesses are no longer able to charge consumers extra for using a credit card to pay for goods or services. Interchange fees charged by firms on people who paid by credit card were banned on 13 January 2018 on the back of a widespread piece of EU legislation. Some were previously surcharging consumers…
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Fraudulent tax bills
Vulnerable and elderly people are being told they owe large amounts of tax which they can only pay off through digital vouchers and gift cards. HMRC has issued a warning over fraudsters who are preying on victims by cold-calling them and impersonating members of staff from the Revenue. Figures from Action Fraud, the national fraud…
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Making tax digital – are you ready?
The overwhelming majority of business owners and landlords remain in the dark over making tax digital (MTD), government research shows. Ipsos Mori polled 2,900 small businesses and landlords on behalf of HMRC and found that 71% were unaware of the requirement to submit quarterly updates to the taxman. A further 13% had heard of the…
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Staircase tax – amendments to be made
The government has started the process to reverse the so-called ‘staircase tax’ to ease the pressure on small businesses. Communities secretary Sajid Javid published draft legislation, which stands to benefit thousands of small business owners, to abolish the measure. The loophole was first introduced after the Supreme Court ruled that an office spread over more…
