Latest Blogs in Business Tax
Richard Alecock
23rd February 2018 Late Paid Income Tax 2016/17

  A 5% penalty will be imposed for those who have not paid their 2016/17 Income Tax, Capital Gains Tax and Class 4 National Insurance Contributions by Friday 2nd March. The due date for payments was 31st January 2018, however the penalty can be avoided if a time to pay arrangement is agreed in advance.…

Whitings LLP
19th February 2018 IR35 Test Case: BBC presenter presented with £419k back taxes bill

  BBC Look North presenter Christa Ackroyd has lost a high profile test case with HMRC over whether or not IR35 legislation applied to her contract. The main terms of this contract, between her personal service company and the BBC, were: 7 year contract Providing tv presenting services for 225 days pa   The First…

Chris Ridgeon
25th January 2018 Twin Cab Pick-ups: Uncertainty over future tax treatment.

  For many years now, businesses, particularly builders, have provided their staff with twin cab pick-ups, instead of cars, to take advantage of the more generous tax regime. Such vehicles have previously been taxed as a van, resulting in more favourable capital allowances, VAT, NIC and benefit in kind treatments. The distinction between a car…

Whitings LLP
8th January 2018 HMRC – Appeals

  HMRC has updated the postal address for where to send grounds for appeal if you have not paid your PAYE and National Insurance contributions on time. The address that should now be used is: DM PAYE Late Payment Penalties HM Revenue  and Customs BX9 1EW HMRC will charge penalties if more than one of…

Jaimie King
4th January 2018 Charity annual returns due

  Charities with the financial year end of 31 March 2017 must submit their annual return by 31 January 2018, 10 months after the year end. What you need to submit varies based on whether it is an un-incorporated organisation or a charitable company. It also varies based on income of the charity – requiring…

Ian Piper
2nd January 2018 Compulsory Purchase Orders: Opportunity to tax efficiently diversify?

  With numerous businesses currently being forced to sell property under compulsory purchase orders (COP’s), a little known tax rule may be of assistance in enabling you to diversify your investment in your trade into a buy-let-investment without incurring any tax: HMRC guidance HS292 Business asset rollover relief is a long established rule which allows…

Ruth Pearson
5th December 2017 Tax implications for employee gifting

Some employers like to give their employees a small gift at this time of year. A tax exemption applies giving employers reassurance that the benefits provided are exempt and won’t result in a reportable employee benefit. To ensure the benefit is exempt, the following conditions must be met:- The cost of the benefit does not…

Jodie Pheby
24th November 2017 Autumn Budget – Property taxes

SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…

Whitings LLP
24th November 2017 IR35: Private Sector consultation announced

As we predicted in past blogs, the Chancellor announced a consultation into IR35 private sector contractors in the Autumn Budget. Since April 2017, contractors in the public sector are no longer responsible for evaluating their IR35 status; the end client is required to carry out an IR35 assessment instead. The Treasury believe this has increased…

Ian Piper
24th November 2017 Autumn Budget 2017

What’s in it for Tech Companies? Philip Hammond’s second Budget had to steer a precarious path. Within the parameters of slowing UK growth, preparing for Brexit and a lack of spare money, he had to somehow end public sector austerity and continue reducing the deficit. Whilst trying to restore his own political reputation. Not an…