Accounting and tax treatment of IR35 deductions in the public sector.HMRC’s approach is not popular with everyone. Catch up on our latest advice.

The rent-a-room scheme is a relief which provides that the rent received by an individual from a lodger (currently £7,500) can be exempt from income tax.

This limit is halved if another person is also entitled to the income. For example, where a husband and wife own the property jointly the limit is reduced to £3,750 (£2,125 prior to 2016/17) each. 

MTD starts for VAT from April 2019, but HMRC will be happy to collect penalties from those that miss the deadline. VAT registered traders need to plan now and act soon to make sure they are ready. 

 

An individual should file a tax return if they have a liability to tax, and that tax will not be collected through PAYE. For years before 6 April 2016, the tax deducted at source from interest and the tax credit attached to dividends would cover the tax liability of basic rate taxpayers who received large amounts of investment income.

With the festive season fast approaching, employers may be planning to take on temporary staff to help their business survive the rush. Automatic enrolment applies to these employees in the same way as permanent employees, even if they will only be working for a short time.

The government has announced that it will introduce legislation to abolish Class 2 national insurance contributions (NIC) and to make further proposed NIC changes in 2018.

With gloomy forecasts of the economy and poor growth plus ever increasing costs of Brexit the Chancellor had little room for manoeuvre. His report set out a number of actions the government will take including support for more house building. The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000 but this may backfire with increased house prices.

We are busy planning and preparing to make sure we and our clients are ready for Making Tax Digital (MTD) and it’s big brother MTDfB.

Mae'r Cynulliad Cenedlaethol wedi cyhoeddi'r cyfraddau a'r bandiau arfaethedig ar gyfer treth trafod tir (LTT) sydd i'w gyflwyno ar gyfer tir ac eiddo yng Nghymru ar 1 Ebrill 2018, gan ddisodli Treth Tir Dyletswydd Stamp.

O dan y cyfraddau newydd ar gyfer LTT, bydd gan Gymru'r trothwy cychwyn uchaf ar gyfer y dreth eiddo yn y DU.

The Welsh Assembly has announced the proposed rates and bands for land transaction tax (LTT) which is to be introduced for land and property in Wales on 1 April 2018, replacing Stamp Duty Land Tax.

Under the new rates for LTT, Wales will have the highest starting threshold for the property tax in the UK.