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From 1 October 2018, HMRC will be gaining access to information from tax havens that will enable it to identify UK citizens with undisclosed offshore assets. By inference, this will also give them access to undisclosed UK income and taxable gains. Why does this matter? It matters because HMRC has introduced new legislation called the […]

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A reminder that making loans to your employees or their relatives can create tax problems for employees and employers. For example, the employer will have an obligation to report a beneficial loan to HMRC and the deemed benefit would be a taxable benefit in kind for the relevant employee. A beneficial loan is one that […]

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From 14 February 2018, tax-free childcare is available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare. According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 […]

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As you would expect, the Spring Statement delivered by the Chancellor Philip Hammond, to Parliament on 13 March 2018, was peppered with party political jibes no doubt intended to lift the spirits of his own party and dismay the opposition parties. There was very little “promised” in terms of new tax or other strategic items […]

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The Office for Tax Simplification (OTS) has been tasked by the Government to review key aspects of the inheritance tax (IHT) legislation. According to information posted to the government’s website recently, the review would appear to be wide ranging. Issues to be examined include: The process around submitting IHT returns and paying any tax, including […]

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As our regular readers will be aware, the government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original Making Tax Digital (MTD) plan to have most self-employed traders and landlords uploading accounts and VAT data from April 2018 was scrapped. The new plan – delayed until April 2019 – requires traders registered for […]

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The European Commission has warned that some 130,000 companies could be affected by the UK leaving the EU’s value added tax area. The commission issued a notice earlier this month advising that with no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. What does this mean? UK […]

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A company, Casio Services Ltd (CSL), had been registered with Companies House since June 2016, and after that confirmation by Companies House the directors would no doubt have felt that they could trade with the registered company name with no restriction. Unfortunately, Casio Electronics Co Limited (CECL) – a previously registered business – disagreed. CECL […]

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