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Tax Tips and News

  • Working from home

    Newsletter issue - July 2017. Over recent years, it has become increasingly popular for employers to allow their employees to work from home, and in doing so, pay an amount to cover any additional household costs incurred. What are the tax implications of such expenses for the employee? Broadly, no tax liability will arise where…Read More

  • VAT: zero-rating of adapted motor vehicles

    Newsletter issue - July 2017. Finance Act 2017 introduced legislation designed to end perceived abuse of the VAT relief on substantially and permanently adapted motor vehicles for disabled wheelchair users. The amended rules, which took effect from 1 April 2017, now specify a limit on the number of vehicles within a specified period of time…Read More

  • Rent a room scheme

    Newsletter issue - July 2017. Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare room. Broadly, HMRC's rent-a-room scheme is an optional exemption scheme, which allows individuals to receive up to £7,500 of tax-free gross income (income before expenses) from…Read More

  • New state pension and contracted-out NICs

    Newsletter issue - July 2017. Most people will be aware that the state retirement pension system has changed for people who reach state pension age on or after 6 April 2016 - that is men born after 5 April 1951 and women born after 5 April 1953. The full new state pension is currently £159.55…Read More

  • July questions and answers

    Newsletter issue - July 2017. Q. Can I give my house to my children and continue to live in it and avoid inheritance tax? A. It may be possible if you pay a full market rent for your home, but if you do this, then your children will have to pay income tax on the…Read More

  • July key tax dates

    Newsletter issue - July 2017. 5 - Deadline for PAYE settlement agreement for 2016/17 6 - Deadline for 2016/17 forms P11D and P11D(b) to be submitted and copies of P11D to be issued to relevant employees Deadline for employers to report share incentives for 2016/17 - form 42 14 - Return and Payment of CT61…Read More

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