Fuel rates go green for electric mileage
Businesses can pay mileage for company electric car drivers from 1 September, following the introduction of a new Advisory Electric Rate (AER). The AER has been set at 4p per mile for 100% electric cars, which introduces greater incentives to use zero-emissions vehicles for the first time. HMRC hasn’t considered electricity as a fuel until […]
Damping the ashes: Government seeks new controls for phoenixing
The government has announced new powers for the Insolvency Service to pursue company directors who recklessly push companies into administration or liquidation. The announcement came shortly after Wonga, the payday lender, went into administration following an influx of compensation claims from customers. Despite the inevitable barrage of jokes – What’s wrong with Wonga, did they […]
Requirement to correct deadline looms as HMRC details penalties
HMRC has issued updated guidance to the requirement to correct (RTC) rules for offshore liabilities and non-compliance, with the 30 September deadline rapidly approaching. Offshore financial centres and tax avoidance are a perennial topic in the news, and there has been a shift in wider public perception following the revelations in the Panama and Paradise […]
Market Matters
Don’t let current global uncertainties affect your financial planning. It’s important not to let current global uncertainties affect your financial planning for the years ahead. People who stop their investment planning, particularly during market downturns, often miss out on opportunities to invest at lower prices. It’s important to stick to your strategy and keep moving ahead […]
Wealth preservation
Reducing Inheritance Tax means taking action now. Without professional advice and careful financial planning, HM Revenue & Customs (HMRC) can become the single largest beneficiary of your estate following your death. A survey about Inheritance Tax (IHT)[1] shows that wealthy Britons over the age of 45 are either ignoring estate planning solutions or they have […]
Financial resilience
How prepared are you for any financial shocks? Over three million working couples are classed as ‘double income, no option’ (DINOS), which means they are potentially financially vulnerable if one of the two loses their earnings. The typical household today looks very different from the traditional image of a working family made up of one […]
Reform may be coming to pension tax relief
The way pension tax relief works is reportedly under review by the Treasury. The apparent proposal is focused around a new flat rate of tax relief of 25% on pension contributions, regardless of personal income tax rates. Under this scheme, a gross pension contribution of £100 would require the same of everyone – a net […]
Late filing penalties to use points-based system
HMRC has revealed plans for a new penalty system for late tax returns, in the draft Finance Bill 2018/19. The proposed scheme is intended to reduce the number of penalty notices issued by introducing tolerance for one-off errors and would overhaul the fines charged by replacing escalating daily or tax-geared penalties. The new fixed penalties […]
Growing list of MTD software suppliers
HMRC has been busy approving software suppliers ahead of the first Making Tax Digital (MTD) deadline in April 2019. The latest additions to HMRC’s list of approved software suppliers means there are now 27 providers to choose from. Until recently there were only a few suppliers on the list, but HMRC has confirmed it is […]
More requirements to fall on private landlords
Fresh requirements will increase the complexity for landlords and people making money renting out their main residence from 2019. The Finance Bill 2018/19 draft legislation has been published ahead of November’s Budget. For those keeping an eye on property taxes, it includes the following: A new ‘shared occupancy test’ will be applied to rent-a-room from […]
