Category Archives: Uncategorized

Latest MTD update

February 5th, 2018

Draft regulations, together with a draft explanatory memorandum and a draft VAT Notice, covering required changes to the VAT regime under the Making Tax Digital (MTD) project were published for consultation in December 2017. The consultation runs until 9 February 2018, and it is expected that live pilot testing will then begin in spring 2018. […]


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SDLT on second homes

August 5th, 2017

Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125,000. Current rates of SDLT on individual and additional properties are as follows: – Purchase price up to £125,000 – SDLT rate Zero; additional property rate 3% – The next £125,000 (portion from £125,001 […]


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Tax free savings update

April 29th, 2017

Although interest rates for savings generally remain low, there are still a few tax-efficient savings opportunities on offer, with increased savings thresholds taking effect from 6 April 2018. Individual Savings Accounts Broadly, cash ISAs are available to investors aged 16 and over, who are resident in the UK, and stocks and shares ISAs are available […]


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FRS 102 guidance on directors’ loans revised

July 8th, 2016

HMRC have recently updated their online toolkit on directors’ loan accounts to help tax advisers and agents preparing 2015/16 company tax returns. The update reflects the changes to reporting requirements under UK GAAP, as taxing debt will now be largely driven by FRS 102 requirements for financial instruments. If an entity makes loans to/from directors/employees […]


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New student loan plans take effect

May 12th, 2016

Repayment of student loans is a shared responsibility between the Student Loans Company (SLC) and HMRC. Employers have an obligation to deduct student loan repayments in certain circumstances and to account for such payments ‘in like manner as income tax payable under the Taxes Acts’ (Education (Student Loans) (Repayment) Regulations 2000, SI 2000/944, reg 14). […]


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National minimum wage increases announced (under 25s)

April 11th, 2016

Following recommendations made by the Low Pay commission, the government has announced increases in the national minimum wage (NMW), which will take effect from October 2016. The new rates will be as follows: – The rate for 21- to 24-year-olds will rise by 3.7% to £6.95 an hour. – The rate for 18- to 20-year-olds […]


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Tax efficient savings for children

September 13th, 2015

There are a number of ways to save or invest for children – some accounts are tax-efficient but rigid, others are often flexible but liable to tax. Interest earned from CTFs and Junior ISAs is paid tax-free, but the money is effectively locked in until the child is 18, at which time it belongs to […]


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Help to Buy ISAs

August 6th, 2015

  The new help-to-buy ISA, which is expected to be available from Autumn 2015, will enable first-time buyers to save up to £200 a month towards their first home. Investors will receive £50 from the government for every £200 saved, up to a maximum of £3,000. This means that the maximum that can be saved […]


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White collar crime – 2014 Survey

February 19th, 2015

A recent survey on Organisational Fraud was conducted by the ACFE & is reported in the 2014 Report to the Nations. In summary: It is estimated that typically organisations lose 5% of revenues to fraud. Globally this amounts to £2.4 trillion. In the study the median loss was £94,000. The median duration of such frauds […]


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