A new additional nil-rate band of £100,000 for inheritance tax on main residences, when bequeathed to a direct descendent, is set to come into effect from April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The …

Reminder: Inheritance Tax nil-rate band on main residence to go up in the new year Read More »

During the last few Budgets and Autumn Statements the government has made moves to prevent tax avoidance and evasion – and the latest fiscal event was no different. During this year’s Autumn Statement the Chancellor Philip Hammond announced a number of new measures to tackle businesses that avoid paying tax. According to Mr Hammond’s new …

Tax avoidance clampdown aims to raise extra £2bn by 2022 Read More »

Despite being perhaps the most significant change to the UK tax system in decades, Making Tax Digital (MTD) did not receive a single mention from the Chancellor in the Autumn Statement. But the policy was referenced in the supporting documents, revealing that the government will publish its response to recent consultations in January. The documents …

Making Tax Digital: Update on government plans due in January Read More »

Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to work out their VAT liability. VAT is usually calculated via a two …

Small businesses to see changes to the VAT Flat Rate Scheme Read More »

Ahead of the 2016 Autumn Statement there were rumours that the Chancellor Philip Hammond might limit the perks offered to employees by their employers. However, it soon became clear that he was out to prevent any tax advantage from salary sacrifice schemes when he announced that from April 2017 any tax and employer national insurance …

Government moves to curb salary sacrifice Read More »

A trio of influential organisations has urged the Chancellor to implement a series of reforms to the tax policymaking process. The Chartered Institute of Taxation (CIOT), Institute for Fiscal Studies (IFS) and The Institute for Government (IfG) jointly called on the Chancellor to make five key changes to the process: Publicly state the guiding principles …

Chancellor urged to reform tax policymaking Read More »

The ten year window during which 100 per cent relief can be claimed under the BPRA on the renovation or conversion of unused commercial property for business use is drawing to a close on 31 March 2017. The allowance, which has attracted controversy in the past after being exploited illegally by a number of tax …

The clock is ticking away on BPRA (Business Premises Renovation Allowance) Read More »

The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to businesses about the need to put measures in place to avoid falling victim to cyber crime. In its Audit Insights: Cyber Security report, the organisation warns that while businesses have a good awareness of the risks around cyber crime, this …

Accountancy body issues cyber crime warning Read More »