TAX ADVANTAGE OF EMI SHARE OPTION SCHEMES LAPSES

HMRC have advised companies to consider delaying the grant of Enterprise Management Incentive (“EMI”) share options until fresh State Aid approval has been granted by the EU. As the UK Government were late in applying for an extension (12 months’ notice is required) the existing approval expired on 6 April 2018 and EMI share options...

CHANGES TO TERMINATION PAYMENTS

What are the Tax implications of Termination Payments? Care is always required  when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly recommended to avoid unnecessary pitfalls. The...

CASH AND DIGITAL PAYMENTS IN THE NEW ECONOMY

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using digital payments, namely contact-less. Those who do pay in...

ARE YOU SURE YOU OR YOUR WORKERS ARE SELF-EMPLOYED?

Last year we reported that the House of Commons Work and Pensions Committee published a report calling on the Government to close the loopholes that allow “bogus” self-employment practices, which burden the welfare state but reduce the tax contributions needed to sustain it. Most of the people working for organisations such as such as Uber,...

NEW YEAR RESOLUTIONS TO SAVE TAX

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs and looking at how might save tax before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2017/18...

BEWARE: PHONE SCAM

We’d like to make you aware of a sophisticated phone scam that a client recently fell victim to. A man calls a business owner to say that there is an unpaid tax bill and numerous letters have been sent to the business’s registered office. He is from a debt collection agency and if the bill...

OUR SUMMARY OF THE AUTUMN BUDGET 2017

The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to create more jobs. The major attention-grabber was aimed at first time buyers...

Second Finance Bill this Autumn

It has also been announced that the second Finance Bill will legislate for all policies that were included in the pre-election Finance Bill but had to be dropped in order to rush through the Finance Act 2017 before the snap general election in June. The Government has re-confirmed that all policies originally announced to start...

Implications of a Hung Parliament

The result of the General Election has left Theresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations are just about to start.   Following the General Election there...

HMRC COMPUTER ISN’T ALWAYS CORRECT

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances,...