The Government has published the long-awaited Data Protection Bill that will incorporate most of the provisions set out in the EU General Data Protection Regulation. This will apply from 25 May 2018, and many businesses will need to update their data security arrangements to comply with the new regulations. The Bill will introduce safeguards to prevent and detect fraud, protect the...
Claiming for employment related expenses
If you are employed, and this will include most directors, you can claim for expenses that you have paid for personally, to be set against your income liabilities for the relevant tax year. You must keep records of the amount you have spent and make a claim to HMRC within four years of the end of the tax year that you...
Muras Matters: Autumn Budget 2017
Autumn Budget 2017 The Chancellor of the Exchequer, Philip Hammond, announced last week that the government will publish its Autumn Budget on Wednesday 22 November 2017. This will represent the second major budget of 2017, but as was previously announced in the Chancellor’s 2016 Autumn Statement, the November 2017 Budget represents the start of the process of the government moving to only...
Muras Matters: Non Resident Capital Gains Tax (NRCGT) Returns
Non Resident Capital Gains Tax (NRCGT) Returns Background Non UK residents have only been in the scope of UK tax on the sale of residential property since April 2015. One of the requirements for non UK residents is that a non resident capital gains tax (NRCGT) return must be filed within 30 days of the sale. This is obviously new legislation...
Muras Matters: Company Cars – Changes to Advisory Fuel Rates
Company Cars Changes to Advisory Fuel Rates This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) have changed their advisory fuel rates for company cars with effect from 1 September 2017. The rates are intended to give guidance to employers about what is an acceptable fuel...
Muras Matters: National Minimum Wage : Common Errors
National Minimum Wage : Common Errors Background The latest list of employers that have failed to comply with national minimum wage legislation has recently been published by the Department for Business, Energy and Industrial Strategy (“BEIS”), comprising of 233 employers and affecting around 13,000 employees, with retailer Argos topping the “name and shame” list. Argos is believed to have failed to calculate some...
When is a replacement an improvement
We are often asked by landlord clients to clarify the difference between a replacement item of furniture, furnishing, household appliances or kitchen ware, and a purchase that may be considered an improvement. The difference is critical, as from April 2016, the 10% wear and tear allowance was scrapped and the new Domestic Items Relief (DIR) introduced. To qualify for the...
Tax free dividend squeeze confirmed
The government reintroduced the remainder of the March budget last week, it’s the part that was held-over to accommodate the May 2017 general election. It confirms two items that will be of interest to smaller business owners. Firstly, that businesses with turnover below the current VAT registration threshold (£85,000 for 2017-18) will not be required to keep digital records – although they...
30 hours free childcare for working parents
The Department for Education released the following press release last week regarding the new childcare support offer that commences from 1 September 2017. They said: Parents of three and four-year olds who have registered for a place will join the 15,000 families benefitting in the 12 areas of the country that introduced the offer early. The offer should save families around £5,000...
Tax Diary September/October 2017
1 September 2017 - Due date for Corporation Tax due for the year ended 30 November 2016. 19 September 2017 - PAYE and NIC deductions due for month ended 5 September 2017. (If you pay your tax electronically the due date is 22 September 2017) 19 September 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 September...