Low paid workers to qualify for sick-pay

The government has started a consultation to transform support for sick and disabled staff and remove barriers for employees. The Department for Work and Pensions has recently set out new measures to transform how employers support and retain disabled staff and those with a health condition. Under the new measures the lowest paid employees would be eligible for Statutory Sick Pay (SSP)...

Read More >

New homes to have car charge-points

In a bid to accommodate yet more electric vehicles on our roads, the government has launched a consultation aimed at increasing the number of homes with electric car charge-points. In a recent press release they said: “All new-build homes could soon be fitted with an electric car charge-point, the government has outlined today (15 July 2019) in a public consultation on...

Read More >

Internet giants face tax-hike

It has been confirmed that from April 2020, the government will introduce a new 2% Digital Services Tax (DST) on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users. This is an attempt to tax, in the UK, revenues earned by these social media platforms from customers resident in the UK. At present,...

Read More >

Changes to private residence relief

If you rent out all or part of your home this may create a Capital Gains Tax (CGT) charge when you sell the property. Presently, HMRC excludes the last 18 months of your ownership – even if the property is let for this time – when assessing any CGT liability. In a draft of the Finance Bill released last month, HMRC...

Read More >

Muras Matters: VAT Reverse Charge for Building and Construction Services

Background HM Revenue & Customs (HMRC) are introducing new VAT procedures for construction services with effect from 1 October 2019. A VAT reverse charge on certain building and construction services will apply from 1 October 2019, and this will see a major change in the way VAT is collected in the industry. With effect from 1 October 2019, the rules will change between VAT-registered construction businesses. Under...

Read More >

A new business, have you considered your options?

If you are setting up a new business one of the options, you will need to consider is your business structure. There are two basic choices: Be self-employed, or Incorporate your business, be a limited company. There is a world of difference between the two options. Self-employed Self-employed suggests that you work on your own, and this is certainly one self-employed option, but there are...

Read More >

Why invest in tax planning?

The way we organise our business and personal financial affairs determines the amount of taxes we pay. Most of us are focussed on outcomes, outcomes that on the face of it increase our profits or income without due regard for the effect these transactions have on our tax position. A classic example is the rule that removes your entitlement to the...

Read More >

The advantages of tax compliance support?

As UK resident persons we are obliged to comply with the law, if we don’t, there are consequences. These range from financial penalties to imprisonment. Tax compliance covers areas such as submitting returns to HMRC by the required dates and observing certain disclosure rules if our personal or financial circumstances change in a particular way. For most of us this means...

Read More >

Muras Matters: Changes to Principal Private Residence Relief

Background During the 2018 Budget the Chancellor announced proposed changes to the final period exemption for principal private residence (PPR) relief and to lettings relief. The Chancellor stated the intention was for the capital gains tax PPR final period of ownership relief to reduce from 18 months to 9 months, whilst the capital gains tax letting relief was to be reformed so that it would only...

Read More >

No deal

The phrase “no-deal” is assuming a rather specific meaning as the exit from the EU grinds towards a conclusion – the present deadline for achieving a withdrawal agreement is the end of October. If we fail to achieve consensus by that date, there are three outcomes: We agree terms for the withdrawal agreement, We kick the deadline down the road, or We leave...

Read More >