Technical

Technical
1 April 2017

The CIOT and ATT guidance on mortgage lenders has been updated.

Technical
1 April 2017

In our response to a call for evidence, we have called for a timetable setting out when and how the proposed 50% reduction in the Air Departure Tax (ADT) burden will be phased in and provision to monitor the outcomes of the Scottish government’s ADT policy.

Technical
1 April 2017

LITRG comments on issues that keep arising with marriage allowance claims

Technical
1 April 2017

LITRG raised concerns about the possible impacts of the planned reduction in the pension money purchase annual allowance (MPAA)

Technical
1 April 2017

LITRG commented on the ongoing consultation on the government’s proposal to form a single financial guidance body.

Technical
1 April 2017

Changes to the VAT Flat Rate Scheme (FRS) take effect on 1 April 2017 to introduce a new ‘limited cost business’ rate of 16.5%, designed to tackle abuse of the FRS. Further guidance is available on the CIOT and ATT websites.

Technical
1 April 2017

The CIOT has reiterated its concerns to HMRC about the proposed Fulfilment House Due Diligence Scheme at a recent consultation meeting. We remain unconvinced that the scheme will tackle the VAT loss effectively and, instead, is set to add complexity and administrative burden to the compliant majority of affected UK businesses.

Technical
1 April 2017

New IR35 rules take effect from 6 April 2017. Where the engagement is with a public sector body the responsibility for deciding whether or not IR35 applies moves to the public sector body. If an engagement falls with the new IR35 rules then the person paying the PSC (that is the public sector body or third party agency) is responsible for deducting tax and NICs under PAYE. A new online tool from HMRC (the ‘employment status service’) will be made available to assist in deciding whether or not IR35 applies to an engagement.

Technical
1 April 2017

A tax charge is being introduced on ‘disguised remuneration loans’ outstanding at 5 April 2019. This charge is to be collected via PAYE. Additionally, new ‘disguised remuneration’ rules are being introduced for the self-employed, similar to those currently applying to employees. Finally, corporate deductions for contributions to employee benefit trusts are to be denied unless the associated PAYE/NIC is paid within 12 months of the end of the accounting period.

Technical
1 April 2017

The CIOT responds to the second tranche of legislation and HMRC issues clarification in some areas.