Technical

Scotland update: recent meetings; reminder of Scottish government consultation

Technical
Joanne Walker |
1 May 2019

A round-up of some recent meetings with the Scottish government and a reminder of the open consultation on a tax policy framework for devolved taxes.

General FeaturesPersonal tax

Financial Conduct Authority continues work on protecting pensions

Technical
Kelly Sizer |
1 May 2019

LITRG comments on the FCA’s latest Retirement Outcomes Review consultation.

General FeaturesPersonal tax

Anti-Money Laundering Guidance: Meeting AML requirements on practice documentation and client money

Technical
Jane Mellor |
1 May 2019

The Professional Standards team have been working on guidance requested by members in small practices so they can meet the requirement to have written practice wide risk assessments and policies and procedures and guidance. In addition some members hold client money or assist clients with payments from their bank accounts so the AML FAQ have been updated.

General Features

Updated digital Professional Conduct in relation to Taxation

Technical
Heather Brehcist |
1 April 2019

Professional Conduct in Relation to Taxation (PCRT) sets out the professional standards that are expected of a member when undertaking tax work. PCRT is a pan-professional document published by seven leading accountancy and tax bodies. As such it represents an ‘industry standard’ about professional behaviour in tax matters. Members must therefore be familiar with, and comply with, PCRT when advising on UK tax matters. Failure to do so may expose a member to possible disciplinary action.

General Features

Pensions for self-employed – is the Department for Work and Pensions missing the obvious?

Technical
Meredith McCammond |
1 April 2019

Auto enrolment should already apply to self-employed ‘workers’ but this is largely ignored. If you have any self-employed clients that you think could be ‘workers’, please let LITRG know so we can try and gauge the extent of the issue.

Employment Tax

Welsh Income Tax

Technical
Claire Thackaberry, Kate Willis |
1 April 2019

As you will be aware Welsh income tax is being partially devolved from the 2019 /20 tax year onwards. This will be the third tax to be devolved (following Land Transaction Tax and Landfill Tax in April 2018) and will be collected and administrated by HMRC and not the Welsh Revenue Authority. HMRC have recently published factsheets on the Welsh rates of income tax which are on the CIOT website .

Personal tax

Scotland update: Scottish income tax 2019/20; Scottish government consultation on managing changes to fully devolved taxes

Technical
Joanne Walker |
1 April 2019

The Scottish parliament passed the Scottish Rate Resolution in late February 2019. This means the Scottish income tax rates and bands announced in the Scottish draft budget in December 2018 take effect on 6 April 2019.

General FeaturesPersonal tax

Student loan repayments and finance cost relief for residential landlords

Technical
Claire Thackaberry |
1 April 2019

Changes to tax relief for residential landlords will affect student loan repayments whatever rate of tax is paid.

General FeaturesPersonal tax

Collection of Student Loans Consultation Group

Technical
Matthew Brown |
1 April 2019

The introduction of a new employee starter checklist to ask which plan type a borrower has and whether they have a post-graduate loan, for use from 2019 /20 onwards, has not gone smoothly for HMRC.

Employment Tax

Accommodation Benefit provided by the Higher and Further Education Sector Employers

Technical
Matthew Brown |
1 April 2019

From 6 April 2019, HMRC will no longer accept that the ‘customary’ exemption is appropriate to job-related accommodation provided by employers to employees within the Higher and Further Education (HFE) Sector.

Employment Tax