Latest News

Dividend allowance down to £2,000

In 2017/18 the first £5,000 of dividends are chargeable to tax at 0% (the Dividend Allowance). From 6 April 2018 the Dividend Allowance is reduced to £2,000. Dividends received above the allowance are taxed at the following rates: 5% for basic rate taxpayers 5% for higher rate ta...

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Update for employers and their employees

HMRC’s latest Employer Bulletin includes useful updates for employers as we approach the start on the new tax year on 6 April 2018. The Bulletin includes articles on: end of year reporting for payroll and reporting benefits in kind P9 Notice of Coding and the system of in year tax c...

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Spring Statement announces consultations

Chancellor Philip Hammond delivered his Spring Statement on Tuesday 13 March 2018. In his speech, the Chancellor announced consultations would be issued on: how to help the UK’s least productive businesses to learn from, and catch-up with, the most productive how to eliminate late paym...

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Tribunal rules BBC journalist is caught by IR35 legislation

A First Tier Tribunal has ruled that Christa Ackroyd who presented BBC news programme Look North and was paid via a personal service company was caught by the IR35 rules resulting in additional tax and national insurance contributions being payable. The IR35 rules in broad terms mean that those w...

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Advisory fuel rates for company cars

New company car advisory fuel rates have been published which take effect from 1 March 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates...

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Scotlands five income tax bands and tax relief for pensions

Following the announcement of new income tax rates for Scottish taxpayers for 2018/19, the government is looking at ways of addressing the issue of the tax relief due on Scottish taxpayers’ pension contributions. Tax relief on pension contributions is a complex matter and depends on the mar...

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