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Employee ‘B’ shares – one to watch out for!

Tax Chat : 07/11/2016 07:44 : Tax Chat

We often see cases where employees have been given ‘B’ shares in the company.

Typically these shares carry no voting rights or capital rights, either when the company is sold or when it is wound up.  They do, however, carry the rights to more »

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Tax Chat

Giving shares to employees?

Tax Chat : 07/11/2016 07:25 : Tax Chat

I want to give some shares to one of my key employees are there any tax implications? more »

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Tax Chat

Proposed real time tax code adjustments…watch out !

Tax Chat : 31/10/2016 07:21 : Tax Chat

Commencing from 5 April 2017, HMRC will use information received from employers and pension providers via RTI to change PAYE codes to collect any estimated in-year tax underpayment. more »

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Tax Chat

Married Couples…taxing new allowances

Tax Chat : 17/10/2016 07:16 : Tax Chat

From 6 April 2016 married couples can elect to transfer up to £1,100 of their personal allowance to their spouse.
To qualify neither spouse must pay tax at a rate other than the basic tax rate, giving a maximum tax benefit to the transfer of £220.  This relief is referred to as the ‘marriage allowance’. more »

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Tax Chat

Buy to let investors lose high court battle

Tax Chat : 10/10/2016 07:02 : News, Tax Chat

You may recall from previous tax chats that with effect from 6 April 2017 tax relief for interest paid by individuals on buy to let mortgages will be restricted.

Income tax relief for interest payments & finance costs will be restricted to the basic rate of income tax. The restriction will be phased in over four years. more »

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Tax Chat

Tax refunds for students working during the summer

Tax Chat : 03/10/2016 07:42 : News, Tax Chat

Students who work during the summer holidays will have paid tax on their earnings, but many don’t realise that they have overpaid.

In years past special PAYE rules applied to students who worked while studying, however these rules no longer apply and students are treated like any other employee for PAYE purposes. more »

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Tax Chat

Changes to National Minimum Wage

Tax Chat : 26/09/2016 07:14 : News, Tax Chat

On 1 October 2016, the National Minimum Wage rates will increase. All employers need to make sure they are ready for this change.

Employers who don’t pay National Minimum Wage rates could be liable to pay the arrears plus penalties. They will also be named publicly via a government press release. more »

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Tax Chat

Applying for a loan or a mortgage?

Tax Chat : 19/09/2016 07:48 : News, Tax Chat

Our clients often ask us to certify their income to support a mortgage or loan application following a request from their lender. 

Most lenders insist on HMRC produced SA302 tax calculations which have to be specifically requested and take a few weeks to arrive. 

They won’t accept the tax calculations that we produce in support of the yearly tax return, on which the SA302 is based, or the information that we can print from your on-line account with HMRC. 

HMRC have been working with the lending industry on this issue, which wastes time for all including HMRC.  The good news is that a number of lenders have now signed up to an agreement to accept the tax calculations that we produce or that we can generate directly from your account with HMRC.  This should make mortgage or loan applications much easier to progress.

We are aware that this change has not filtered down yet to the staff of all relevant lenders, but this can easily be remedied as HMRC have produced a list of those who have agreed.

For more information, please contact Lesley Sutton on 01484 550037 or email lesley.sutton@revellward.co.uk.

more »

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Tax Chat

HMRC launch worldwide disclosure facility

Tax Chat : 16/09/2016 15:18 : Blog, News, Revell-Ward-App, Tax Chat

HMRC’s worldwide disclosure facility “WDF” was unveiled on 5 September. more »

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Tax Chat

Increases in road tax for new cars from 1 April 2017

Tax Chat : 16/09/2016 15:15 : Blog, News, Revell-Ward-App, Tax Chat

Are you thinking of buying a new car, if so then you might want to do this before 1 April 2017. more »

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