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 »
I want to give some shares to one of my key employees are there any tax implications? more »
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 »
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 »
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 »
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 »
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 »
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 email@example.com.
HMRC’s worldwide disclosure facility “WDF” was unveiled on 5 September. more »
Are you thinking of buying a new car, if so then you might want to do this before 1 April 2017. more »