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Tax-Free Childcare Now Open to Under 9s

The Support In April 2017 HMRC started rolling out tax-free childcare, a scheme designed to help working parents with the cost of childcare with up to £2,000 of support per child per year, or £4,000 for disabled children. The scheme is now open (from 15 January 2018) to parents whose youngest child is under 9,[…] Read more »



Fulfilment House Due Diligence Scheme – 1st April 2018

Overview The new Fulfilment House Due Diligence Scheme will open for online applications on 1 April 2018. From that date, businesses in the UK that store any goods imported from outside the European Union (EU) owned by, or on behalf of, someone established outside the EU, will need to apply for HMRC approval if those[…] Read more »



The Pain of the Abolition of Class 2 NICs Delayed

Why the Delay On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018. The delay will allow time for the government to engage with interested parties and Parliamentarians[…] Read more »



Autumn Budget Statement November 2017

Summary A summary of the key tax points from the 2017 Autumn Budget based on the documents released on 22 November 2017. Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally[…] Read more »



Using the Inheritance Tax (IHT) Gift Exemptions

Inheritance or Voluntary Tax? As Benjamin Franklin observed in 1789 ‘In this world nothing can be said to be certain, except death and taxes.’ More than two centuries on, this statement still rings true! These days however, inheritance tax is often referred to as a voluntary tax, because there are various ways to minimise liability[…] Read more »



The cost of driving a greener company car

Background The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job. Broadly, the taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of[…] Read more »



Making Tax Digital (MTD) for Business: Update

Introduction In July, the Government confirmed that the Summer Finance Bill would be published in September, with the measures dropped from the pre-election Finance Bill being reintroduced in more or less the same form, from the initially planned commencement dates. Clauses dropped from the pre-election bill and expected to be brought back include those on[…] Read more »



Stamp Duty Land Tax (SDLT) on Second Homes

Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125,000. Current rates of SDLT on individual and additional properties are as follows: – Purchase price up to £125,000 – SDLT rate Zero; additional property rate 3% – The next £125,000 (portion from £125,001[…] Read more »



Rent-a-Room Scheme

Summary Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare room. Broadly, HMRC’s rent-a-room scheme is an optional exemption scheme, which allows individuals to receive up to £7,500 of tax-free gross income (income before expenses) from renting out spare rooms[…] Read more »



Inheritance Tax (IHT): main residence nil-rate band (RNRB)

From April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is designed to help pass on a home to ‘direct descendants’, including children or grandchildren, tax-free after their death. The rules governing the inheritance tax (IHT) nil rate band are complex and it is always recommended[…] Read more »




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