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August 2016

  • HMRC Annual Report Published

    Newsletter issue - August 2016. The National Audit Office has published a report on the 2015-16 accounts of HMRC.The report shows that HMRC raised £536.8bn of tax revenues during 2015-16, an increase of £19.1bn (3.7%) on 2014-15 and paid out £40bn in benefits and credits (approximately one-fifth of the government's total benefit expenditure). The taxes…More

  • Spotlight on Tax Avoidance Schemes

    Newsletter issue - August 2016. HMRC have published Spotlight 31: change of date for withdrawal of transitional relief on investment growth, which covers the extension of the date of withdrawal of transitional relief currently available under FA 2011, Sch. 2, para. 59 from 30 November 2016 to 31 March 2017. The withdrawal of the relief…More

  • HMRC Focus on Contractor Loan Schemes

    Newsletter issue - August 2016. HMRC have recently published new guidance on 'contractor loan schemes', which have been widely marketed by scheme promoters as a method of receiving non-taxable income. HMRC are adamant that such schemes do not work and they are likely to challenge anyone using them. In a contractor loans scheme, an individual…More

  • Casual Employees

    Newsletter issue - August 2016. Some employers will be considering taking on extra staff on a 'casual' basis to cover the summer period. There are a few issues which employers should think about when taking on people on a temporary basis. Firstly, the employment status of the worker needs to be carefully considered. The term…More

  • Questions and Answers

    Newsletter issue - August 2016. Q. I have five employees who I recently took out for dinner to celebrate the success of the company. The total cost of the meal was £225. Do I have to report this as a benefit-in-kind to HMRC? A: Finance Bill 2016 legislates for a new tax exemption relating to…More

  • August Key Tax Dates

    Newsletter issue - August 2016. 2 - Last day for car change notifications in the quarter to 5 July - Use P46 Car 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/8/2016More

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