News

Scott Says - IR35 in the Public Sector - We need your feedback
29/07/2016 - More...
A Consultation on IR35 in the Public Sector is now underway. The proposals suggest that a hirer, or an agency acting on the hirer’s behalf, will complete a ‘test’ for those working in the public sector. If the test is passed gross payments will be paid to your limited company. However, if the assignment fails (the test) Tax and NIC will

A new partnership with UK's most innovative CRM company
01/07/2016 - More...
1st Option is delighted to announce it has added a CRM solution to its portfolio of products and services. The cloud-based small business CRM solution from UK based Monii, is a winner when it comes to productivity gains, which means more billable hours for you. Monii is your secret weapon to track tasks, contacts, and notes. One of the

Scott Says - How to reduce your Corporation Tax
01/07/2016 - More...
Everyone loves paying taxes right? Well if you don’t, this article provides a few basics every business owner should know to ensure they are not paying too much! Jim Callaghan, the Chancellor of the Exchequer introduced Corporation Tax in 1965. Since 1965 the Corporation Tax rates have ranged from 42% in the seventies to 19% in the

Professional bodies approved for tax relief
27/05/2016 - More...
Many professionals such as accountants, lawyers and health professionals are required to make a subscription to a professional body or learned society. HMRC has recently published an updated list of the organisations that they will accept as valid professional bodies. This list is updated from time to time and a recent update lists all

Healthcare when away from home
27/05/2016 - More...
· Do you work away from home? · Are you often too busy to visit your local GP? We are delighted to introduce i-GP. Designed and run by UK trained family doctors with over 30 years of NHS experience between them, they provide free online assessments for over 20 minor illnesses. They offer instant access to the

Paper Self Assessment return deadline
17/08/2016 - More...
The 2015-16 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2016. Late submission of a Self Assessment return will become liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2017. We would recommend

New government guarantees to replace EU funding
17/08/2016 - More...
The Chancellor, Philip Hammond has given important reassurances to British businesses and universities in the wake of the Brexit vote. The new Chancellor has given his assurance that British organisations that are receiving EU funding will continue to do so after Brexit. This announcement should also help provide certainty for many key

SDLT filing and payment date changes
17/08/2016 - More...
In last year’s autumn statement, George Osborne announced plans to change the Stamp Duty Land Tax (SDLT) filing and payment process. SDLT is a tax that is generally payable on the purchase or transfer of land and property in England, Wales and Northern Ireland. In Scotland, SDLT was replaced by Land and Buildings Transaction Tax from 1

Duty free limits for travellers
17/08/2016 - More...
Here is a reminder for travellers of their duty and tax free allowances whilst travelling this summer. It remains to be seen what impact Brexit will have on these allowances once Article 50 of the Lisbon Treaty is triggered. However, for the time being the EU allowances remain unchanged. Travelling to an EU country Where tobacco or

Receiving child benefit
17/08/2016 - More...
The weekly rates of child benefit for the only or eldest child in a family is currently £20.70 and the weekly rate for all other children is £13.70. These rates are fixed until April 2017. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August following a child’s 16th Birthday.

HMRC emails and the TFCS
17/08/2016 - More...
HMRC has issued an advisory note to let taxpayers know that emails and letters are being sent providing information about the new Tax-Free Childcare Scheme (TFCS). The sender address may show as 'nsandi'' and contains further information about the scheme. These emails are genuine. The TFCS is expected to be launched in early 2017 with

Personal Tax Accounts
10/08/2016 - More...
HMRC’s personal tax account (PTA) has been designed to allow taxpayers to manage their tax affairs online. The PTA works in a similar way to an online bank account and is part of HMRC’s strategy to move to a fully digital tax service. It is expected that by 2020 the system will be fully rolled out and taxpayers will be able to register,

Coding out debts deadline
10/08/2016 - More...
The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding adjustment recovers debts such as self-assessment liabilities, tax credit overpayments and outstanding Class 2 NIC contributions. Instead of paying off amounts

Tax credit deadline expired
10/08/2016 - More...
The deadline for renewing tax credits claims was 31 July 2016. HMRC has confirmed that around 1 million people renewed their tax credits online. This means that there were almost a quarter of a million more people that renewed online than last year. The 31 July was the busiest day for online renewals when over 44,000 renewals were made.

English plastic bag charge
10/08/2016 - More...
The Department for Environment, Food & Rural Affairs (DEFRA) has published an analysis on the single-use carrier bag charge in England in the first six months since the charge was introduced. On 5 October 2015 a minimum charge of 5p was introduced on single-use carrier bags supplied by large shops in England. Since then single-use

Financial Services Compensation Scheme
10/08/2016 - More...
The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies, should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £75,000 per person, per authorised bank or building society. The limit is enough to cover the

Claiming a repayment of tax from HMRC
10/08/2016 - More...
The P50 form entitled "Claim for repayment of tax when you have stopped working" can be used by individuals to claim back excess tax paid. An online and print and complete version of the form is available on GOV.UK The form can be used in the following circumstances: By a taxpayer that has been unemployed for four weeks or more. By a

Double taxation treaty passport scheme
10/08/2016 - More...
The double taxation treaty passport scheme is a special scheme that allows for double taxation relief on UK loan interest payments made by a UK corporate borrower to overseas corporate lenders. A double taxation treaty passport can be applied for by a company (or its head office) where the following applies: is resident in a country

Changing landscape for non-doms
02/08/2016 - More...
From April 2017, new rules are set to be introduced that will significantly change the circumstances under which non domiciled (non-dom) status can be claimed by those that are UK tax resident. The changes will affect those who have lived in the UK for the last 15 years or more and who seek to claim non-dom status and will see an end to

National Insurance Contributions case
02/08/2016 - More...
The First-Tier Tribunal (FTT) recently considered a case which examined National Insurance Contributions from as far back as 1971. In this case, the appellant appealed against a decision by HMRC that she had made an election that allowed her to make National Insurance Contributions at a reduced (nil) rate. The appellant argued that she

Pension reforms continue
02/08/2016 - More...
Major pension reforms came into effect on 6 April 2015. Savers have already taken advantage of the pension freedoms to access over £6 billion from their pension pots. Since April this year, over 159,000 people have accessed over £1.7 billion in this way. The pension rules allow, those aged 55 and over new opportunities to access their

Claiming the employment allowance
02/08/2016 - More...
The annual employment allowance for businesses and charities in 2016-17, to be offset against their employers Class 1 NICs, is £3,000. The allowance can be claimed as part of the normal payroll process through RTI using an employer’s payroll software or HMRC’s Basic PAYE Tools. An employer can claim less than the maximum if this will

Tracing a missing pension
02/08/2016 - More...
The Pension Tracing Service keeps a register of all pension schemes. The Department for Work and Pensions (DWP) has recently launched a new microsite on GOV.UK to help people find their lost pensions. In order to use this service, the applicant needs to enter their employer’s name or the name of the pension scheme. Some suggestions for

Business Rate Relief for charities
02/08/2016 - More...
Business rates is charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Charities and not-for-profit organisations can get up to a 100% reduction in their business rates. The relief is also available to Community Amateur Sports Clubs (CASCs). The reduction is