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Budget 2018: a summary of key points

The end to austerity takes shape   Despite widespread predictions of potential tax rises and relief cuts, the Chancellor was able to deliver a Budget, on the back of the latest Office for Budget Responsibility forecasts, which continued the Government’s end of austerity message. The Chancellor sought to throw a lifeline to the high street[…] Read more »

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Still time to settle loan schemes with HMRC, but be quick!

The deadline for submitting loan scheme particulars passed at the end of September 2018. However, HMRC has confirmed in their latest April 2019 Loan Charge guidance, there is still time to reach an agreed settlement and thereby avoid the 2019 charge – this is potentially relevant for ALL EBTs, EFRBS, Contractor Loans and all other[…] Read more »

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A lightbulb moment (almost) for HMRC on electric cars

With its recently published advisory mileage rates for electric company cars, HMRC have plugged (sorry!) what was an otherwise gap in their advisory fuel reimbursement rates for employees who use their company cars but who are personally responsible for the fuel costs (or in this context, for the costs of charging their electric car). Sitting[…] Read more »

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New Capital Gains Tax for overseas investors in UK real estate soon coming into effect

If you have not heard about it yet, earlier this year the UK government has released draft legislation regarding its proposals to extend capital tax gains (CGT) to include all gains arising to non-UK residents from the sale of land and property in the UK. This is to be applied from April 2019, little more[…] Read more »

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Eyes on the Horizon

We have entered the 2018/19 tax year with, for the first time in years, no new tax changes. This new, and much more relaxed, state of affairs was introduced by the Chancellor, who used his Spring Statement to review forecasts and announce consultations. With the clock ticking on Brexit negotiations, and two full Budgets delivered[…] Read more »

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Important Enterprise Management Incentive (EMI) Announcement

On 4th April 2018 HM Revenue & Customs (HMRC) issued an important but unexpected bulletin regarding the Enterprise Management Incentive (“EMI”) scheme. The bulletin advises that: EU State Aid approval for the EMI scheme will expire on 6 April 2018. The European Commission has the UK Government’s most recent application for State Aid approval in[…] Read more »

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The Chancellor’s first Spring Statement

Mr Hammond made clear some while ago that he wanted his Spring Statement to be a short financial briefing rather than a mini-Budget, complete with rabbit-out-of-hat announcements. Although his speech ran to 25 minutes, rather than the 15-20 that had been promised, the Chancellor stuck to a no-frills script. There were no new tax measures[…] Read more »

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Countdown for Disguised Remuneration Settlement Opportunity Registration (this is relevant for EBTs, EFRBS, Contractor Loan and all other employment based Schemes)

HMRC published the Disguised Remuneration settlement terms back in November 2017 and we now have HMRC’s online Settlement registration process up and running for all disguised remuneration schemes.  However, only 4 months now remain for employers or contractors to register for this opportunity  with registration closing on 31 May 2018.   The key dates are:[…] Read more »

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May deadline for new data protection rules

Major changes in rules governing how businesses manage personal data take effect this May. It is essential you are familiar with the new requirements. The EU General Data Protection Regulation (GDPR) comes into effect on 25 May 2018 and will replace existing data protection rules. Although this is EU law, the government has said it[…] Read more »

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Seasonal freezes

With much of the country dealing with heavy snow this winter, it seems appropriate that the November Budget had a theme of freezing things. After the controversy and backtracking from his Spring Budget, the Chancellor seems to have ensured that his second effort of the year had a smoother landing. Amongst the high-profile announcements were[…] Read more »

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