News

Spring Statement 2018

07/12/2017 – The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House of Commons on Tuesday, 13 March 2018. This will be the first Spring Statement to take place following the government’s decision to switch to a new cycle with the annual Budget taking place in the autumn and the annual Statement taking … More...

Finance Bill 2017-18 is published

06/12/2017 – The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages. The Bill contains the legislation for many of the tax measures that have been announced by the Government at Autumn Budget 2017. The Finance Bill introduces a number of diverse measures including the introduction of a new permanent stamp … More...

What happens to the 5p for a plastic bag?

06/12/2017 – HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted to know what happens to the money raised from the sale of 5p plastic bags by retailers. HM Treasury points out that this charge is not a tax and the money from the charge does not go to the government. Therefore, the Treasury has not received … More...

Tax incentives to invest in qualifying assets

06/12/2017 – The Annual Investment Allowance (AIA) limit is a generous capital allowance that will more than cover the annual capital expenditure spend of many small and medium sized businesses. The AIA is a 100% upfront allowance that applies to qualifying expenditure up to a specified annual limit. The limit has been fixed at £200,000 since 1 … More...

Reminder of current tax relief for pension contributions

06/12/2017 – Many commentators had predicted that the Chancellor would further reduce the annual amount that can be saved into a pension as part of the Budget measures. However, these fears appear to have been unfounded as no changes were announced. The annual allowance for tax relief on pensions will remain at the current level of £40,000 for … More...

Why don’t we still pay Class 2 NIC monthly?

06/12/2017 – Class 2 national Insurance contributions (NICs) are paid by self-employed taxpayers and members of partnerships if their annual profits are over £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count towards payments such as the state retirement pension, the employment and support allowance, maternity … More...

Tax win for Spurs

06/12/2017 – HMRC’s appeal to the Upper Tribunal over termination payments made to two football players employed by Tottenham Hotspur has been rejected. The case related to the tax position of termination payments made to two professional footballers in connection with the early termination of their employment contracts. This case had already passed … More...

Fit for Work referral and assessment service to be abolished

04/12/2017 – The government has confirmed that, as a result of “low referral rates”, its national Fit for Work referral and assessment service will come to an end in England and Wales on 31 March 2018 and on 31 May 2018 in Scotland. The Fit for Work service is a free government service that was launched in 2015 to help employers manage sickness … More...

Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2018

30/11/2017 – In a written ministerial statement, the government has announced the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2018/19. The proposed revised rates are as follows: the standard … More...

New Acas guidance on sexual harassment at work and on avoiding pregnancy and maternity discrimination

30/11/2017 – Acas has published new guidance for employers and employees that outlines what kind of workplace behaviours could be considered sexual harassment and how to report and handle it. The guidance covers: what is sexual harassment? how does sexual harassment happen? sexual assault and physical threats who can it happen … More...

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