Spring 2018

Our lead article is of particular relevance to corporate clients, and covers the correct procedure to be followed when making dividend payments. Highlighting some common errors, the article offers guidance on best practice, and how best to avoid challenge from HMRC.

The government has altered the timetable for the abolition of Class 2 National Insurance, and the other article on the front page sets out the most up to date position here.

Elsewhere in the newsletter, we consider Community Amateur Sports Club status. This is a scheme which can allow local clubs to access a variety of tax advantages.

Scottish income tax has been in the news following the Scottish Draft Budget 2018/19, and we cover recent developments. All employers, whether north or south of the Border, need to know the new rules, given the possibility of employees moving to or from Scotland during the tax year.

In our other articles, we look at:

  • forthcoming income tax rates and bands
  • tax on acquiring property in Wales, both before and after the introduction of the new Land Transaction Tax regime
  • National Minimum Wage latest rates
  • National Minimum Wage developments in the social care sector
  • Inheritance Tax and
  • points to consider when a spouse dies.

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.

  • Paying dividends
    Dividend payment is a primary vehicle to extract cash from owner-managed businesses, but it’s an area coming increasingly under HMRC’s spotlight.
  • New rates and bands on the way
    The UK Budget set out an increase in the personal allowance.
  • Self-employed and want a mortgage?
    If you’re one of the UK’s nearly five million self-employed people, you may know how tricky it can be to get a mortgage. ‘All borrowers are jumping through more hoops than ever, but the self-employed will have to leap far higher,’ said a spokesperson at analyst, Moneyfacts.
  • Inheritance Tax
    Inheritance Tax (IHT) is charged at 40% and may be due from an estate when someone dies, unless the estate is left to a spouse or civil partner.
  • National Minimum Wage in the social care sector
    Employers in the social care sector have had mixed signals from HMRC about payment of National Minimum Wage (NMW) for workers carrying out sleep-in shifts – although the headline news is that NMW is payable here.
  • Work: a whole new world
    Uber, TaskRabbit, Deliveroo - names fast becoming familiar that would have been complete unknowns only a few years ago. The world of work is changing.
  • National Minimum Wage: new rates from 1 April 2018
    In the biggest rise in National Minimum Wage (NMW) rates for those under 25 for a decade, new rates apply from 1 April 2018.
  • Getting sporty?
    Back at the start of the last football season, one leading tax body put out the call for amateur sports clubs to think of the cheering fans as their 12th man – and the tax rules as their 13th.
  • When a spouse dies
    Money experts have estimated that because the small print about ISAs isn’t widely known, almost nine in ten savers could be missing out when a spouse or civil partner dies.
  • Tax on acquiring property in Wales
    ‘Tax is changing in Wales’ advise HMRC: and indeed it is.
  • Class 2 National Insurance: not quite the end of the road
    The government has announced that plans to abolish Class 2 National Insurance Contributions (NIC) are being put off for 12 months.