This is where we keep you up to date with announcements by HMRC, share tips to help you save money and run your business.
Q. I have traded through a two-man partnership for many years, but my partner has recently announced that he has decided to leave. I intend to continue trading as a sole trader. We have agreed an outgoing payment, which includes amounts for various items but mainly consists of ...
Read moreNew rates for the National Minimum Wage (NMW) and National Living Wage (NLW) (aged 25 and over) apply from 1 April 2018, and employers must ensure that they implement them accordingly. The rates are as follows: - 25 and over - £7.83 per hour; - 21 - to 24-year-olds - £7.38 an hour; - 18 - ...
Read moreFinance Act 2018, which received Royal Assent on 15 March 2018, enacts several changes affecting the taxation of partnerships, most of which apply for the 2018-19 tax year onwards. The changes will be relevant to general and limited partnerships, Limited Liability Partnerships (LLPs) carrying on business with a view to profit, ...
Read moreThe Welsh Government and the National Assembly for Wales take responsibility for some of the taxes paid in Wales in April 2018. Three taxes in Wales are affected by the partial devolvement: - Stamp duty land tax; - Landfill tax; and - Income tax. Land transaction tax (LTT) From 1 ...
Read moreHMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders. Broadly, a UK-resident taxpayer has a responsibility to notify HMRC ...
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