Tax E-News

Off-payroll rules (ir35) to be extended to private sector workers?

This consultation is being undertaken at the same time as the consultation into employment status.

EMI share option scheme receives state aid approval

Last month, we reported that the Enterprise Management Incentives (EMI) share option scheme lost its EU State Aid approval on 6 April 2018.

Making tax digital delayed further, apart from VAT reporting

HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest.

Simplification of inheritance tax

The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates.

P11D forms due soon

As set out in the following table, employers need to submit details of benefits in kind provided to directors and employees by 6 July 2018.

Diary of main tax events

June/July 2018

Diary of Main Tax Events

May/June 2018

CGT to be Paid Earlier on Property Disposals in 2020

HMRC are consulting on the mechanism for collecting CGT on residential property disposals from April 2020, when the tax will be due within 30 days of completion.

Taking a Lodger? Don’t Forget to Claim “Rent a Room” Relief

HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market.

HMRC Lose IR35 Case

In the February newsletter we reported the Tax Tribunal decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the arrangements

Form P11Ds to Include Benefits Provided by Salary Sacrifice

Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) or “salary sacrifice” arrangements, to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits.

Tax Advantage of EMI Share Option Schemes Lapses

HMRC have advised companies to consider delaying the grant of Enterprise Management Incentive (“EMI”) share options until fresh State Aid approval has been granted by the EU