Tax E-News

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Class 2 NICS to continue for self-employed

In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed.

Check your contribution history

In order to maximise entitlement to full State Benefits a full contribution record Is required.

IT consultant wins IR35 personal service company case

The government have been consulting on extending the personal service company rules that currently apply to public sector workers to those in the private sector, but in the meantime tax tribunal decisions are still being decided against HMRC.

And football referees are self-employed

The degree of control was also held to be a critical factor in determining that football referees in charge of matches in the Championship and lower leagues were self-employed.

Tax efficient childcare schemes

Earlier this year the government announced that no new childcare voucher schemes could be set up after 5 October 2018.

Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 September 2018

Don’t forget there may be tax to pay on your dividends in January

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends.

Diary of main tax events

October / November 2018

Time to declare offshore income gains and assets warns HMRC

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.

Check your pension savings annual allowance

HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website.

2015/2016 pension annual allowance lapses on 5 April 2019

To utilize the 2015/16 unused relief any additional pension savings would need to be paid to the pension fund by 5 April 2019, otherwise the relief from 2015/16 will lapse.

Tapered pension tax relief for those with high income

For most taxpayers the maximum pension input annual allowance is currently £40,000.

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