What we think

PAYE Settlement Agreement


HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises. HMRC states that this change in procedures will: offer more certainty to employers and their employees reduce the instances of unexpected tax bills… Read more

Non-resident landlord scheme

If you are non-UK resident and you receive rental income in the UK, you must register with HMRC under the Non-resident landlord scheme  (NRLS) regardless of whether you are an individual, trust or company. Otherwise, your tenant or letting agent is responsible for withholding 20% tax from your rental payments and paying this over to… Read more

Benefits in Kind

Cash Basis- Is it worth a look?

The Finance Bill included a provision for all rental businesses with a turnover of less than £150,000 to prepare accounts on a  simpler cash basis unless they elected to continue with the accrual basis. Whilst this measure was dropped from the final Bill, it is possible that the measure will be reintroduced in the Bill… Read more

Possible Changes to Entrepreneurs Relief

Whichever party wins the General Election there is a chance of change to Entrepreneurs Relief Currently, most business owners would expect to qualify for Entrepreneurs’ Relief (ER) if they sold their business. Entrepreneurs relief reduces your rate of tax on a sale from 20% to 10%. Whilst the current Government has been broadly supportive of… Read more

Measures dropped from Finance Bill increase uncertainty.

The Government has dropped over half of the measures announced in the April Budget from the finance bill in order to rush the legislation through Parliament ahead of the June 8th general election.  With Parliament going to recess on May 3rd, it was rushed through in under 2 hours. The Bill, which would have been… Read more