Following consultation the government has issued further details of the new Lifetime ISA account which is expected to be available from April 2017. In summary the account will be available to adults under the age of 40 and individuals will be able to contribute up to £4,000 per year and receive a 25% bonus from […]

HMRC have updated their guidance for charities and community amateur sports clubs (CASC)  on claiming Gift Aid on donations. The guidance has been amended to reflect updated guidance on the retail Gift Aid process operated by charity shops on donated goods. Internet link: GOV.UK guidance

HMRC recently lost a first tier tribunal case on the recovery of VAT on the purchase of six cars. Although most VAT registered businesses are able to recover the VAT on the purchase of commercial vehicles the rules for the recovery on a car state two conditions must be met: the vehicle must be used […]

The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1 October 2016. the rate for 21 to 24 year olds will increase by 25 pence to £6.95 per hour the rate for 18 to 20 […]

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2015/16 return is 31 October 2016. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is […]

HMRC have announced further details of the new Tax Free childcare scheme which is to be introduced in 2017. To be eligible, families will have to have all parents in work and each expecting to earn at least £115 per week and less than £100,000 a year and not be already receiving support through Tax […]

The Chancellor of the Exchequer, Philip Hammond, will present his first Autumn Statement to Parliament on Wednesday 23 November 2016.   The Chancellor recently met with representatives from British business and business groups to listen to their views ahead of the Autumn Statement. The events, which took place at the Treasury and Downing Street, also […]