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July Tax News & Updates
Welcome to our monthly newswire. We hope you find this newsletter useful. Please contact us if you would like to discuss any matters further.
Directors’ loans and section 455
Following the changes to dividend taxation from April 2016, when the rate of tax charged increased from 25% to 32.5%, callers are asking how HMRC would allocate any repayments.
Tax-Free Childcare
Tax-Free Childcare is a new Government supported scheme which gives eligible parents up to £2,000 per child, per year, towards their childcare costs. For every £8 a parent pays into their childcare account, the Government will pay in an extra £2. Parents can use the money to pay their childcare provider from their childcare account, so long as their childcare provider is signed up to Tax-Free Childcare.
Non-resident CGT reporting
When a non-resident person (individual, corporate or trust) disposes of a residential property in the UK on or after 6 April 2015, that disposal must be reported for the purposes of non-resident capital gains tax (NRCGT). The reporting deadline is 30 days from the date of completion, as we explained in our newsletter on 6 October 2016
Share schemes reporting
Employee share schemes have their own reporting regime called ERS online, which we outlined in our newsletter on 9 June 2016. The first year for which annual reports had to be submitted using ERS online was 2014/15.