Welcome to our monthly newswire. We hope you find this newsletter useful. Please contact us if you would like to discuss any matters further.
News & Updates
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.
How to get a CIS repayment
Limited companies, who are registered as CIS sub-contractors without gross payment status, will have CIS tax deducted from their invoices. Where the company runs a payroll the CIS tax should be first off-set against any PAYE due, making the declaration and claim on the Employer Payment Summary (EPS) each month.