Our monthly tax update
News & Updates
Monthly Newswire
Our monthly update
CGT on Overseas Properties
Calculating the CGT due on the disposal of a property is not easy; you need to know which expenses can be deducted, and if any tax reliefs are due. If the property was located overseas, the computation is complicated by the fact that the consideration, and possibly the purchase, are likely to have been made in a foreign currency.
Paying PAYE
HMRC is urging all taxpayers, and particularly employers, to pay their tax labilities by electronic means rather than by cheque. HMRC officers have been calling and writing to employers who still pay by cheque, to ask them to switch to online or telephone banking, to pay by debit or credit card online.
NMW Traps
The national minimum wage (NMW) is increasing again, but this time the new rates take effect from 1 April 2017 instead of 1 October 2017. You need to be aware that for younger employees this will be the second compulsory pay rise in six months.
Making Tax Digital (MTD) Update
On the 31 January HMRC announced a policy statement summarising the 1200 consultation responses it had received.