If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the UK State Pension and other benefits. If you are working in the European Economic Area (EEA), the rules depend on your situation (see below). The EEA includes all EU countries as
More...If you are leaving the UK to work abroad for at least one year (or permanently), there is a requirement to notify HMRC. This is done using a P85 form which should be completed and submitted to HMRC. You will also be required to submit a Self-Assessment tax return if you usually complete one, for example, if you are self-employed. The
More...The ability to increase the rent on private rentals is driven by the tenancy agreement. This is an agreement between the landlord and the tenant. The agreement can be written down or oral. The tenancy can either be: fixed-term (running for a set period of time) periodic (running on a week-by-week or month-by-month basis) The type
More...There are late filing penalties in place for employers that don’t report payroll information on time. The size of the late filing penalties depends on the number of employees within the PAYE scheme. Number of employees Monthly filing penalty per PAYE scheme 1 to 9 £100 10 to
More...The holder of a scholarship is exempt from a charge to Income Tax on income from a scholarship when receiving full-time education at a university, college, school or other educational establishment. Please note, that the provision of a scholarship to a member of the family or household (usually a son or daughter) of a director or
More...There are special rules, known as the miscellaneous income sweep-up provisions, that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches certain income that would not otherwise be charged under specific provisions to Income Tax or Corporation Tax. Amongst the types of income covered
More...Goodwill is a term we hear about often, but interestingly, is rarely mentioned in legislation. In fact, the term 'goodwill' is not defined for the purposes of the Capital Gains legislation in TCGA 1992. Most definitions of goodwill are derived from case law. You could describe goodwill as the 'extra' value attributed to a
More...Pension Wise is a free government service that was launched in 2015 to help provide individuals with general pension advice. However, the service does not answer specific questions relating to your pension. The main advice the service provides is generic and covers what you can do with your pension pot, the different pension types, how
More...There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. The usual rule is that when you purchase a car for your business then no VAT can be reclaimed. The main exception to this rule is when the new car is used solely for business use. This rule has been the subject of much case law
More...The High Income Child Benefit charge (HICBC) applies to a parent whose income exceeds £50,000 in a tax year and who is in receipt of Child Benefit. If both parents have an income that exceeds £50,000, the charge will apply to the highest income earner. The charge claws back the financial benefit of receiving Child Benefit
More...Insurance transactions are generally VAT exempt. However, there are many issues that can arise concerning the VAT liability of certain insurance transactions. One of these issues concerns the VAT treatment of insurance claims. Insurers are unable to recover VAT incurred in obtaining replacement goods or having repairs carried out for a
More...Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees, for example, the use of a company car. There are no Class 1A employee contributions payable. Class 1A NICs are due in respect of most benefits provided to: directors and certain other persons in controlling positions, employees, members of
More...To calculate adjusted net income, you will need to look at a taxpayer’s total taxable income, before personal allowances, and then deduct any trading losses, gift aid donations, gross pension contributions and pension contributions where the pension provider has already provided tax relief at the basic rate. Calculating the
More...The government has published its response to its January 2019 consultation on “pregnancy and maternity discrimination: extending redundancy protection for women and new parents” and has confirmed that it will now take action to address such discrimination. As the law currently stands, employees who are placed at risk of
More...A new consultation launched jointly by the Department for Work and Pensions and the Department of Health and Social Care, is seeking views on different ways in which both the Government and employers can take action to reduce ill health-related job loss. The consultation is examining a number of specific proposals including: Reforming
More...Although we have a new Prime Minister, it would seem that so far nothing has changed to bring us any closer to a Brexit resolution. In fact, it appears that a no-deal Brexit is becoming more likely as we approach the 31 October deadline. HMRC has published guidance on visiting the EU after 31 October 2019. They have said that there will
More...The Help to Buy ISA scheme will close to new savers after 30 November 2019. This leaves less than 4 months to open an account before the product is due to be withdrawn by the Government. Once opened, account holders can continue to save in their ISA account until 30 November 2029 when accounts will close to additional contributions.
More...If the UK leaves the EU without a deal, any UK business that exports goods to the EU will be responsible for making customs declarations (as is the case for businesses currently exporting goods outside the EU). If you have clients that trade with the EU, you should check that they have a UK Economic Operator Registration and
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