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Springfords LLP Tax Alerts

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Tax Alerts

The Ostrich Effect of Tax Evasion Facilitation

02 Aug 2018
The UK Government believes that businesses should be criminally liable where they fail to prevent those who act for them, or act on their behalf, from criminally facilitating the evasion of tax. The Criminal Finances Act 2017 came into force on 30 September 2017 and introduced Part 3 Corporate Offences of failure to prevent facilitation of tax evasion (“FoTE”) which applied from that date to all companies and partnerships (wherever incorporated ...(more)

Tax Savings for Married Couples

02 Aug 2018
It’s wedding season so what better time to ponder the tax savings which could apply to married couples or those in civil partnerships. Wedding Gifts An individual can make wedding gifts of up to £5,000 to their son/daughter without any inheritance tax implications. As each person is treated separately, this means 4 parents could give up to a total of £20,000 to the newly married couple – going a long way to ...(more)

Deemed Employment Taxes

02 Aug 2018
HMRC have recently published their findings following the introduction of new IR35 legislation for the public sector which bacame effective from 6 April 2017 and which, in certain circumstances, deems individuals working through their own companies to be employees of their clients.  HMRC’s view is that non-compliance with IR35 legislation within the private sector is widespread and increasing (as the number of one or two director personal service companies increases). ...(more)

Scottish Tax

18 Apr 2018
There has been a lot of discussion in the papers about the new Scottish rates of income tax, which were announced in the Scottish Budget on 14 December 2017, but what does it really mean for you? Our article summaries the new tax rates and gives some guidance on the sources of income/deduction the new rates apply to. Scottish Tax Rates The Scottish tax rates will apply if you are a Scottish ...(more)

Spring Statement 2018 : what you need to know

16 Mar 2018
Philip Hammond delivered his Spring Statement on Tuesday 13 March. There was no red briefcase, no red book, and no tax changes as he delivered the statement in a speech lasting less than half the length of any of his previous statements. The chancellor unveiled the latest economic forecasts alongside a raft of consultations. Upcoming changes from April 2018 Auto EnrolmentFrom 6 April 2018, the minimum employer contribution towards an employee’s workplace pension ...(more)

Tax in 2017/18

17 Jan 2018
Download our free tax calendar to help you remember all those tax deadlines in 2018. Although the Autumn Budget didn’t contain many surprises (see our update) there are none the less a few tax changes taking effect this year that you should now be planning for. Top changes include: The dividend allowance (the amount you pay 0% tax on) is reducing from £5,000 per annum to just £2,000 per annum from 6 April ...(more)

Scottish Draft Budget 2017

15 Dec 2017
Scotland's Finance Minister Derek Mackay announced Scotland's Draft Budget 2018-19 on 14 December.  Within the Budget there were no surprises regarding Scottish income tax bands diverging from those across the rest of the UK, with several more bands added.  Click here for more information.(more)

Autumn Budget 2017

07 Dec 2017
Chancellor Philip Hammond said he'd take a balanced approach to his second Budget of 2017. Once again the speech was light on headline-grabbing finance changes and there were no 'giveaways' or major surprises. Instead, the chancellor focused on the measures to prepare the economy for post-Brexit life. Click here to view our report on the Autumn Budget.(more)

Making Tax Digital for VAT

08 Nov 2017
For those of you who are still keeping manual records and refusing to buy an accounting software package to record your bookkeeping transactions, be warned, your days are numbered. Like it or not, digital record keeping is coming and it's worth planning for this now. With effect from 1 April 2019, all VAT registered business with turnover above the VAT registration threshold (currently £85k) will be required to: maintain their VAT records ...(more)

Tax Savings at Christmas

03 Nov 2017
At this time of year many employers give their staff ‘a little something’ to say Merry Christmas.  The trick is to make sure you do this in the most tax efficient manner! A common option is the Staff Christmas Bonus, which unfortunately is the least tax efficient method (albeit possibly the easiest!), with the employee suffering income tax and national insurance on the bonus and the employer also incurring national insurance ...(more)

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