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Pennington Williams Tax News – October 2017

ARE SPOUSES WAGES FULLY DEDUCTIBLE? HMRC have recently won a tax tribunal case where they were seeking to challenge the deduction for a wife’s wages in arriving at the profits of her husband’s business. The judge agreed with HMRC that the amount allowed as a deduction should be limited based on the hours spent and […]

Pennington Williams Tax News – September 2017

NEW COMPANY LOSS RULES TO GO AHEAD The Finance Bill due to be debated in early September will finally include the new rules for the set off of company losses that were originally announced in March 2016. As a result of the first Finance Act being rushed through due to the snap General Election the […]

Pennington Williams Tax News – August 2017

MAKING TAX DIGITAL FOR BUSINESS DELAYED The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business to 2020 at the earliest. Quarterly VAT reporting using the new system will be mandatory from 2019. In a further U-turn, three million small businesses and buy […]

Pennington Williams Tax News – July 2017

Tax News – July 2017   IMPLICATIONS OF HUNG PARLIAMENT   The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Party (DUP) in Northern Ireland. This leads to a period of significant uncertainty for the country as the BREXIT negotiations […]

Pennington Williams Tax News – June 2017

Tax News – June 2017   ELECTION ON 8TH JUNE – WHAT’S IN THE MANIFESTOS?   The decision to call a snap General election on 8th June caught many of us by surprise. The various political parties have been rushing out their manifestos making all sorts of promises if elected. These documents are becoming increasingly important. Bringing […]

Pennington Williams Tax News – May 2017

Tax News – May 2017   U-TURN ON SELF-EMPLOYED NICs – FOR NOW   In his first Budget on 8th March, the new Chancellor Phillip Hammond announced that he would  level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and […]

Pennington Williams Tax News – April 2017

Tax News – April 2017 NEW RULES FOR IR35 WORKERS IN THE PUBLIC SECTOR START 6 APRIL 2017 There are significant changes that commence on 6 April 2017 for workers in the public sector supplying their services via their own personal service companies or other intermediaries. From 6 April 2017 the public sector employer or […]

Pennington Williams Tax News – Winter 2016/17

Monthly Tax News – Winter 2016/17 INCOME TAX NOT CGT ON PROPERTY SALE Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted […]

Pennington Williams Tax News – October 2016

Monthly Tax News – October 2016 REPORTING TO HMRC EVERY QUARTER TO GO AHEAD IN 2018 The Government and HMRC remain committed to the “Making Tax Digital” project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions. The next big step will be the introduction […]

Pennington Williams Tax News – September 2016

Monthly Tax News – September 2016 LIQUIDATING A COMPANY – IS IT A CAPITAL GAIN? One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains. […]

© 2019 Pennington Williams - Chartered Accountants
© 2018 Pennington Williams - Chartered Accountants