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Rent a room scheme   Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare room. Broadly, HMRC's rent-a-room scheme is an optional exemption scheme, which allows individuals to receive up to £7,500 of tax-free gross income (income before expenses) from renting out spare rooms in…
VAT: zero-rating of adapted motor vehicles Finance Act 2017 introduced legislation designed to end perceived abuse of the VAT relief on substantially and permanently adapted motor vehicles for disabled wheelchair users. The amended rules, which took effect from 1 April 2017, now specify a limit on the number of vehicles within a specified period of time that an individual can…
Working from home   Over recent years, it has become increasingly popular for employers to allow their employees to work from home, and in doing so, pay an amount to cover any additional household costs incurred. What are the tax implications of such expenses for the employee? Broadly, no tax liability will arise where an employer makes a payment to…
July key tax dates   5 - Deadline for PAYE settlement agreement for 2016/17 6 - Deadline for 2016/17 forms P11D and P11D(b) to be submitted and copies of P11D to be issued to relevant employees Deadline for employers to report share incentives for 2016/17 - form 42 14 - Return and Payment of CT61 tax due for quarter to…
Brexit legislation update The House of Commons Library has published two research briefing papers entitled Brexit timeline: events leading to the UK's exit from the European Union and Legislating for Brexit: the Great Repeal Bill. The Brexit timeline paper provides a timeline of the major events leading up to the referendum and subsequent dates of note, looking ahead to expected…
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