Changes to the rules on Directors’ Loans
The rate of tax on Directors’ Loans increased at the start of the financial year, on 6 April 2016, from 25 per cent to 32.5 per cent of any amount loaned to a shareholder during the previous accounting year, which had not been repaid within nine months of the end of that year.
Is my email from HMRC really from the Revenue?
This is a question that is often asked of accountants, but how can you spot a fake email purporting to be from HM Revenue & Customs (HMRC)?
Reliefs on Employee Travel Expenses curtailed
Since the start of the new financial year on 6 April 2016, employment intermediaries have had to consider whether a person is subject to supervision, direction or control (SDC) in their work when deciding whether travel from home to work and subsistence expenses can be paid to workers.
Tax Evasion Criminal Sanctions
The Queen’s Speech in May saw the government announce its intention to bring the proposed Criminal Finance Bill before Parliament that will hold UK companies responsible for failing to prevent their staff facilitating tax evasion anywhere in the world by creating a new criminal offence for corporations that do not take action.
The taxman’s new tax collecting powers
July 2016 will see the introduction of a new set of tax collecting powers that HM Revenue & Customs (HMRC) will be able to use when it believes tax is due that is not covered by a self-assessment tax return.
SMEs warned to take care when choosing lenders
The National Association of Commercial Finance Brokers (NACFB) is advising SMEs to read the fine print when seeking finance after its number of rejected lenders skyrocketed in the last two years.