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Dec 12, 2017

From next April, Wales will join Scotland in becoming responsible for some of the taxes paid locally. This will begin with the introduction of the new Welsh land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) as well as ...

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Dec 12, 2017

The tax penalty system is intended to make penalties simpler to understand and more consistent across many taxes. The penalties can range from 0% where reasonable care is taken, but nonetheless an incorrect return is submitted up to 100% of the tax...

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Dec 12, 2017

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where entrepreneurs' relief is available CGT of 10% is payable rather than the normal main rate of 20%. Thi...

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Dec 12, 2017

In a boost for the Midlands economy, Coventry has been named UK City of Culture 2021. The announcement was made by the Minister for Arts, Heritage and Tourism, John Glen after Coventry beat four other cities that were in the running. The title of ...

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Dec 12, 2017

The employment allowance of £3,000 per year is available to most businesses and charities and can be used to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process. An employer can c...

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Dec 06, 2017

The Chancellor, Philip Hammond has announced that he will deliver his Spring Statement to the House of Commons on Tuesday, 13 March 2018. This will be the first Spring Statement to take place following the government’s decision to switch to a ne...

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Dec 05, 2017

The Finance Bill 2017-18 was published on 1 December 2017 and runs to relatively modest 192 pages. The Bill contains the legislation for many of the tax measures that have been announced by the Government at Autumn Budget 2017. The Finance Bill in...

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Dec 05, 2017

HM Treasury has published an interesting response to a Freedom of Information enquiry that wanted to know what happens to the money raised from the sale of 5p plastic bags by retailers. HM Treasury points out that this charge is not a tax and the m...

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Dec 05, 2017

The Annual Investment Allowance (AIA) limit is a generous capital allowance that will more than cover the annual capital expenditure spend of many small and medium sized businesses. The AIA is a 100% upfront allowance that applies to qualifying exp...

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Dec 05, 2017

Many commentators had predicted that the Chancellor would further reduce the annual amount that can be saved into a pension as part of the Budget measures. However, these fears appear to have been unfounded as no changes were announced. The annual ...

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