Hallidays latest Newswire contains information of the latest business and tax issues including year end tax planning.
This month highlights how a BBC journalist, paid via a personal service company, could be liable for amounts of tax and NIC of around £420,000 before offset of corporation tax, subject to any appeal and determination of final figures.
We also take a look at changes to the Minimum Wage and what steps to take now for year end tax planning 2017/18.
Tribunal rules BBC journalist is caught by ‘IR35’ legislation
A First Tier Tribunal has ruled that a presenter paid via a personal service company was caught by the IR35 rules resulting in additional tax and national insurance contributions being payable.
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which take effect from 1 March 2018.
Scotland’s five income tax bands and tax relief for pensions
Following the announcement of new income tax rates for Scottish taxpayers for 2018/19, the government is looking at ways of addressing the issue of the tax relief due on Scottish taxpayers’ pension contributions.
Minimum Wage increases
The National Minimum Wage and National Living Wage are the legal minimum wage rates that must be paid to employees.
Pensions Auto Enrolment reaches a million employers
The Pensions Regulator has announced that the number of employers meeting their workplace pension duties has reached one million and that statistics show that approximately 9.3 million people are saving into a pension.
Year end tax planning
With the end of the tax year looming there is still time to save tax for 2017/18. We have set out some points you may want to consider.