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Tax News

Tax specialists in Sheffield, Doncaster and Northampton

Stephen Allender joins Hawsons as Senior Tax Manager

Hawsons are pleased to announce that Stephen Allender has joined the firm as a Senior Tax Manager. Stephen is a Chartered Tax Advisor and member of the Association of Taxation Technicians. He has worked in tax since 1997 having gained a wealth of experience working...

Christmas parties and staff gifts – a tax guide

With the festive period now approaching, we are often asked by employers about the tax treatment of providing a staff Christmas party or giving gifts to employees. Here is a quick reminder of the rules. STAFF PARTIES What is exempt? There is a tax exemption for...

2016 Autumn Statement – what you need to know

On Wednesday 23rd November the Chancellor Philip Hammond presented his first and last Autumn Statement. The Chancellor’s announcements are summarised below. Our summary also provides a reminder of other key developments which are to take place from April 2017. Over...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we expect in the upcoming Autumn Statement?  Craig...

How to recognise fake HMRC emails and other phishing scams

Phishing is the fraudulent act of emailing a person in order to obtain their personal/financial information such as passwords and credit card or bank account details. These emails often include a link to a bogus website designed to encourage the unwary to enter their...

The Autumn Statement and a busy time ahead for the tax system

The Autumn Statement on 23rd November is set to be an important event. We have a new Prime Minister and Chancellor of the Exchequer with a potentially different slant on economic policy than their predecessors. There is also the need to deal with the impact of Brexit....

Tax-Free Childcare scheme

HMRC have announced details of the new Tax-Free childcare scheme which is to be introduced in 2017. The scheme is expected to be available to around 2 million households. To qualify To be eligible, families will have to have all parents in work and each expecting to...

Offshore evaders given final opportunity to disclose tax to HMRC

HMRC has launched its final opportunity to give those with offshore income and assets the chance to disclose any unreported UK tax liabilities. New international collaboration will allow HMRC to obtain more information about overseas accounts and the government has...

Apprenticeship levy update: further guidance issued August 2016

A new apprenticeship levy update has been issued (August 2016), stating that all businesses have until September to feedback on plans before the new rules are formally introduced next year. The government has ignored some businesses groups' advice for a delay to the...

Reminder: National Minimum Wage to rise again October 2016

This article is a short reminder that National Minimum Wage will increase from 1 October 2016, following the Government's decision to accept recommendations from the Low Pay Commission (LPC) earlier this year. The main National Minimum Wage rate (for 21- 24 year olds)...

4 succession planning tips for the family farm

Have you thought about succession and the long-term plans for your family farm? Succession planning is all about working with your family and is an essential part of running your family farm – used to protect your assets, your business and your family. This article...

Inheritance tax receipts increase by 22% to £4.7 billion in 2015/16

Recent figures published by HMRC show Inheritance Tax (IHT) receipts have reached their highest level since the current system was introduced in 1986. HMRC collected a total of £4.7 billion in 2015/16, an increase of 22% compared to the previous year. Receipts have...

The apprenticeship levy: small business implications

With a lack of detail about how the apprenticeship levy will be implemented when the new rules were announced, there remains some uncertainty around the levy and what it may mean for smaller businesses. Although the government has now provided additional details, many...

Keep on route through the haulage tax minefield

There have been some recent changes in the employment tax landscape affecting the road haulage industry and keeping the right side of the pitfalls could prove trickier than negotiating the M25 on a Friday afternoon. The key areas of risk for hauliers centre around the...

R&D Tax Relief – the perfect time to claim

Research and Development (R&D) Tax Relief can provide additional tax deductions and enhanced cash flow for companies that develop new products, processes or services. Although widely available, R&D claims are often overlooked, and many companies that would be eligible...

Brexit: impact on investments, pensions and tax

On 23rd June 2016 the UK voted to leave the European Union. Brexit has created an air of uncertainty and no one really knows what’s coming next or what it could all mean in the long term; however, many individuals are rightly concerned about what the UK's decision to...

Brexit: tax implications as the UK votes to leave the EU

From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the...

Gift Aid rules 2016 – new Gift Aid declaration wording for donors

The Gift Aid scheme is now 25 years old and is worth a great deal to the charity sector. In its first year charities benefited from £10 million of tax savings but, with substantial increases, the savings were worth nearly £1.2 billion in 2014/15. However, HMRC is...

P11D deadline reminder – are you ready for 6 July 2016?

Important reminder for employers: the P11D deadline is 6th July 2016. The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July...

4 reasons to file your 2016 self assessment tax return early

Although we are only just into the new tax year and it may be tempting to put off preparing your self assessment tax return until later in the year, the summer might actually be the perfect time to complete your tax return and get your tax affairs up to date. In my...

Business benefits of donating to charity – including tax breaks

This article provides detailed guidance to some of the business benefits of donating to charity, with a particular focus on tax breaks, recruitment and retention and customer/client engagement. Purpose of this article For business owners: the benefits of donating to...

Craig Walker joins Hawsons as Senior Tax Manager

Hawsons are pleased to announce that Craig Walker has joined the firm as Senior Tax Manager. Craig is highly experienced and brings with him a great deal of expertise, having worked for two firms of Chartered Accountants, including a national top 20 accounting firm....

One year on from the 2015 new pensions rules – key stats

According to HMRC figures released last month, over 230,000 people have used the new pension rules, introduced one year ago, to access over £4.3bn in pensions saving. Since the pension flexibility rules took effect from 6 April 2015: 232,000 individuals have accessed...

Buy-to-let tax changes for landlords and property investors

Are you aware of the recent buy-to-let tax changes? The UK property market, whilst cyclical, has proved over the long-term to be a very successful investment. This has resulted in a massive expansion in the sector and investments in buy-to-let properties have been and...

How to maximise the generous tax reliefs for charities

There can be generous tax reliefs for charities, but only if the charity is correctly set up and run. HMRC have recently updated their guidance on the tax treatment of charities so it’s timely to review the current tax position. Qualifying conditions To be a charity...

Company car tax: is a company car still a tax efficient option?

Company car tax efficiency is at the forefront of many business owners and employees’ minds and, whether you’re thinking of purchasing your first company car or upgrading an old one, it is important to understand the pros and cons of company car tax. It may come as a...

Expenses exemption to replace dispensations from 6 April 2016

Are you aware of the changes to dispensations? In the past, many businesses have applied to HMRC for dispensations. Dispensations have allowed expenses and benefits to be provided to employees without being included on a P11D or subject to PAYE and NIC. A dispensation...

Personal allowances and tax bands for 2016/17

Under the current rules for those born after 5 April 1938 the personal allowance is currently £10,600, whilst those born before 6 April 1938 have a slightly higher allowance (read more about personal allowances by age below). In 2016/17, the personal allowance will...

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