What does the Queen’s Speech mean for employment law?
The Queen’s Speech 2019 outlined several Brexit-related Bills, including an Immigration and Social Security Co-ordination (EU Withdrawal) Bill, designed to end free movement within the UK after Brexit and to lay the foundation for a new, modern and global immigration system. The Bill will also reaffirm the government’s commitment to the Read more..
New £20 note unveiled
The Governor of the Bank of England, Mark Carney, has unveiled the design of the new £20 note featuring the artist JMW Turner. The new note will be launched on 20 February 2020 and will join the current £5 and £10 notes in being printed on polymer, a thin flexible plastic. The new plastic £20 note will include a number of Read more..
National Living/Minimum Wage entitlement
A reminder that the current National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2019. The NLW is the minimum hourly rate that must be paid to those aged 25 or over. The current rate for the NLW is £8.21. The hourly rate of the NMW (for 21-24 year olds) is £7.70. The rates for 18-20 year olds are Read more..
Who is eligible for 10% tax on business sale?
Entrepreneurs' Relief (ER) can be valuable relief when selling your business, your shares in a trading company or your interest in a trading partnership. Where ER is available, Capital Gains Tax (CGT) of 10% is payable. This rate applies to qualifying lifetime gains of up to £10 million. However, it is important to remember that there Read more..
Tax if you return to the UK
There used to be a form that had to be completed advising HMRC if you were returning to live in the UK from another country. Whilst this form was abolished some time ago, there are still various actions that you may need to take if you are returning to live and work in the UK. In most cases, if you return to live in the UK you will be classed as Read more..
Provisional date announced for Autumn Budget 2019
The Chancellor of the Exchequer, Sajid Javid, has announced that he is planning to hold his first Autumn Budget 2019 on Wednesday, 6 November 2019. However, this date is based on the UK leaving the EU with a deal on 31 October 2019. At the time of going to press, this was certainly not a foregone conclusion. The Chancellor did confirm that if the Read more..
Gifts in anticipation of marriage
There is a special exemption from Inheritance Tax for cash gifts made on or shortly before the date that the relevant wedding or civil partnership ceremony takes place. The amount of tax relief varies depending on the relationship between the donor and the recipient. Each parent (including step-parents) can gift up to £5,000 tax Read more..
Definition of a Welsh taxpayer
The start of the 2019-20 tax year marked a fundamental change to the way Income Tax is calculated for people who live in Wales. The new Welsh rates of Income Tax (WRIT) is payable on the non-savings and non-dividend income of those defined as Welsh taxpayers. The definition of a Welsh taxpayer is generally decided on the question of where the Read more..
Definition of a Scottish taxpayer
The Scottish rate of Income Tax (SRIT) commenced on 6 April 2016 and is administered by HMRC on behalf of the Scottish Government. The SRIT is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. This means that Scottish taxpayers who also have savings and dividend income, need to consider the UK rates as well Read more..
Simplified import procedures
HMRC has automatically registered many businesses to use simplified import procedures should the UK leave the EU without a deal on 31 October 2019. The scheme, called the Transitional Simplified Procedures (TSP) will make importing from the EU bloc much easier, especially for businesses completing customs processes for the first time. The TSP will Read more..