Local Professional Support - July 2018

A rock and a hard place 
Individuals with contractor loans have until 30 September to stop a crippling tax charge arising in April 2019.

Cost of post-Brexit customs reform could be higher than £20bn 
The additional costs arising from post-Brexit customs changes could be even higher than the £20bn estimated by HMRC chief executive Jon Thompson.

Complexity in savings taxes could lead to poor investment decisions 
The Office of Tax Simplification (OTS) has published its review on how savings and investment income is taxed. While 95 per cent of us pay no tax at all on our savings income, it is clear from the report that, for the 5 per cent who do, the rules are an amalgamated mess.

HMRC showing renewed interest in the salaried members rules 
Have you recently received a letter from HMRC in relation to the salaried member legislation?
These letters have been sent to remind limited liability partnerships (LLPs) and their members that they must operate PAYE on the members’ remuneration if they fall within the anti-avoidance legislation. This is still, and will continue to be, an area that comes under scrutiny as HMRC believes many LLPs have members who are engaged on terms like those of employees rather than traditional partners.

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