What does the “Requirement to Correct” mean? 
 
The Requirement to Correct rule was enforced by the HMRC to prove the opportunity to taxpayers that possess assets overseas to correct any issues or genuine mistakes causing them to fail to declare the correct amount of tax owed. 
There are special tax rules for rental income from properties that qualify as Furnished Holiday Lettings (FHLs). 
 
To qualify as Furnished Holiday Letting, the property must be furnished. There must be sufficient furniture provided for normal occupation and your visitors must be entitled to use the furniture. 
A great majority of contractors in the UK are using their own vehicles to commute to their customers’’ offices. If you are currently doing so, you are able to claim the HMRC’s Mileage Approved Rates (MAPs) to cover the costs of your travels. Contractors can also benefit from purchasing a company vehicle under their company name. 
There are certain tax laws that we will discuss in this blog in order to find out which option is going to be most beneficial for you and your company. 
1 May 2018 
 
Payment of corporation tax liabilities for accounting periods ended 31 July 2017. 
 
Self-Assessment 3 months late filing penalty £10 per day for up to 90 days (max £900) 
Tax-Free Childcare 
Parents whose youngest child is under 12 can now get up to £2,000 a year towards their childcare costs through Tax-Free Childcare. Tax-Free Childcare is a new government scheme to help parents with the cost of childcare, allowing parents to work or work more, if they want to. 
The Autumn Budget published on 22 November 2017 is the second budget this year. The Finance bill 2017-18 will be published on 1 December 2017. 
In this briefing, we highlight some of the key areas of interest: 
Our guide to Inheritance Tax takes you through all of the key considerations including practical advice on how to limit the amount of inheritance tax. 
From 13 January 2018, HMRC will no longer accept payments made from personal credit cards. This includes payments for income tax, PAYE, VAT and other taxes. 
If you become an employer for the first time on or after 1 October 2017, you will immediately have legal duties for your new member of staff. These duties apply from the first day the first member of staff started working for you. This means that as an employer, you must comply with the pension automatic enrolment duties straight away. You will not have a staging date, so you will need to notify the Pension Regulator of your point of contact for automatic enrolment. 
The aim of this short article is to help you get things right when incorporating a company. 
Last financial year Companies House incorporated over 644,000 companies, 99% of those were on line and 1% on paper. Over 8% of online applications to incorporate and nearly 53% of paper applications were rejected. 
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