Latest news

Listed below is the latest news from Mazars UK.

Tax News

Mazars tax news covers everything tax related in the UK from, VAT to the latest HMRC rulings.

Financial Services news

The latest news from the financial services industry

The National Living Wage

You'll have probably heard about the Government’s new ‘National Living Wage’, where from April 2016 employers must pay employees over the age of 25 a minimum hourly wage of £7.20. It is important to note that the ‘National Minimum Wage’ has not been abolished and the National Living Wage is not the same as the ‘Living Wage’.

Donations by a company to its parent charity

It has been common practice for companies that are wholly-owned trading subsidiaries of charities to donate all taxable profits to the parent charity and to claim charitable donations relief even if, in some cases, the amount donated exceeds the amount of profits available for distribution under the Companies Act 2006. Tax relief on the payment (commonly referred to as ‘Gift Aid’) meant that no tax was payable by the subsidiary.

National Minimum Wage – After the ‘Secret’ Amnesty?

The 31st of January 2016 saw the closure of an amnesty that received so little publicity as to be almost unknown – the end of the so-called NMW ‘Campaign’. Under the terms of the Campaign, employers who had paid less than the NMW to their workers were encouraged to (a) make a full confession to HMRC and (b) pay any arrears owed to their workers. Initially employers were encouraged to ‘register’ for the amnesty by the end of last November and then had two months to pay their arrears. Provided you did these things before 31st January, HMRC guaranteed that the employer would not be charged a penalty and would not be ‘named and shamed’.

The Apprenticeship Levy

Back in the Summer Budget 2015, the Chancellor announced the introduction of the new Apprenticeship Levy. Since then, a consultation has been conducted and draft legislation published which will be included in Finance Bill 2016.