Anti-money laundering supervision: guidance for high value dealers 1. Money Laundering and high value dealers 2. Responsibilities of senior managers 3. Risk assessment, policies, controls and procedures 4. Customer due diligence 5. Reporting suspicious activity 6. Record keeping 7. Staff awareness 8. High value dealer risk 9. High value dealers...

1. What offshore income is Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes: interest from overseas bank or building society accounts dividends and interest from overseas companies rent from overseas properties wages, benefits or royalties earned outside the UK 2. It’s important for...

Rent-a-room relief AAT today responded to the Government’s Call for Evidence on rent-a-room relief. Rent-a-room relief provides income tax relief for those letting out furnished accommodation to incentivise individuals to make spare capacity in their homes available for rent. It is currently set at £7,500 per annum. The Government announced during the 2017...

Monday 5 March 2018 Smaller businesses throughout England are embracing apprenticeships, with nine out of ten who have taken on apprentices saying they have boosted productivity, according to a new study by AAT. The study, commissioned to tie in with National Apprenticeship Week, shows that businesses appreciate the value apprenticeships can...

Chancellor Philip Hammond announced in 2016 that he wouldn’t “make significant changes twice a year just for the sake of it”, and this light Spring Statement, lasting 26 minutes and largely focusing on forecasts and calls to evidence, has indeed confirmed that the Autumn Budget will be the only major...

Allowances and Tax Bands: In 2017/18 the personal allowance will be £11,500 and the basic rate limit will be increased to £33,500. As a result, the higher rate threshold will be £45,000. Changes to Dividend Taxation A new Dividend Allowance is to be introduced for 2016/17 onwards. The current system...

New rules are being introduced to allow HMRC to issue enforceable tax assessments. The new rules say that HMRC can base the new type of assessment on information it receives from you or other sources, e.g. your company, bank etc. HMRC will use the new style assessments from July 2016....

The new dividend tax regime is coming into force from 6 April 2016. The widely held opinion is that incorporation will still be more tax efficient than a sole trade, but that the savings will be reduced. The new rules will introduce a £5,000 dividend allowance (which uses up part of...

If you have money to invest you could go for one of the government’s tax advantaged schemes like ISA or Enterrprise Investment Scheme or Venture Capital Trust as an alternative to pension contribution. The one major drawback with pension is that you can not get your money until you reach...

If you are registered as a contarctor for the purposes of HMRC’s Construction Industry Scheme ( CIS ), you must submit a report each month giving details of subcontractors you have paid and CIS deductions. You need to send a report even if you have not paid anyone, in which...