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Staff Tax Tips – 10 October 2018

Staff tax tips for this week are listed below. We have added links to more detail as appropriate. We will be adding a least two posts a month under this heading so please ask your staff to add their names to our newsletter distribution list that will link to these articles.

What does “bona vacantia” mean?

‘Bona Vacantia’ means vacant goods and is the name given to ownerless property, which by law passes to the Crown. The Treasury Solicitor acts for the Crown to administer the estates of people who die intestate (without a Will) and without known kin (entitled blood relatives) and collect the assets of dissolved companies and other various ownerless goods in England and Wales.

In relation to the liquidation of private companies in the UK, why is it important to ensure that bank accounts are closed (emptied) before liquidation is completed?

To get yourself up-to-date on this topic read here

Why is shared occupancy a consideration from April 2019 if you are claiming rent-a-room relief?

Legislation will be introduced in Finance Bill 2018-19 to provide an additional test of ‘shared occupancy’ that must be met in order for the taxpayer to be eligible for rent a room relief.

This ‘shared occupancy’ test will provide that the individual, or a member of their household, in receipt of income must have a ‘shared occupancy’, a physical presence for all or part of the period of the rental, with the individual whose occupation of the furnished accommodation is generating receipts.

Those taxpayers that do not satisfy this test will no longer be eligible to claim rent a room relief on those receipts.

See the examples listed here.

Budget day is set for Monday, 29th October 2018

This will be the last budget before Brexit. You can keep abreast of changes advised on the Gov.uk website, but details will not be published until after the Chancellor has made his announcements.

We are speculating (based on the URL for last year’s announcements) that details will be available here: https://www.gov.uk/government/topical-events/autumn-budget-2018

 

Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.

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