Failure to prevent the facilitation of tax evasion

Failure to prevent the facilitation of tax evasion becomes a corporate offence from 30 September 2017. This means companies or partnerships will be vicariously liable if they fail to prevent employees or others associated with the organisation, including advisors, from facilitating tax evasion in the UK or abroad.

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New Data Protection Regulations

The General Data Protection Regulation (GDPR) comes into force on 25 May 2018 and will impact on businesses of all sizes. The new legal framework brings tighter controls on how organisations maintain and process personal data, and strict penalties for breaches, so it is essential that businesses make the necessary changes to their procedures before GDPR becomes law.

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Paper tax return deadline: 31 October 2017

Tax-payers wishing to file a paper tax return using form SA100 must ensure it is received by H M Revenue & Customs by 31 October 2017. If the deadline is missed, returns should be filed online instead to avoid a penalty. The deadline for submitting tax returns online is 31 January 2018.

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Reduction in dividend nil rate for 2018-19

The recently published Finance (No. 2) Bill 2017 has reintroduced the clause relating to dividend tax that was dropped from the Finance Act ahead of the election in May. Shareholders will be disappointed to see the revival of the clause which reduces the amount to be charged at the nil dividend rate from £5,000 to £2,000. The change has effect for tax year 2018 to 2019 and subsequent years.

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