Weekly tax brief - 4 July 2017

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments.

£7,500 tax free? Game, set and match to the rent-a-room scheme

04 July 2017

HMRC’s generous rent-a-room scheme offers households the prospect of tax-free income from letting spare rooms during the Wimbledon tennis tournament and other summer events. But if receipts exceed the £7,500 limit and no tax return is filed, then the sweet taste of strawberries and cream may become very bitter when the taxman catches up with them.

Urgent reform needed to ensure the punishment fits the crime

04 July 2017

A recent tribunal case in which a taxpayer was given a hefty penalty despite there being no tax due suggests the system is in need of urgent reform.

Action needed by trusts to comply with beneficial owner register requirements

04 July 2017

Action is needed by trusts to comply with a new requirement for a beneficial ownership register for trusts operated by HMRC. New trusts within the scope will need to register by 5 October 2017 and information on existing trusts must be provided by 31 January 2018.

Most popular employee perks revealed

04 July 2017

A new set of statistics from HMRC reveal the most popular perks provided to employees by their employers. While private medical and dental insurance top the list, could ultra-low emission vehicles be driving their way up the charts?

Simplification of employee share scheme rules needed to boost employee engagement

04 July 2017

The latest statistics on the take-up of employee share schemes suggests that the number of tax-advantaged plans has dropped since 2014. Why is this and does it reflect a longer-term decline in the popularity of employee ownership?

Charity tax relief stats shed light on UK population's charitable giving

04 July 2017

The latest charitable tax relief statistics have been released by HMRC, and a few interesting facts emerge about the UK population’s charitable giving.

Farmers removed from VAT simplification scheme could be due a refund

04 July 2017

A recent opinion from an Advocate General to the European Court of Justice could open the way for farmers who have been incorrectly removed from a VAT simplification scheme to receive a VAT refund from HMRC.