by Jessica Garbett | Jun 1, 2016 | employer returns, RTI
Reported on Accounting Web today, the “soft landing” for RTI penalty regime has been extended from April 2016 to April 2017. Employers shouldn’t be complacent of course, but its a welcome sign of common sense from HMRC as the comparatively new system...
by Jessica Garbett | May 31, 2016 | ACCA, budget, business taxation, HMRC, personal taxatation
The March 2016 Budget announced that from April 2017 two new allowances of £1,000 each would be introduced for property and trading income. Individuals with property income or trading income below the level of the allowance will no longer need to declare or pay tax on...
by Jessica Garbett | May 26, 2016 | ACCA, pension reform, pensions, personal finance
The Department for Work and Pensions introduces the new state pension. The new state pension has been introduced for people who reach state pension age on or after 6 April 2016. You’ll be able to claim the new state pension if you reach state pension age on or after 6...
by Jessica Garbett | May 24, 2016 | ACCA, budget, business taxation, personal taxatation
The rate of tax charged on directors’ overdrawn loans has increased to 32.5%. A reminder that from 6 April 2016 the rate of tax charged on loans to participators increased to 32.5%. The new rates apply to loans made and benefits conferred by close companies on or...
by Jessica Garbett | May 19, 2016 | ACCA, business issues, pension reform, pensions
Between May and August more than 100,000 small employers and their business advisers complete and submit a Declaration of Compliance to The Pensions Regulator. With this in mind, we share below an article from The Pensions Regulator entitled AE and what you need to...
by Jessica Garbett | May 17, 2016 | ACCA, business taxation, dividends, HMRC, personal taxatation
Consultation highlights concerns over changes to taxation of dividend income and share disposals. HMRC’s ‘company distributions’ consultation highlighted the concern that the changes to taxation of dividend income and share disposals would drive some to look to...
by Jessica Garbett | May 12, 2016 | ACCA, business taxation, personal taxatation, property taxation
The new tax changes for holding a rental property as an individual, or in a limited company, will need to be carefully considered by landlords. These changes impact: allowable expenses stamp duty interest costs treatment of future gains. Wear and tear allowance This...
by Jessica Garbett | May 10, 2016 | ACCA, financial reporting
The FRC has issued guidance on going concern to assist both SMEs and larger entities. Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks: Guidance for directors of companies that do not apply The UK Corporate Governance...
by Jessica Garbett | May 5, 2016 | ACCA, budget, personal finance, personal taxatation
Alongside auto-enrolment is the lifetime ISA the new pension for the under 40s? From April 2017, any adult under 40 will be able to open a new Lifetime ISA from which they will also be able to withdraw amounts they have contributed. Making contributions Up to £4,000...
by Jessica Garbett | May 3, 2016 | ACCA, financial reporting
FRS 105 is a simpler reporting regime which is being introduced for a new sub-category of small company: the micro-entity. Micro-entities will have the greatest choice in reporting, where the choice will determine what is available to other users and different forms...
by Jessica Garbett | Apr 30, 2016 | ACCA, business taxation
The essential features of new averaging requirements. New farmers’ averaging requirements will appear in the Finance Bill 2016 that will apply from April 2016. The essential features will be: no requirement for a volatility test no requirement for an annual claim...
by Jessica Garbett | Apr 28, 2016 | administration
A reminder, nea, a plea, to clients! If you have a website, and list our office address as your Registered Office, please can you make sure its updated to our new address: 2 New Road, Brading, PO36 0DT
by Jessica Garbett | Apr 27, 2016 | ACCA, employer returns
A summary of the main payroll routines to complete and the deadlines which need to be complied with. We are also highlighting the major changes to payroll and related issues for 2016/17. Basic year-end routines Your final FPS return for the tax year should be sent on...
by Jessica Garbett | Apr 25, 2016 | ACCA, business taxation, capital taxation
Good news! Entrepreneurs’ relief (ER) will be extended to external investors in unlisted trading companies. This new investors’ relief will apply a 10% rate of Capital Gains Tax (CGT) to gains accruing on the disposal of ordinary shares in an unlisted trading company...
by Jessica Garbett | Apr 20, 2016 | ACCA, budget, pension reform, pensions
The great pension revolution has been put on hold, but for how long? Direct pension changes were limited to tidying up a few areas where the legislation failed to work as intended. These current rules and changes are: Current law Serious ill-health lump sums can be...
