by Jessica Garbett | Mar 30, 2016 | ACCA, dividends, personal taxatation
Tax free allowance of £5000 to be introduced next month. April 2016 sees the (non-reclaimable) 10% tax credit that has been carried with dividends since April 1999 scrapped and replaced with a new tax-free dividend allowance. The allowance of £5,000 is available to...
by Jessica Garbett | Mar 28, 2016 | ACCA, pension reform, pensions
PIP to be aligned with tax year from April. The annual allowance applies to the total pension contributions made to an individual’s schemes and/or benefits built up over a period called the pension input period that ends during the tax year. A pension input period...
by Jessica Garbett | Mar 27, 2016 | ACCA, budget, business taxation
Entrepreneures’ relief amended to allow increased relief in joint ventures and partnerships. This will apply to disposals on or after 3 December 2014 and will be introduced in the Finance Bill 2016. Entrepreneurs’ Relief (ER) can be claimed in respect of gains...
by Jessica Garbett | Mar 26, 2016 | ACCA, budget, personal finance
Young savers can save £4,000 per annum and get 25% bonus from the government. Up to £4,000 can be saved each year. The government will pay in a 25% bonus on these contributions at the end of the tax year. Savers will be able to make Lifetime ISA contributions and...
by Jessica Garbett | Mar 25, 2016 | ACCA, business taxation
Rate of tax charged on loans to participators will increase. From 6 April 2016 the rate of tax charged on loans to participators (currently 25%) will increase to 32.5%. The current law is contained in section 455 and section 464A of Corporation Tax Act 2010. The new...
by Jessica Garbett | Mar 24, 2016 | HMRC, personal taxatation
This in from HMRC today, in their own words: From 29th March 2016, HMRC will start to offer more Self Assessment customers “2 Step Verification” when logging into their Tax Account. This means customers will, if they wish, be able to link their mobile phone with their...
by Jessica Garbett | Mar 24, 2016 | ACCA, budget, personal taxatation, property taxation
The measures impacting landlords are significant, as they affect the purchase price and allowable deductions. In summary these are: Restriction on mortgage interest deduction Landlords will no longer be able to deduct all of their finance costs from their property...
by Jessica Garbett | Mar 23, 2016 | ACCA, business taxation, employer returns, personal taxatation
The HMRC manual changes to take account of Section 323A ITEPA 2003 sets out a statutory exemption for trivial benefits. Under this exemption, ‘if an employer provides a benefit to its employees, the benefit is exempt from tax as employment income if all the...
by Jessica Garbett | Mar 23, 2016 | ACCA, personal taxatation
From 6 April 2016, taxpayers pay the Scottish rate of income tax if they live in Scotland. This means that some of their income tax will be paid to the Scottish government. Employees’ and pensioners’ tax code will have the letter ‘S’. This should be at the beginning...
by Jessica Garbett | Mar 22, 2016 | ACCA, budget, business taxation, personal taxatation
Purchasing a company car – check the benefits in kind increases. This increase will take effect from 6 April 2017 for cars with no registered CO2 emissions which are unable to produce CO2 under any circumstances by being driven, and from 6 April 2019 for all other...
by Jessica Garbett | Mar 21, 2016 | ACCA, business issues
Government guidance on ‘people with significant control regulations’ has been issued. Companies and LLPs will be required to keep a PSC register from 6 April 2016. They will need to send the information to Companies House with their confirmation statement from 30th...
by Jessica Garbett | Mar 21, 2016 | ACCA, budget, business taxation
Loses can be offset against profits from April 2017. The chancellor announced that companies that incur losses on or after 1 April 2017 and carry them forward, will be able to use those loses against profits from other income streams or from other companies within a...
by Jessica Garbett | Mar 20, 2016 | ACCA, budget, business issues, business taxation, HMRC
Comments on ‘making tax digital’ were vague. Find out the latest, plus the revealing thoughts of one ACCA practitioner. Hidden away there was a comment that ‘from 2018 businesses, self-employed people and landlords who are keeping their records digitally and providing...
by Jessica Garbett | Mar 19, 2016 | ACCA, budget, capital taxation
Legislation will be introduced to reduce the 18% and 28% rates of CGT. Legislation will be introduced in the Finance Bill 2016 to reduce the 18% and 28% rates in those provisions to 10% and 20% respectively. It has been stated that this ‘will be subject to exclusions...
by Jessica Garbett | Mar 18, 2016 | ACCA, budget, IR35
On 14 March David Gauke said: ‘The government is considering responses to the discussion document published last July on how to improve the effectiveness of the existing intermediaries’ legislation (IR35). As set out in the discussion document, the government’s...
