First time buyers savings plan

 If you are a first time buyer a new savings scheme introduced in the Budget last week is well worth considering.  Nick named the Help to Buy ISA, the ISA will allow you to save up to £200 a month, and if you fulfil the various conditions set out below, Read more…

Stolen mobile charges to be capped

 Major mobile networks have confirmed plans to introduce protection for consumers from huge bills run-up on stolen mobiles following Government action. Under the voluntary agreement, five mobile networks – EE, O2, Three, Virgin Media and Vodafone – will protect around 27 million consumers on pay monthly contracts from being hit Read more…

Pension freedoms to be extended to annuitants

The Chancellor has announced that the government will extend its pension freedoms to around 5 million people who have already bought an annuity. From April 2016, the government will remove the restrictions on buying and selling existing annuities to allow pensioners to sell the income they receive from their annuity Read more…

Budget Statement 18 March 2015

 Personal Tax and miscellaneous matters  Personal Tax allowance  The personal allowance for those born after 5 April 1948 will be increased to: For 2015-16 – £10,600 For 2016-17 – £10,800 For 2017-18 – £11,000  From 2016-17, there will be one Income Tax personal allowance regardless of an individual’s date of Read more…

Business rates review

 The Chief Secretary to the Treasury, Danny Alexander, launched the most wide-ranging review of national business rates in a generation this month – paving the way for changes to how businesses across England pay the tax. The review, set to report back by Budget 2016, will examine the structure of Read more…

The Marriage Allowance

From 6 April 2015 married couples (and civil partners) will be able to register for the MA. If your income is less than £10,600 in the 2015 to 2016 tax year, you may be able to reduce your husband, wife or civil partner’s tax by up to £212. The new Read more…

Pension changes from next month

There are a number of changes to the taxation of pensions from next month. We have copied into this article postings to the GOV.UK website regarding some of the more significant options available from April 2015.  What happens to your pension when you die? Instead of paying the 55% rate Read more…

Payment in 30 days

In a recent speech Business Minister, Matthew Hancock, announced that the government-backed Prompt Payment Code will now promote 30-day terms as standard, with a 60-day maximum limit. Unless signatories can prove exceptional circumstances for longer terms, they will be removed from the Code. The change will be rigorously enforced by Read more…

Tax Diary March/April 2015

 1 March 2015 – Due date for Corporation Tax due for the year ended 31 May 2014.  2 March 2015 – Self Assessment tax for 2013/14 paid after this date will incur a 5% surcharge.  19 March 2015 – PAYE and NIC deductions due for month ended 5 March 2015. Read more…

Domestic employment arrangements

Did you know that if you take on domestic help you may be considered an employer? Anyone who works in a private home is treated as an employee if they only work for one family, except for au pairs. This includes nannies, housekeepers, gardeners and anyone else working for one Read more…

What is tax avoidance

HMRC has published a list of ten items that serial tax avoiders need to be aware. It’s a reminder as we approach the end of another tax year that overstepping the mark can have serious consequences.  Here’s what HMRC has said: HMRC is serious about stopping avoidance: the Government is Read more…

Last chance to plan for 2014-15

As we mentioned in our January 2015 newsletter there are a number of tax planning opportunities that will cease to exist once the clock passes midnight, 5 April 2015. For businesses whose year end coincides with the 5 April 2015 (or 31 March 2015) these opportunities included: The timing of Read more…