State benefits that are taxable

Many newly retired pensioners may not be aware that the State Pension they receive is taxable income. Also, the amount paid is not taxed at source. Although a pensioner’s State Pension may be covered by their annual tax-free personal allowance (£11,000 for 2016-17) and therefore potentially no tax would be Read more…

Small businesses take on more staff

According to new government research published recently shows that almost a quarter (24%) of small and medium-sized (SME) employers had more people working for them in 2015 than in 2014. The Small Business Survey 2015 is based on the views of more than 15,000 SMEs. Starting from this year, the Read more…

UK tax to be simplified

The UK has one of the most detailed tax codes in the developed economies. Readers might be amused, bemused, that the so-called Office of Tax Simplification (OTS) has launched a high level strategy consultation that aims to move its tax simplification agenda forwards. The aim is to make our tax Read more…

International tax transparency makes progress

Chancellor of the Exchequer, George Osborne hailed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up. Gibraltar, Isle of Man and Montserrat are amongst those joining Read more…

Non competition clauses under the microscope

Business Secretary, Sajid Javid, has announced plans to look into employment rules that could be stifling British entrepreneurship by preventing employees from starting up their own business after leaving a job. In a move designed to back even more small businesses and entrepreneurs across the country, the government is launching Read more…

Tax Diary May/June 2016

19 May 2016 – PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)  19 May 2016 – Filing deadline for the CIS300 monthly return for the month ended 5 May 2016.  19 May 2016 – Read more…

Good news for farmers

Under new rules, initially announced in the 2015 Budget, farmers will be able to average their profits for Income Tax purposes from two years to five years. This change will help farmers with fluctuating profits better manage risk and level out the impact of tax on their farming profits. For Read more…

What was in the Budget

Our government have selected their top-ten tax changes that come into effect from 6 April 2016. Just in case you need a refresher they are: 1.The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000. 2.The marriage allowance, the tax free amount which people Read more…

Lifetime transfers of assets

 Married couples and civil partners can gift each other assets and there will be no Inheritance Tax (IHT) charge on the lifetime gift as long as the recipient is domiciled in the UK. However, transfers to others that are not covered by the reliefs listed at the end of this Read more…

Retirement age NI bonus

 When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.  You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you Read more…