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Comments Off on Reduction in Annual Investment Allowance (AIA): Update

Reduction in Annual Investment Allowance (AIA): Update

Reduction in Annual Investment Allowance (AIA): Update

Annual Investment Allowance: Reduction from £500,000 to £200,000 with effect from 1 January 2016                      In the July 2015 Budget, the government announced that from 1 January 2016 the maximum amount of the Annual Investment Allowance (AIA) is to reduce to a new permanent level of £200,000. This reduction will have an impact on many businesses … Continued

Comments Off on Scottish Rate of Income Tax

Scottish Rate of Income Tax

Scottish Rate of Income Tax

The Scottish rate of income tax will come into effect from 6 April 2016 and will affect anyone living in Scotland, and all employers with employees who live in Scotland. HMRC will contact those living in Scotland, to inform them they have been identified as being a Scottish taxpayer. What you need to know Scottish … Continued

Comments Off on 2015 Autumn Statement – Auto Enrolment announcement

2015 Autumn Statement – Auto Enrolment announcement

2015 Autumn Statement – Auto Enrolment announcement

The Chancellor’s Autumn Statement announced that the next two scheduled increases to automatic enrolment minimum contribution rates will be delayed by six months each, to align these changes with the start of the tax year. This will mean that the increases scheduled for October 2017 and 2018 will be pushed back to April 2018 and … Continued

Comments Off on Autumn Statement 2015

Autumn Statement 2015

Autumn Statement 2015

George Osborne’s third economic statement of 2015 (and the fourth within 365 days) set out the state of the economy and spending plans for the next four years. In a combined Spending Review and Autumn Statement, in which planned £4.4bn in tax credit cuts were abandoned, changes to government departmental budgets dominated the Chancellor’s speech. … Continued

Comments Off on Plan to raise Research and Development tax relief take-up

Plan to raise Research and Development tax relief take-up

Plan to raise Research and Development tax relief take-up

A two-year plan aims to increase the use of research and development tax relief by raising awareness among small businesses and making it easier for them to claim. HMRC have launched the plan in response to a consultation which identified four themes – awareness, design, understanding and assurance – that were the key factors influencing … Continued

Comments Off on Tax efficient investments for private clients

Tax efficient investments for private clients

Tax efficient investments for private clients

No doubt you are familiar with savings products such as ISAs and pensions. These products offer generous tax advantages because the government wants to encourage you to save for your future. When you invest through an ISA, for example, all the returns you make are free from all personal income tax and capital gains tax. … Continued

Comments Off on The Small Business, Enterprise and Employment Act timings update

The Small Business, Enterprise and Employment Act timings update

The Small Business, Enterprise and Employment Act timings update

As we have previously reported The Act contains a number of measures which together represent significant change for companies and Companies House customers. The Small Business, Enterprise and Employment Act received Royal Assent in March 2015. It’s expected to be implemented to the timescales set out in details at https://www.gov.uk/government/news/the-small-business-enterprise-and-employment-bill-is-coming We have been notified that the date … Continued

Comments Off on Time to reconsider Flexible Benefits?

Time to reconsider Flexible Benefits?

Time to reconsider Flexible Benefits?

Further to our recent correspondence concerning the changes to tax relief on dividend income and pension contributions you may like to reconsider the idea of introducing a ‘flexible benefits’ offering. Flexible benefits are a great way to engage your colleagues and staff by allowing them to choose the benefits that mean most to them. This … Continued

Comments Off on HMRC Service Levels

HMRC Service Levels

HMRC Service Levels

It is reported that tax staff are being taken on to work in the evening and more online services introduced in a bid to improve performance at HMRC as it emerged that only half of calls were answered successfully between April and June 2015. HMRC are apparently struggling to cope and although there has been … Continued

Comments Off on The People’s Pension introduce set up charge

The People’s Pension introduce set up charge

The People’s Pension introduce set up charge

Employers with a staging date of January 2016 onwards who sign up with The People’s Pension from Monday 23 November will now pay a one off set up charge of £500 + VAT for all the support they’ll need for the life of the scheme. Employers with a 2015 staging date who sign up from … Continued