Author Archives: bwmwp

As already announced  in the 2014 Autumn Statement, companies  that are Small and Medium sized Enterprises (SMEs) carrying out qualifying Research and Development can currently claim a corporation tax deduction of 225% of their qualifying spend. This relief is being increased to 230% with effect from 1 April 2015. In order to improve the cash … Continued

A single corporation tax rate of 20% will apply from 1 April 2015 whatever the level of your company’s profits. As already announced in the 2014 Autumn Statement there will be a new 25% rate of tax on profits artificially diverted by multi-national companies away from the United Kingdom, being labelled “Google Tax”.

The Annual Investment Allowance (AIA) provides a 100% tax write off for the cost of most plant and machinery acquired by businesses, a notable exception being motor cars. In Budget 2014 the Chancellor announced that the allowance would be increased to £500,000 per annum for expenditure incurred between 1 April 2014 and 31 December 2015 … Continued

The Gift Aid Small Donations Scheme (GASDS) allows charities to treat small donations such as those in collecting boxes as if Gift Aided. With effect from 6 April 2016 the maximum annual donation amount which can be claimed through GASDS will be increased from £5,000 to £8,000 allowing charities and Community Amateur Sports Clubs to … Continued

You may recall that in the 2014 Autumn Statement it was announced that it is no longer possible to claim CGT entrepreneurs’ relief against the gains arising on the sale on or after 3 December 2014 of goodwill by a sole trader or partnership to a limited company in which they have a controlling interest. … Continued

It had already been announced that the CGT annual exempt amount would increase to £11,100 for 2015/16. With a top CGT rate of 28% this allowance potentially saves £3,108 a year, or £6,216 for a married couple. There has been no change in the inheritance tax nil rate band which remains at £325,000 until 2018.  … Continued

These new accounts to help first time buyers save for a deposit to buy their first home will be available from Autumn 2015.  First time buyers  over 16 will be able to open these special  ISAs, make an initial deposit of up to £1,000 and then save up to £200 a month, and the Government … Continued

From April 2016, a tax-free allowance of £1,000 (or £500 for higher rate taxpayers) will be introduced for the interest that people earn on savings. If they are a basic rate taxpayer and have a total income up to £42,700 a year, they will be eligible for the £1,000 tax-free savings allowance. If they are … Continued

As announced last year there will be a zero rate on the first £5,000 of savings income from 2015/16 onwards. Note however that this will only provide full benefit to those with taxable income between the basic rate band £10,600 and £15,600.

The current £15,000 ISA limit is to be increased to £15,240 from 6 April 2015. Remember that the 50% cash ISA restriction was abolished from 1 July 2014 so that any combination of cash and stocks and shares can be held within the ISA wrapper up to the overall £15,240 limit. The Junior ISA limit … Continued