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Changes to company carry-forward of losses confirmed

Initially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions to reform the tax treatment of certain types of carried-forward loss for corporation tax purposes with effect from 1 April 2017.

Losses arising from 1 April 2017, when carried forward, will have increased flexibility and can be set against the total taxable profits of a company and its group members (referred to as the ‘loss relaxation’).

For all carried-forward losses, whenever they arose, companies will be able only to use the losses…

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Increase in the cash basis threshold

As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government’s initiative for simplifying tax paid by unincorporated businesses and runs alongside the Making Tax Digital project.

Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. General partnerships may use the cash basis – as long…

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Registration for tax-free childcare opens

The long-awaited tax-free childcare scheme launches on 28 April 2017 and will be rolled out during the course of the year. In conjunction with this, the government’s new Childcare Choices website is now operative, allowing parents to find out about available support. The website includes a childcare calculator for parents to compare all the government’s childcare offers and check what works best for their families, including the new 30-hour free childcare offer, tax-free childcare or universal credit. Through the website, parents can also pre-register for email alerts that will notify…

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Change to Class 4 NIC rate reversed

The Government has confirmed that the proposed increase in the rate of Class 4 National Insurance Contributions, paid by the self-employed on profits from a business, will not now take effect from April 2018. The Chancellor of the Exchequer, Philip Hammond, had announced that the rate would rise from 9% to 10% from 6 April 2018, and again to 11% from April 2019.

In a letter to MPs informing them of the decision, Mr Hammond said ‘however difficult the fiscal challenges we face, the tax lock and spending ring-fence commitments…

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Apprenticeship Levy

The new Apprenticeship Levy takes effect from 6 April 2017. Although the levy affects employers in all sectors, it will only be paid on annual pay bills in excess of £3 million – this means that, according to government estimates, less than 2% of UK employers will pay it. However, from 1 May 2017, changes are also being made to the way that apprenticeships are funded in England. The changes are designed to make it easier for employers of all sizes to navigate and choose the apprenticeship training they…

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The Budget 2017 – Download our free guide (PDF)

In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email [email protected].

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Inheritance Tax – Now is the Time to Get Your House in Order

It is a brave Conservative Chancellor who tinkers with Inheritance Tax, or who even speaks the words out loud, but imminent new rules are set to lift millions of family homes out of the reach of Inheritance Tax entirely – with some important caveats.

The new regime will take effect within weeks and it is a major shift that anyone with an estate to pass on to their family should look at carefully.

Currently set at 40 percent, Inheritance Tax is levied on everything that is left by someone to…

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March key tax dates

8 – Spring Budget 2017

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/3/2017

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March questions and answers

Q. Will I have to pay stamp duty land tax on a property I am about to inherit?

A. Stamp duty land tax (SDLT) is generally payable on land transactions. There is a land transaction when land passes to a beneficiary under a will, or by virtue of the law on intestacy. However, the legislation governing SDLT (Finance Act 2003, Schedule 3, para. 3A) provides that the acquisition of property by a person:

– in or towards satisfaction of his entitlement under or in relation to the will of a deceased…

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Changes to company carry-forward of losses confirmed

Initially announced at the time of the 2016 Budget and following a period of consultation, Finance Bill 2017 contains provisions to reform the tax treatment of certain types of carried-forward loss for corporation tax purposes with effect from 1 April 2017.

Losses arising from 1 April 2017, when carried forward, will have increased flexibility and can be set against the total taxable profits of a company and its group members (referred to as the ‘loss relaxation’).

For all carried-forward losses, whenever they arose, companies will be able only to use the losses…

Read More