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].
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…
8 – Spring Budget 2017
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/3/2017
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…
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…
The questions surrounding the issue of how best to extract profits from a company in a tax-efficient manner remain as popular as ever. Despite the introduction of the dividend allowance, and the personal savings allowance, extraction by as remuneration and by way of dividend remain the two most widely used methods. The tax effects of these methods may be broadly contrasted as follows:
– Provided the amount is justifiable, remuneration is generally allowed as a deduction in arriving at the taxable profits of the company. The recipient is taxed…
The Treasury has confirmed details of the new Pension Advice Allowance, which will take effect from April 2017, and which will enable people to withdraw £500, on up to three occasions, from their pension pots tax-free to put towards the cost of pensions and retirement advice.
Following an eight-week consultation period, the Economic Secretary to the Treasury, Simon Kirby, confirmed that the £500 allowance:
– can be used a total of three times, only once in a tax year, allowing people to access retirement advice at different stages of their lives, for…
HMRC have recently announced changes to the way the intermediaries legislation (known as the ‘IR35 rules’) will be applied to off-payroll working in the public sector. In particular, contractors who provide their services to a public authority through an intermediary will need to be aware for the changes, which take effect from 6 April 2017.
Broadly, from 6 April 2017, responsibility for deciding whether the legislation should be applied will move from the worker’s intermediary to the public authority the worker is supplying their services to.
Where the rules apply, the fee-payer…
Morgan Hemp is continuing with its steady expansion, having boosted the team with another new recruit.
We are pleased to have taken on a new Trainee Accountant, Zoe Foister, who is studying towards her ACCA professional accountancy qualifications.
Zoe, aged 22 brings with her a 1st Class Honours degree in Mathematics from Swansea University, and she has joined the Morgan Hemp team as an integral part of the continued growth of the Swansea-based company – highlighted by the firm’s expansion into neighbouring…
More and more people – particularly in Wales – are self-employed, but according to recent figures* only eight percent of self-employed workers aged 25 to 34 are saving into a private pension.
This is compared with 59 percent of employees in the same age group who are contributing to their pension pot.
This is a worrying state of affairs, since UK-wide figures show self-employment has grown by 46 percent since 2000 and if this upward trend continues the self-employed could outnumber public sector workers by 2020.
While many enjoy the…