Call us on 01792 466 428
Book a FREE Consulation

HMRC on house due diligence

Further to the Budget 2016 announcement, HMRC have published a consultation document covering proposals to introduce a fulfilment house due diligence scheme whereby fulfilment houses in the UK will be required to register, maintain accurate records and be able to evidence the due diligence they have undertaken to ensure their overseas client is a bona fide supplier.

The scheme may directly affect all UK-based businesses that fulfil orders of imported goods. Some rules may also apply to businesses that import goods or those that transport imported goods to…

Read More

New credit card payment fees take effect

Clients may be interested to know that HMRC have introduced a new schedule of fees, which apply from 1 April 2016, and replace the former 1.5% fee. The new rates vary depending on the type of card used and whether the card is a personal or corporate card.

Broadly, the fees for paying using personal credit cards have been reduced and the rates for corporate credit cards have increased. The new rates can be found in the schedule to The Fees for Payment of Taxes, etc. By Credit…

Read More

April Key Tax Dates

5 – End of 2015/16 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA’s

14 – Return and payment of CT61 tax due for quarter to 31 March 2016

19 – Deadline for finial submission of the year – 19th April. Penalties for late submission.

19 – PAYE/NIC, student loan and CIS deductions due for month to 5/4/2016 or quarter 4 of 2015/16 for small employers. Interest will run on any unpaid PAYE/NIC for the tax year 2015/16

30 – Additional daily penalties…

Read More

April Questions and Answers

Q. Can I transfer my personal allowance?

I work part time and don’t earn enough to pay tax, but my wife earns £25,000 a year from her full time job. I have been told that I can transfer some of my personal allowances to her so she can save some income tax. Is this true?

A. Claiming the marriage allowance can save married couples or civil partners up to £220 in 2016/17, but many couples have not claimed it yet.

The allowance was introduced from 6 April 2015, and enables married…

Read More

Guidance on SDLT Budget reforms

Following announcements made in the 2016 Budget on 16 March, HMRC have published furtherguidance on the changes that are being made to stamp duty land tax (SDLT), and how they affect non-residential property transactions from 17 March 2016.

The changes mean that:

– on or after 17 March 2016, the SDLT rate for non-residential freehold and leasehold transactions will only be payable on the portion of the consideration which falls within each band (rather than tax being due at one rate on the entire value);
– SDLT on the rental…

Read More

National minimum wage increases announced

Following recommendations made by the Low Pay commission, the government has announced increases in the national minimum wage (NMW), which will take effect from October 2016.

The new rates will be as follows:

– The rate for 21- to 24-year-olds will rise by 3.7% to £6.95 an hour.
– The rate for 18- to 20-year-olds will rise by 4.7% to £5.55 an hour.
– The rate for 16- to 17-year-olds will rise by 3.4% to £4.00 an hour.
– The apprentice rate will rise by 3% to £3.40 an hour.

For further information, see…

Read More

Close alignment of income tax and NICS

The Office of Tax Simplification (OTS) has published its recommendations on closer alignment of income tax and national insurance contributions. The report contains some bold recommendations for what would be a major reform of the UK’s tax rules.

At summer Budget 2015, the government asked the OTS to look at options for aligning Income Tax (IT) and National Insurance Contributions (NICs). This followed on from recommendations made by the OTS as far back at 2011, and the latest report builds on earlier work of the OTS including the…

Read More

OTS recommends simplifications for small companies

The Office of Tax Simplification (OTS) has unveiled a package of recommendations aimed at making the tax system simpler and easier to use for small companies. The report, entitled Small company taxation review contains a mix of long range structural change ideas and simpler short term administrative improvements.

The recommended administrative changes include:

– aligning filing and payment dates, e.g. VAT and PAYE, and annual returns and corporation tax;
– HMRC providing extra support at weekends and evenings when more small company owners deal with their tax affairs;
– stopping companies…

Read More

Marriage Tax Allowance

Could you be missing out on up to a £212 per year tax break

 

If you married or in a civil partnership, you may be entitled to a £212 tax break called the Marriage Tax Allowance. To be eligible you and your spouse need to meet the following criteria:

  • You must be married or in a civil partnership.
  • Both of you must have been born after the 6th April 1935
  • You or your spouse needs to have total income below £10,600…
Read More

The Budget 2016 – 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].

Read More