The Budget

18
Mar

Tax free childcare scheme starts 2017

  The chancellor also announced that the new tax-free childcare scheme is due to start in 2017. The scheme will provide up to £2,000 a year in childcare support for each child under 12 where the parents save in a special account. If they save £8,000 the government will top up the account with 20% to a total of £10,000

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18
Mar

Corporate tax measures

  The Chancellor announced that the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations.  As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020. The corporation tax rate for small and medium sized companies trading in Northern Ireland will

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18
Mar

Start of digital reporting delayed for smaller businesses

  The Government is committed to the “Making Tax Digital” (MTD) project which is scheduled to start in April 2018 with the first quarterly updates being submitted by the self-employed and property landlords in July 2018. Many business owners, professional advisers and the Treasury select committee had expressed concerns about the timescale for the introduction of MTD. The Chancellor announced

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18
Mar

Tax free dividend allowance to be reduced to £2,000

  The Chancellor also announced measures to limit the rise in tax-driven incorporation. The £5,000 tax free dividend allowance introduced by George Osborne will be reduced to just £2,000 from 6 April 2018. Mr Hammond claimed that many smaller owner-managed businesses have incorporated as limited companies mainly for tax reasons. Typically the director/shareholders of such businesses have paid themselves in

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25
Nov

Autumn Statement 2016: Making Tax Digital and other matters

  The following post seeks to provide an overview of the other matters covered by the Autumn Statement delivered on 23rd November 2016. That is to say, topics such as Making Tax Digital, non-UK domiciles, residential property, Business Investment Relief, VAT Flat Rate Scheme, Insurance Premium Tax, and end of the Autumn Statement itself.  Making Tax Digital On 15 August 2016 HMRC

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25
Nov

Autumn Statement 2016: Summary of Capital Taxes

  The following post seeks to provide an overview of the Capital Taxes covered by the Autumn Statement delivered on 23rd November 2016. Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on

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25
Nov

Autumn Statement 2016: Summary of employment and payroll issues

  The following post seeks to provide an overview of employment and payroll issues covered by the Autumn Statement delivered on 23rd November 2016. Off-payroll working in the public sector From April 2017, where workers are engaged through their own limited company to work for a public sector body, responsibility to apply the intermediaries rules (commonly known as the IR35 rules) will

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25
Nov

Autumn Statement 2016: Business Tax summary

  The following post seeks to provide an overview of Business Tax implications from the Autumn Statement delivered on 23rd November 2016. Corporation tax rates Corporation tax rates have already been enacted for periods up to 31 March 2021. The main rate of corporation tax is currently 20%. The rate will then be reduced as follows: 19% for the Financial Years beginning

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25
Nov

Autumn Statement 2016: Personal Tax summary

  The following post seeks to provide an overview of Personal Tax implications from the Autumn Statement delivered on 23rd November 2016. The personal allowance The personal allowance is currently £11,000. Legislation has already been enacted to increase the allowance to £11,500 for 2017/18. Not everyone has the benefit of the full personal allowance. There is a reduction in the personal

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18
Mar

Budget 2016 – key points

Some 600,000 small business to be taken out of business rates. George Osborne has announced that some 600,000 small businesses will be taken out of business rates from next year. Also approximately 250,000 firms will pay less in business rates  under the plans announced in the budget. In the Budget it was confirmed that  Small Business Rate Relief (SBRR) would be

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