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Property investors hit with stamp duty land tax increases
News: December 2015 Property investors hit with stamp duty land tax increases In the Summer Budget the Chancellor announced a restriction on the deductibility of interest from rental income for individual landlords of residential property. This restriction will be phased in from 2017/18 to 2020/21, and it may make letting uneconomic for landlords whose businesses are relatively highly geared. The
…And will have to pay CGT earlier
News: December 2015 …And will have to pay CGT earlier CGT is normally payable by individuals by 31 January after the end of the tax year in which the gain arose. This gives the taxpayer between 10 and 22 months from receipt of the proceeds to calculate the tax due and pay it over to HMRC. From 6 April 2015
No change in ISA limits for 2016/17
News: December 2015 No change in ISA limits for 2016/17 The annual limit for savings in an ISA has been frozen at £15,240 for 2016/17. The Junior ISAs limit has been frozen at £4,080.
Car and fuel benefit charges
News: December 2015 Car and fuel benefit charges Diesel company cars currently carry a 3% supplement on the percentage of list price used to calculate the taxable benefit. This diesel supplement was to be removed from 6 April 2016, but it will now stay in place until 2020/21. Employees and directors with company cars, and who also have some or
Private use of company vans
News: December 2015 Private use of company vans Where employees are provided with a company van, the taxable benefit increases from £3,150 to £3,170 for 2016/17 and there will be an additional taxable benefit of £598 where private fuel is provided by their employer. Note that this charge does not apply to all company van drivers, only those who use
Company car advisory fuel rates
News: December 2015 Company car advisory fuel rates Not part of the Autumn Statement, but you need to know that some of the rates are reduced from 1 December 2015 (previous rates are shown in brackets where there was a change): engine size petrol diesel LPG 1,400 cc or less 11p 7p 1,600 cc or less 9p 1,401cc to 2,000cc
National insurance rates frozen for 2016/17
News: December 2015 National insurance rates frozen for 2016/17 There will be no increase in the rates of national contributions (NICs) for employers, employees nor the Class 4 rate for the self-employed for 2016/17, although the Upper Earnings Limit for employee contributions and Upper Profits Limit for Class 4 contributions will be increased to £43,000, in line with the higher
But larger employers will pay a new apprenticeships levy from 2017
News: December 2015 But larger employers will pay a new apprenticeships levy from 2017 A new apprenticeship levy will be introduced from 6 April 2017. Although all employers will be required to pay this new levy, set at 0.5% of their annual payroll cost, each employer will also have an annual credit equivalent to £15,000 to set against the levy,
New rules for dividends from 2016/17
News: November 2015 New rules for dividends from 2016/17 In the Summer Budget Newsletter we outlined the new rules for the taxation of dividends that will apply from 6 April 2016. Further guidance has now been published by HMRC setting out how the new rules will operate and it seems the rules don’t work as many people expected. As previously
VAT on mixed supplies
News: November 2015 VAT on mixed supplies Care needs be taken when invoicing if your business makes supplies, some of which are standard rates and others which are potentially zero rated or exempt for VAT. A recent VAT Tribunal case has reinforced the rule established in the Card Protection Plan case that if the supply comprises a single service from
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