The Personal Savings Allowance (PSA) is a new allowance. It allows up to £1,000 of savings income to be paid to a basic rate taxpayer free of tax. For a higher rate taxpayer the allowance falls to £500 but additional rate taxpayers are not entitled to any allowance.
In this newsletter, we examine the following changes: The Savings Starting Rate and the Personal Savings Allowance Explained NEW Investors Relief – In the Budget 2016 a new relief was introduced, Investors Relief (IR) to encourage passive investors to invest in trading businesses. Annual Tax on Enveloped Dwellings (ATED) It’s all change for long-term resident…
The ‘Investors Relief’ has been introduced to encourage passive investors to invest in trading businesses
In the Budget 2016 a new relief was introduced, Investors Relief (IR) to encourage passive investors to invest in trading businesses. The investor subscribes for qualifying shares and when these shares are disposed of the gain in value of the shares attracts a preferential 10% rate of Capital Gains Tax (CGT) up to a lifetime limit of £10 million.
New company car advisory fuel rates have been published which take effect from 1 September 2016. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative.
HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text. They have also issued a warning regarding two telephone scams that they are aware of.
HMRC are advising employers that their employees may benefit from accessing their Personal Tax Account. These accounts allow taxpayers to view information about their tax affairs and advise HMRC online about changes that may affect the tax they pay.
From April 2016 changes have been made to the Construction Industry Scheme (CIS). Part of the reforms were that contractors must file their monthly returns online.
The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July 2016. Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or…
HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover, rather than netting off output and input VAT due on sales and purchases. The revision in the guidance follows a number of…