March 2017 saw the Chancellor deliver his last spring budget announcement, with the new Autumn Budget set to be delivered in November 2017. Announcements were tempered by the continuing theme of “slow and steady”, although a rapid U turn was performed just days after the budget when the proposed National Insurance rises were scrapped. Initially it was […]
We have heard many viewpoints and pronouncements from all parties with an interest in this subject, ever since it was first announced by the Chancellor back in Autumn 2015. The basic premise of the scheme is that the government would like all businesses with net income of over £10,000 to report their income on a quarterly basis […]
The Chancellor of the Exchequer delivered his budget on 16 March 2016. We will summarise below some of the main changes which have been made to taxation for individuals and small businesses. If you have specific questions or concerns regarding any of the changes in the budget and how they will affect your own circumstances […]
The taxation of dividends was radically altered by the government during it’s July 2015 budget, with the changes having significant impact on certain groups of tax payers. These changes will become active from 6 April 2016 and below we consider the impact on private investors with substantial dividend income and small company owner managed businesses. From […]
The intention of the government to end the annual tax return and abolish Class 2 National insurance were big headlines in the 2015 budget. But do we know how this is going to work in practice? The answer is NO! The intention is to replace annual tax returns with online digital tax accounts ( similar […]
In a surprise announcement the farmers averaging election has been extended following the 2015 budget. From April 2016 the current 2 years averaging election is to be increased to 5 years. A consulatation will be held later in 2015 to decide on the exact mechanism for this proposal and we will update the details here […]
We have been hearing for some time about the changes to the way pensions are handled in retirement. With the changes becoming available after 5 April 2015 we all now need to look at our own pension provisions. HMRC has produced a website at www.pensionwise.gov.uk and a helpline on 03003301001, as well as trained pensions guidance advisors via […]
The 2015 budget delivered by Chancellor George Osborne contained a number of initiatives designed to make saving easier and more attractive despite the record low interest rates we have had in the UK since March 2009. From 6 April 2015 the 10% starting rate for income tax on savings had already been reduced to £0% […]
From April 2015 an individual will be able to transfer £1,000 of their personal allowance to their spouse or civil partner. In order to make the transfer both parties must not be higher rate tax payers (this being assessed prior to the transfer). This will benefit those on lower incomes such as families where one […]