Monthly Archives: May 2016

State benefits that are taxable

Many newly retired pensioners may not be aware that the State Pension they receive is taxable income. Also, the amount paid is not taxed at source. Although a pensioner’s State Pension may be covered by their annual tax-free personal allowance (£11,000 for 2016-17) and therefore potentially no tax would be payable, the situation is more...

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Small businesses take on more staff

According to new government research published recently shows that almost a quarter (24%) of small and medium-sized (SME) employers had more people working for them in 2015 than in 2014.

The Small Business Survey 2015 is based on the views of more than 15,000 SMEs. Starting from this year, the survey will track the same businesses...

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HMRC issues warnings and advice regarding fraudulent emails

There is a continuing misuse of emails and SMS messages that purport to be from HMRC asking questions about your tax and encouraging recipients to part with their personal information and bank details.

HMRC have recently issued guidance, intended to help taxpayers decide if an email from the tax office is genuine. Here’s what HMRC have...

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UK tax to be simplified

The UK has one of the most detailed tax codes in the developed economies. Readers might be amused, bemused, that the so-called Office of Tax Simplification (OTS) has launched a high level strategy consultation that aims to move its tax simplification agenda forwards.

The aim is to make our tax system easier to understand and therefore...

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Two thirds of large UK businesses experience computer hacking

  • Nearly seven out of ten attacks on all firms involved viruses, spyware or malware.
  • Record £1.9bn government investment to protect UK but industry must act to help protect themselves
  • New National Cyber Security Centre will launch in the autumn 2016

Britain’s businesses are being urged to increase protection from cyber criminals after government research into cyber security found...

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International tax transparency makes progress

Chancellor of the Exchequer, George Osborne hailed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up.

Gibraltar, Isle of Man and Montserrat are amongst those joining the initiative led by the...

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Home owners may be caught by stamp duty increase

From 1 April 2016, buyers of residential property that is not to be their main residence in England, Wales and Northern Ireland, will be liable for the higher rates of Stamp Duty Land Tax (SDLT). Basically any property subject to the higher rates, that costs more than £40,000, will be charged at the following rates:

 

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Non competition clauses under the microscope

Business Secretary, Sajid Javid, has announced plans to look into employment rules that could be stifling British entrepreneurship by preventing employees from starting up their own business after leaving a job.

In a move designed to back even more small businesses and entrepreneurs across the country, the government is launching a call for evidence asking for...

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Good news for farmers

Under new rules, initially announced in the 2015 Budget, farmers will be able to average their profits for Income Tax purposes from two years to five years.

This change will help farmers with fluctuating profits better manage risk and level out the impact of tax on their farming profits. For example, they may avoid paying tax...

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What was in the Budget

Our government have selected their top-ten tax changes that come into effect from 6 April 2016. Just in case you need a refresher they are:

1.The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000.

2.The marriage allowance, the tax free amount which people can transfer to their husband, wife or...

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