Blog

Help to buy ISAs are available from 1 December 2015

The following information is extracted from the Government’s help sheet:

  • New accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for.
  • Accounts will be available through banks and building societies from Autumn 2015.
  • You can make an initial deposit of £1,000 when you...
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A 30th December 2015 filing deadline

One of the more obscure filing deadlines for Self Assessment purposes relates to a claim to have your tax underpaid for a year recovered by an adjustment, an increase, in the PAYE stopped from your salary in a future tax year.

 For underpayments year to 5 April 2015, the filing deadline is fast approaching, 30 December...

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Landlords despair

On the 8 July 2015, George Osborne announced a number of changes to the taxation of property businesses. Without a doubt the most impactful change is the loss of higher rate tax relief for finance charges, which includes mortgage interest. What he didn’t explain was the not so gentle push of many landlords, who were...

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Reduction in bank deposit protection

From January 2016 the Financial Services Compensation Scheme (FSCS) is changing. Savers have one month left to adjust their bank deposits to the new limits. Here’s the updated information posted to the FSCS website posted 5 July 2015:

 “Savers are getting a new deposit guarantee limit from the New Year.

The current £85,000 level of protection continues...

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Autumn Statement 25 November 2015

Announcements for businesses

Support for smaller businesses

The Chancellor reported that the UK’s small and medium sized enterprises now employ 15.6 million people, up from 13.7 million in 2010. Over the last two years the number of small businesses employing someone other than the owner has grown by 100,000.

The government understands that small businesses need tailored support....

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Business tax changes confirmed

The Summer Budget changes formally completed their progress through the legislative process and received royal assent on 18 November 2015.

We have summarised in this posting the main changes to business tax that are now enacted:

  1. Corporation tax rates will be reduced to 19% from 1 April 2017 and 18% from 1 April 2020.
  2. A new clause, not...
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New tax free child care scheme

 A reminder that delays created by legal action to block this new scheme mean that it will not be rolled out until early 2017, a year later than planned.

A top ten summary of the benefits of the new scheme are reproduced below:

1. You’ll be able to open an online account

You’ll be able to open an...

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Dividend Tax changes April 2016

 It was bound to happen some time...

At present there are considerable savings in National Insurance contributions to be made if a minimal amount is paid as salary and any balance of a remuneration package is paid as dividends (particularly for shareholder directors of private limited companies).

From April 2016, the NIC status of dividends is not...

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