From an Autumn Statement peppered with continuing austerity measures and deficit issues the main talking point was the reform of Stamp Duty. The Chancellor announced that the current system, where the amount owed jumps at each threshold level, would be replaced by a graduated rate, similar to income tax. The change came in at midnight and the new rates are […]
A new VAT service starts from 1 January 2015 for businesses supplying digital services in the EU. The ‘Mini One Stop Shop’ (MOSS) means that these businesses will not have to account and pay VAT separately in each country where they do business.
‘Digital services’ can include: broadcasting, telecoms and e-services such as apps, e-books, streaming, dating, journals, online newspapers/magazines and […]
HM Revenue and Customs (HMRC) is introducing penalties for employers who report their information late from:
6th October 2014 for employers with 50 or more employees
6th March 2015 for employers with fewer than 50 employees
When Penalties are charged
You can get a penalty if:
Your full payment submission (FPS) was late
You didn’t send the expected number of FPSs
You didn’t send an Employer Payment […]
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Until 31st December 2015 purchases of Plant, Equipment, Fixtures & Fittings (Excluding cars) i.e. Capital Allowances(CAs) of up to £500,000 in a financial year receive a full tax deduction all at once; any excess is spread over 20 years plus.
e.g. your company has ordered some new machinery but it will take a couple of months to arrive and be installed. […]
What you need to know – the main talking points
The Chancellor of the Exchequer, George Osborne, gave his fifth Budget speech to Parliament on 19 March 2014. He unveiled plans to support economic recovery – including tax breaks to boost productivity, exports and manufacturing.
The deficit Mr Osborne announced would be lower than expected this year at 6.6% – and he […]
You can accumulate substantial amounts a personal capital in a tax-efficient way via an Individual Savings Account (ISA).
From 1st July, ISAs will become even more attractive and more flexible:-
All existing ISAs will become a simpler product called the New ISA (NISA).
Your NISA annual investment limit will be increased to £15,000.
You will be able to transfer your investments from a stocks […]
Investors should not delay in disclosing their assets
With the latest HM Revenue & Customs (HMRC) campaign aimed at targeting investors with overseas assets, some investors could be worried about the impact this could have on their overseas investments, and others could be put off from investing overseas altogether. However, it’s not all doom and gloom. Once assets have been appropriately […]
If you are making high levels of pension contributions you will need to obtain professional financial advice to make sure that you know whether you will be affected by the impending new lifetime allowance (LTA) limit changes. Thousands of pension savers could be impacted by the forthcoming changes unless they act swiftly.
Your total pension savings
You should check what the value […]
Get your tax planning skates on with the end of tax year fast approaching
No one likes to pay more tax than they have to, but one of the challenges of wealth is the high taxation it attracts. With real-terms tax increases the prospect for the foreseeable future the pressure is on to make the most of every available tax planning […]