20

Oct

The Personal Savings Allowance was introduced by HM Revenue and Customs (HMRC) on 6 April 2016. This means that tax will no longer be deducted by your bank or building society and that all interest will be paid gross. Interest on savings is tax free, to a threshold of £1,000 for basic rate taxpayers (20%), £500 for those who are higher rate taxpayers (40%), and £nil for additional rate taxpayers (45%). If the interest you receive from all sources exceeds the £1,000 limit, or £500 limit for

2016

14

Sep

A digital tax revolution is on its way, but how will that impact small businesses? The March 2015 budget saw the Government set out the vision for a transformed tax system and the end of the annual tax return.  HMRC are introducing these reforms gradually between 2018 and 2020, to ensure that they are done correctly, and to give individuals and businesses time to ease into the transition to a digital system.  The objective is set to be fully achieved by 2020 through the transformation of HMRC

2016

17

Aug

The Finance Bill 2016 introduces a new relief to encourage investment in entrepreneurial companies by external backers.  Known as Investors’ Relief (“IR”) it applies a lower rate of 10% capital gains tax to disposals of qualifying shares by individuals, subject to a lifetime cap of £10m of gains.  IR does not require the investor to be an officer or employee in the company, or hold a minimum shareholding.  There are various conditions to be met for IR to apply to a disposal of qualifying shares

2016

03

Aug

As you may already be aware, the Government has made some minor alterations to the requirements relating to the filing of an annual return at Companies House. From the 30 June 2016, the annual return has been replaced by the confirmation statement.  When submitting your company’s confirmation statement, you need to check that the information held by Companies House is correct. You must submit a confirmation statement at least once a year, even if there have been no changes or the company is

2016

01

Aug

For incorporations undertaken on or after 3 December 2014 where the assets are transferred by an individual or partnership to a close company, any goodwill included in that transfer is not necessarily a “relevant asset”.  If goodwill is not a relevant asset any gain arising on its disposal won’t qualify for entrepreneurs’ relief (“ER”).  The test of whether goodwill is a relevant asset depends on the relationship between the individual vendor and the close company that acquires the goodwill.

2016

12

May

HM Revenue and Customs (HMRC) require all employers to complete a statutory tax form, known as a P11d, which reports all of the expenses and benefits provided during the tax year. The forms P11d and P11d(b) needs to be with HMRC by 6 July 2016. If you need help completing this form, contact us for advice.

2016