March Budget 2016 Key Points

March Budget 2016 Key Points

Earlier today the Chancellor of the Exchequer George Osborne set out his budget. The following were the key points mentioned, with more detailed analysis to follow when the details are received.

– Corporation Tax to fall from current 20% to 17% by 2020
– 40% Tax Threshold to raise to £45,000 from April 2017
– Personal Allowances to raise to £11,500 from April 2017
– Capital Gains Tax to be cut from 28% to 20% and 18% to 10% for basic rate tax payers.
– Class 2 NIC abolished
– A new sugar tax on the soft drinks industry from April 2018
– Tobacco duties to rise by 2%
– 0.5% rise in insurance premium tax
– For those under 40 years of age, a new lifetime ISA to be introduced where the government gives you £1,000 for every £4,000 you save. This is for pensions and mortgage deposits.

We will be posting a more detailed analysis with the real implications and benefits for businesses and individuals shortly, once full details of the budget are received. Check back soon!

National Minimum Wage Rates – October 2015

National Minimum Wage Rates – October 2015

A reminder that the National Minimum Wage rates increase next month. From 1 October 2015 they will be as follows:

adult rate: £6.70 an hour
youth rate for those aged 18-20: £5.30 per hour
rate for those aged 16-17: £3.87 per hour
apprentice rate: £3.30 per hour
accommodation offset: £5.35 per day.
Note that in addition to these increases, a new “National Living Wage” (“NLW” – not to be confused with the Living Wage) will apply from April 2016, and will effectively introduce an additional higher tier into the National Minimum Wage system. The new rate, of £7.20 per hour, will apply to all adults aged 25 and over.

31 October Partnership Paper Return Deadline

31 October Partnership Paper Return Deadline

The 31st October 2014 deadline for Self Assessment Partnership Paper Tax Returns  for the year ended 5 April 2014 is fast approaching! If you are a client and you still haven’t given us the information  needed for this please do so as soon as possible! You can find our checklist attached to this post. The penalties for late filing can be substantial and we don’t want our clients ending up with penalties from HMRC!

Tax Return Deadline is Over!

Tax Return Deadline is Over!

The team here are very glad the January rush is over! Finally a nice quiet day in the office! (in comparison to last week anyway!) If you have have any queries about your Tax Return or if you aren’t a client yet and have missed the deadline please Contact Us. If you have missed the deadline and have certain mitigating circumstances to have done so, we may still be able to  help you appeal against any penalty and assist in getting your return completed. For those clients who have to pay HMRC payments on account, please remember the second payment should be received by HMRC before 31 July (this should be detailed in the letter we would have sent out to you).