The buy-to-let market is set to change following Chancellor George Osborne’s announcement last November that landlords would pay a three per cent Stamp Duty Land Tax (SDLT) surcharge, with effect from 1 April 2016. In addition, mortgage interest tax relief changes, due to be phased in from April 2017, will mean thousands of buy-to-let landlords… Read more…
According to a report called The New Internationals from commercial insurer RSA, the UK’s SMEs are EU-dependent, with 82 per cent seeing European markets as important to their future growth. Some 52 per cent say it is very important whilst 24 per cent describe themselves as a European business. More than half (56 per cent)… Read more…
From 6 April 2016, the Small Business, Enterprise & Employment Act 2015 is introducing new rules on identifying and recording who owns and controls UK companies and LLPs. These entities will have to collect and keep information about people with significant control over them (PSCs). This includes those who own or control – either directly… Read more…
Do you know your Staging Date? You may already be aware of the term ‘auto-enrolment’ – the automatic enrolment of employees into workplace pension schemes. If not, you need to know that auto-enrolment has already begun and, by 2018, every UK employer will need to provide this facility for employees. Finding out… Read more…
From April 2016 the way in which tax is applied to dividends will see substantial changes. Dividends, formerly the tax-friendly alternative to salary, will bring new tax liabilities – potentially leaving you with higher tax bills. Under these new reforms, the Dividend Tax Credit will be abolished in April 2016 and a new Dividend Tax… Read more…
The Government has considered responses to questions posed on the audit exemption threshold in its discussion paper on the implementation of the Audit Directive (2014/56/EU) and the Audit Regulation (Regulation 537/2014) and raised the audit exemption threshold. This means that companies with a turnover up to £10.2 million, a balance sheet total of up to… Read more…
During the Chancellor’s 2015 Autumn Statement, the Government announced its plans to reform tax legislation to require small businesses, the self-employed and landlords to update HMRC quarterly, rather than completing an annual tax return. The Government intends for quarterly updates to be initially introduced from 2018 and phased in fully by 2020. MPs criticised the… Read more…
The Employment Allowance that enables employers to reduce their NI bill by £2,000 is being extended from 6 April 2016 to £3,000. However, HM Revenue & Customs (HMRC) has advised that single-director companies will be excluded. The news follows a technical consultation that closed on 3 January 2016. An extract, indicating the adjustment, was published on… Read more…
HM Revenue & Customs (HMRC) has revealed the worst excuses it has heard over the previous year from people filing late tax returns. The list, which was released ahead of the 31 January deadline for filing tax returns online, contains claims that were used in unsuccessful appeals against penalties imposed for late returns. Failed excuses… Read more…
A survey by the Federation of Small Businesses (FSB) has found that nearly half of the employers who must set up a workplace pension scheme for their staff in the next two years are confused about their responsibilities. The FSB’s survey revealed that 45 per cent of those asked were unclear on the rules relating… Read more…
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