20 Apr 2016
As you know, we recently sent out a general Budget update following the March Budget announcements, but we thought it would be useful to further examine these, and to expand a little on some of the changes specifically affecting companies.
Corporation Tax Rates
As you already know, the rate of corporation tax, which is currently 20% is going to reduce to 19% from 1 April 2017. The change announced in this Budget affects the previously mooted decrease to ...(more)18 Mar 2016
Willy Wonka (Gene Wilder) - 1971
Wise words from the fictional confectioner, played by Wilder in the 1971 hit film ‘Willy Wonka & The Chocolate Factory’, but would he see the sense in a sugar tax, designed to cut the amount of added sugar in soft drinks? As his entire world was based on a constant supply of sugar, we think it would take some time for this piece of wisdom ...(more)04 Mar 2016
Harry Callahan (aka Dirty Harry)
There’s a good chance that most of us at some point have used this quote from Clint Eastwood’s famously gritty detective, but considering how well loved the line is, people often mis-quote it without realising, and get it wrong. We tend to say ‘Do you feel lucky, punk?’ when the actual line is ‘You’ve got to ask yourself one question. Do I feel lucky? Well, do ...(more)20 Jan 2016
Many experts are predicting big changes to tax relief on pensions, possibly with effect from the next Budget in March. Changes already announced will restrict relief for higher earners from 6 April. Now may therefore be the time to get as much money into your pension as you can, especially as changes announced in the Autumn Statement enable many people to top up their pensions in 2015/16 at a higher ...(more)27 Oct 2015
The recent Budget, on 8 July 2015, announced changes to the taxation of dividends which will apply from 6 April 2016.
The New Rules
The tax legislation has not yet been published but it has been announced that the deemed 10% tax credit currently attributed to dividends will disappear.
The new rates of tax which will apply to dividends are as follows:
Current effective rate of dividend tax
New ...(more)23 Jul 2015
The media is full of stories about what new tax raising powers will be devolved to Scotland and it’s been well publicised that, from 6 April 2016, Scotland will be able to set its own rate of income tax for Scottish taxpayers. So what does this mean exactly?
Well, the position will be that the main UK rates of income tax may be reduced by 10p in the £1 for Scottish ...(more)23 Jul 2015
The five years of coalition government saw the number of tax investigations undertaken by HMRC increase steeply. The Revenue broadened its narrow focus on High Net Worths and began clamping down on taxpayers from all walks of life- including many moderately successful professionals and entrepreneurs.
The election result may have led some to believe that, without the presence of a Chief Secretary to The Treasury drawn from the Liberal Democrats, HMRC ...(more)09 Jul 2015
Just a week after the hottest day in memory, things got quite heated in the House of Commons yesterday, when George Osborne gave his second Budget speech of the year, this time under a Conservative government. Some of his announcements generated a great deal of noise from both sides of the House, raising the temperature all round, especially for the Deputy Speaker, who had to stop proceedings numerous times. The ...(more)29 Apr 2015
As we head into Summer, a new wedding season is upon us. It seems therefore a fitting time to recap on some of the tax breaks and planning ideas available to married (and civil partnership) couples.
The most recent development in this area is the ability to transfer some of the tax free personal allowance to a spouse, which came into force from 6 April 2015.
There are however several other tried ...(more)19 Mar 2015
'The time to repair the roof is when the sun is shining......' - John F Kennedy, January 1962 'The sun is starting to shine - and we are fixing the roof.....' - George Osborne, March 2015
In his 1962 State of the Union Address, JFK warned against basking in the warmth of recovery, and stressed that “repairs” were still required, to prevent the US from slipping back into recession. Fifty-three years later, ...(more)