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)11 Mar 2015
- Stan Lee, 1962
Stan Lee was referring to heroes such as Spiderman, Captain America and the Fantastic Four but, in a few weeks, the people of the UK will decide who will have the ‘power’ and the ‘responsibility’ to decide, perhaps not the future of mankind, but at least your tax future!
A new Government in May this year could bring with it changes to tax legislation that could reduce current ...(more)23 Jan 2015
The 2014 Budget had plenty to whet the appetite, including some of the biggest and most radical shake-ups to the UK pensions regime in a long time.
As well as making access to Defined Contribution (DC) pension funds (including personal pensions and SIPPs) easier and more flexible, significant changes were announced to the taxation of DC pension withdrawals and to the tax treatment of pension funds on and following death. The ...(more)13 Jan 2015
As we approach the end of another tax year, it’s time once again to plan for the next one. To help you out, we’ve attached a tax calendar of some of the key tax deadlines you should be thinking about.
Also, the Chancellor announced a number of new tax rules in his Autumn Statement in December 2014 so we thought it would be a good idea to give you an update on ...(more)05 Nov 2014
For many, the run up to Christmas involves planning for parties, work do’s and the Christmas Lunch. For our tax department, planning of another kind could be on the menu!
As many business owners will be aware, it has been possible to obtain 100% tax relief on certain capital costs for some time, using the Annual Investment Allowance (AIA). The limits for obtaining this relief have fluctuated over its lifetime, and ...(more)