These rates are the suggested reimbursement rates for employees’ private mileage in their company cars and are reviewed each quarter on 1 March, 1 June, 1 September and 1 December. In line with an increase in fuel prices, the rates that apply from 1 June 2016 are shown below: Engine Size Petrol Diesel LPG […]
Changes to Construction Industry Scheme (CIS) reporting
Following the abolition of monthly paper CIS returns from 6 April 2016 HMRC have indicated that some leniency will be allowed for late returns for the first three months of the new tax year. Contractors and other businesses required to operate CIS now have to submit their returns online. It is proposed that from April […]
Scottish Taxes, Tax Diary June / July 2016 & P11D!
Scottish Taxes In these newsletters we tend to focus on tax matters that apply generally throughout the UK. However, under powers devolved to the Scottish Government there is now a different system of tax for the transfer of property in Scotland instead of SDLT. Please contact us if you are considering buying a property in […]
Changes next year for public sector workers “Off Payroll” & Tax Relief for Travel Expenses for IR35 Workers
Changes next year for public sector workers “Off Payroll” It was announced in the March Budget that Finance Bill 2017 will include measures to change the rules for those workers supplying their services to public sector bodies via their own company. The current rules require the intermediary to consider whether or not the IR35 rules […]
Football Club receives £23,000 Auto Enrolment Fine – Dont let it be you!
Auto Enrolment is a duty and cannot be ignored. One way or another it will affect your business. The Pension Regulator has issued a £23,000 fine to Swindon Town Football Club and more £400 fines against employers who haven’t dealt with it properly than ever before. Employers are leaving it too late to comply with these […]
CIS Gross Payment Rules relaxed
In April 2016 HMRC introduced significant changes to the Construction Industry Scheme (CIS). What do your clients need to know? Reason for change – In 2014 HMRC announced changes to the CIS with the aim of making its processes simpler. In particular, it’s hoped that the new legislation will enable more businesses to achieve gross payment […]
Before 6th April 2016!!
Inheritance Tax Planning before 6th April 2016 Have you made use of your annual Inheritance Tax (IHT) exemptions? The annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it). Also consider making regular gifts out of your income to minimise the growth of your estate that will be […]
Don’t lose your Personal Allowance & Year end Pension Planning
Don’t lost your Personal Allowance! For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. Year end pension planning Take advantage of the pension carry forward […]
Contracting out of additional State Pension ends 5th April 2016
From 6 April 2016 employees of contracted-out defined benefit (DB) schemes will automatically be brought back into the State Pension scheme and will no longer be able to use a contracted-out salary related (COSR) occupational pension scheme to contract out of the State Scheme. Employees will, depending on their level of earnings, start to accrue […]