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23 July 2015

HMRC launched a specialist tobacco taskforce last summer to tackle some of the UK’s most notorious hotspots for the sale and supply of illicit tobacco and alcohol as part of its overall remit to tackle tax fraud.

Earlier this month, around 40 HMRC officers with support from North Wales Police, UK Border Agency, and Trading Standards officers carried out checks on shops, private...

23 July 2015

The employment allowance of £2,000 per year for all businesses and charities was made available from April 2014. The allowance is offset against the employer's Class 1 secondary National Insurance Contributions (NICs) and can be claimed as part of the normal payroll processes.

In the Summer Budget, the Chancellor announced that the employment allowance will rise to £3,000 from April...

23 July 2015

Since April 2013, Universal Credits have been gradually rolled out across the country. Universal Credit is a single monthly payment for people both in and out of work, which merges together some existing benefits and tax credits. The rollout to existing claimants is expected to begin in 2016 and to be completed in 2017.

Universal Credit will eventually replace the following benefits:...

23 July 2015

The Summer Finance Bill 2015 officially known as Finance Bill 2015-16 was presented to Parliament on 14 July 2015. The second reading of the bill took place on 21 July and the Committee Stage is expected to take place shortly after the Commons' returns from the summer recess.

The Summer Finance Bill implements key policies for business such as the reduction of the Corporate Tax rate to...

16 July 2015

The TV licence fee has not been payable by those aged 75 or over since 2001. The Government has reached an agreement with the BBC that it will take on the cost of free television licences for over-75s on a phased basis from 2018/19 with the BBC taking full responsibility for the costs by 2020/21. 

The Chancellor George Osborne said:

'The deal we have agreed with the...

16 July 2015

The annual allowance for tax relief on pensions is currently £40,000 and there is a three year carry forward rule that allows taxpayers to carry forward unused annual allowance from the last three tax years if they have made pension savings in those years.

The annual allowance is to be reduced for high income earners from April 2016. Those with income in excess of £150,000 will see...

16 July 2015

Major changes to the way Vehicle Excise Duty (VED) is calculated and spent will come into effect from 2017. In his Budget speech, the Chancellor confirmed that the success of low emission cars is having an adverse effect on the amount of money raised from VED.

He stated that 'because so many new cars now fall into the low carbon emission bands, by 2017, over three quarters of new...

16 July 2015

Insurance Premium Tax (IPT) is a tax on general insurance premiums. There are currently two rates; a standard rate of 6% and a higher rate of 20%. The higher rate applies where insurance is sold in relation to goods and services which are subject to VAT and to travel insurance.

As part of the Summer Budget measures the standard rate of IPT is to be increased from 6% to 9.5% from 1...

16 July 2015

In the Summer Budget, the Chancellor stressed the importance of building the Northern Powerhouse. The Northern Powerhouse was a key economic proposal of the previous coalition Government and has continued to be a key focus of the new conservative Government. The intention is to push economic growth in the North of England by building strong city regions including devolution deals with...

09 July 2015

The deposit guarantee limit for savers in UK banks and building societies will fall from £85,000 to £75,000 from 1 January 2016. The change which has been met with dismay by many banks has been brought about following a recalibration of the deposit protection provided by the Financial Services Compensation Scheme (FSCS).

The change has been made necessary as the FSCS coverage level is...

09 July 2015

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current limit of £4,250 has been frozen for 18 years and the Chancellor announced that the limit is to be increased to £7,500 from 6 April 2016.

The relief applies to the letting of furnished accommodation and is available when one bedroom is rented out in a furnished house....

09 July 2015

The main Corporation Tax rate dropped to 20% from 1 April 2015. The reduction to 20% resulted in the unification of the main CT rate and the small profits rate from April 2015.

Most observers would have expected there to be no further changes to the rate as the previous coalition government had cut the main rate of Corporation Tax from 28% to 20% over the last Parliament.

However...

09 July 2015

New rules introduced in April 2015 require employment intermediaries, which supply two or more workers to a client to send HMRC details of workers where they don’t operate PAYE on the workers’ payments. HMRC have introduced these new rules to help combat issues of false self-employment and the abuse of offshore working by some intermediaries. There is no requirement to send HMRC reports for UK...

09 July 2015

In the Summer Budget, the Chancellor announced that from April 2016 the basic personal allowance will increase to £11,000 (an increase from the previously announced figure of £10,800). At the same time the basic rate limit will be increased to £32,000. The Chancellor also announced that from 2017-18 the personal allowance will increase to £11,200 and the basic rate limit to £32,400. The...

08 July 2015

Summary of the Budget will be added here on 8th July pm.

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