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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.

02 July 2015

HMRC taskforces are comprised of multiple teams from across HMRC including special investigations, local compliance and criminal investigation units for targeting specific sectors and locations where there is a high risk of tax evasion. The taskforces use local knowledge and risk profiling to help create a list of individuals and businesses to target.

The latest taskforce to be launched...

02 July 2015

The Asian Infrastructure Investment Bank (AIIB) is a new international financial institution. The purpose of the new development bank is to drive infrastructure projects in transportation, energy, telecommunications and other infrastructure across Asia. The AIIB will do this using a variety of support measures - including loans, equity investments, and guarantees. The UK was the first major...

02 July 2015

HMRC has announced that they are piloting new services for deaf taxpayers in conjunction with the Royal Association for Deaf People (RAD).

Deaf people who are able to handle their own affairs but cannot speak to HMRC directly can now use video relay with a British Sign Language (BSL) interpreter via a webcam. The BSL interpreter will be able to talk directly to an HMRC adviser on the...

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