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08 March 2017

Budget Statement 8 March 2017

Pundits are mixed in their interpretation of the prospects for the UK economy as we approach the formal Brexit disengagement. They are keen to see encouragement for industry to invest and export rather than more of the same debt fuelled consumer expenditure. Has Philip Hammond succeeded in meeting these demands, and will he be able to bank...

02 March 2017

The Scottish Rate of Income Tax (SRIT) commenced on 6 April 2016 and is administered by HMRC on behalf of the Scottish government. The SRIT is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. For the 2016-17 the Income Tax rates and bands remained the same as in the rest of the UK.

In a landmark vote, the Scottish Parliament has voted to freeze...

02 March 2017

It is now almost two years since the new pension freedoms provided those aged 55 and over new opportunities to access their pension savings. The new rules allow the over 55’s new freedoms to access their pension pots by taking lump sum payments. The first 25% is tax-free and the remainder is taxed at the individual's marginal rate.

However, an unexpected consequence of these changes...

02 March 2017

The latest advisory fuel rates became effective on 1 March 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the previous rates for up to 1 month from the date the new rates apply.

The rates are as follows:

...
02 March 2017

The government has announced that over £19 billion of the £20.3 billion invested in Lloyds during the financial crisis has been recovered. The publication of these figures follows the sale of the latest tranche of shares in the Lloyds Banking Group through the latest trading plan launched in October 2016.

The sale has resulted in a significant milestone as the government is no longer...

02 March 2017

The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the mortgage rules have required proper evidence of income for the self-employed.

The tax calculation (SA302) shows the breakdown of the income returned on the taxpayer's tax return, including...

02 March 2017

It is not long until the end of the current 2016-17 tax year and employers have to complete their final PAYE submission for the tax year. It is also very important that employers remember to provide employees with a copy of their P60 form by 31 May 2016. A P60 must be given to all employees that are on the payroll on the last day of the tax year – 5 April 2017.

The P60 is a statement...

28 February 2017

The Employment Rights (Increase of Limits) Order 2017 has been laid before Parliament and will come into force from 6 April 2017. The Order increases the limits applying to certain awards of employment tribunals and to other amounts payable under employment legislation. The main changes are:

  • Maximum amount of a “week’s pay” which is used for the purposes of calculating statutory...
24 February 2017

1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016.
2 March 2017 – Self

24 February 2017

1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016.

2 March 2017 – Self Assessment tax for 2015/16 paid after this date will incur a 5% surcharge.

19 March 2017 - PAYE and NIC deductions due for month ended 5 March 2017. (If you pay your tax electronically the due date is 22 March 2017.)

...

23 February 2017

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2017. This is the first time that the NMW and NLW rates will be uprated in parallel. Historically, the NMW increased annually in October and explains the smaller than usual increase in the NMW as the last increases were only effective on 1 October 2016.

The hourly rate of the...

23 February 2017

The new Lifetime ISA will be available from April 2017. The Lifetime ISA is designed to help those aged between 18 and 40 to save for a new home or for their retirement. The new scheme will see the government provide a bonus of 25% on yearly savings of up to £4,000 and these benefits continue until the saver's 50th birthday. This could mean an extra £1,000 for every £4,000 saved annually from...

23 February 2017

HMRC has used the publication of a new corporate report to announce new support services to the 170,000 mid-sized businesses operating in the UK. These businesses play an important role in developing entrepreneurship and creating new jobs. Mid-sized businesses are defined as those that have a turnover of more than £10 million and/or more than 20 employees. HMRC estimates that 19% of the UK...

23 February 2017

HMRC has issued an advisory note to let employers know that it is in the process of emailing an employer alert. These emails are headed Important information for employers and refer to Employer Bulletin 64. These emails are genuine and include valid links to pages on the GOV.UK website.

Taxpayers still need to be mindful of the many phishing emails that are purported to come from HMRC....

23 February 2017

HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion.

There are three main stages to taking part in the campaign, notifying HMRC...

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