For a number of years, it has been possible to make gift aid donations and carry them back to the previous tax year. This is a useful tax planning facility if earnings were higher in the previous year, and in some cases it may mitigate loss of personal allowances and tax at higher...
4 years 2 months ago
A lasting power of attorney (LPA) is a legal document that lets you (the ‘donor’) appoint one or more people (known as ‘attorneys’) to help you make decisions or to make decisions on your behalf. There are two sorts of LPA. They can cover personal issues (health and welfare) or...
4 years 2 months ago
Mr Hammond surprised listeners to his autumn statement speech when he said:
This is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last.
And then quickly followed with...
4 years 2 months ago
Salary sacrifice is a term applied to benefits taken in place of salary. In many respects these benefits provide employees with higher “take home” value than if the benefits were treated the same as cash income. Mr Hammond is mindful to curb this practice as it is intended that the...
4 years 2 months ago
HMRC is to introduce an additional test that will determine the flat rate percentage used by traders. It would seem that HMRC presently considers the benefits obtained by certain businesses to be excessive and not in accord with the intentions of Parliament.
Traders that meet the...
4 years 2 months ago
From April 2017, the National Living Wage (NLW) for the over 25s is being increased to £7.50 per hour. This is an increase from the current NLW rate set in October 2016 of £7.20 an hour. For the over 25s, this will represent a wage increase of just over 4%.
The National Minimum...
4 years 2 months ago
1 December 2016 - Due date for Corporation Tax due for the year ended 29 February 2016.
19 December 2016 - PAYE and NIC deductions due for month ended 5 December 2016. (If you pay your tax electronically the due date is 22 December 2016.)
19 December 2016 - Filing deadline for...
4 years 2 months ago
Philip Hammond surprised MPs when he ended his Autumn Statement by saying:
This is my first Autumn Statement as Chancellor. After careful consideration, and detailed discussion with the Prime Minister, I have decided that it will also be my last.
This was quickly followed by...
4 years 3 months ago
Last week, Philip Hammond presented his first Autumn Statement to parliament.
In some respects, it was a bit of a damp squid as there were no stand-out revelations. However, there were a few tax changes that are worthy of note:
Pension pot reinvestment
The over 55s have been...
4 years 3 months ago
Organisations across the UK have been publicising their wish lists for Philip Hammond’s first autumn statement later this week.
Amongst tax practitioners there seems to be a preference for increases in the Inheritance Tax threshold and the merger of income tax and National...
4 years 3 months ago
Pages
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Gender gap closing in UK board rooms https://t.co/voRaxGHH79 -
Challenges as we emerge from lockdown https://t.co/sWZlHc0qGC
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Supreme Court determines Uber drivers are workers https://t.co/VHWA1AMKrw
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Do you qualify for the fourth SEISS grant? https://t.co/ssdI3Vk3Hc
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Tax claims if working from home https://t.co/6IWibY3EeN
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UK Pensions Bill receives Royal Assent https://t.co/vHTlEunsQ5
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