The 2016 Budget saw an increase in the tax charge applied to close the company loans and overdrawn directors’ loan accounts arising after 6 April 2016. What will this mean for you? Temporary Tax Imposing a charge on loans made to participators (which includes overdrawn directors’ loan accounts) in close companies…
If you have money to invest you could go for one of the government’s tax advantaged schemes like ISAs. These have proved popular, but could the changes to scheme rules make a pension a better home for your cash? Tax-advantaged investments Tax-advantaged investments come in all shapes and sizes. Some…
Following the restriction of tax relief for mortgage interest and the 3% increase in Stamp Duty Land Tax all is not doom and gloom for buy to let landlords. Following on from the consultation this summer the draft Finance Bill 2016 includes the legislation to reintroduce tax relief for the…
One of the anti-avoidance measures announced in the Autumn Statement on 25 November was to introduce legislation to counter the distribution of income accumulated in a company to the shareholders in a capital form, potentially subject to the 10% capital gains tax rate with the benefit of entrepreneurs’ relief. This…
One of the controversial measures included in the draft Finance Bill 2016 was the proposed restriction of the deduction for travel and subsistence expenses incurred by certain workers caught by the IR35 rules. This proposed change was consulted on during summer 2015 and, if enacted, will significantly restrict the tax…
If you have already taken care of Auto Enrolment or have no employees please do not read any further. Assuming you are still reading, it has recently been announced that one of the major Government backed Auto Enrolment pension providers is to introduce set up charges of £500 from…
Under current arrangements, basic rate taxpayers pay no tax on dividends received. Higher and additional rate tax payers pay tax at 25% and 30.55% respectively. However in the Summer Budget on 8 July, Chancellor George Osborne announced that from April 2016, the existing system would be replaced. Under this new…
‘The cloud’ is another term for ‘the internet’. Cloud computing refers to the practice of accessing data or programs over the internet, instead of using your hard drive or office server. Cloud accounting software is software that can be accessed online. Traditional small business accounting programs require installation and can…
There is no doubt that with the Rugby World Cup currently in full swing Rugby fever has gripped the nation and you cannot open a newspaper or switch on the Radio or Television without being overwhelmed by some obscure reference to an act or combination of events in a Rugby…
In the Summer 2015 Budget the government announced that HMRC would start a dialogue with businesses on how to improve the effectiveness of the existing intermediaries legislation. HMRC will engage with stakeholders over the next few months to explore options to make the legislation more effective in protecting the Exchequer…