The Autumn Statement announced changes to the Stamp Duty Land Tax rules for residential property. We consider the implications of the new bands and percentages and the introduction of the Scottish equivalent, Land and Buildings Transaction Tax.
We also remind employers to check they have claimed the Employment Allowance, worth up to £2,000 in reduced employer National Insurance contributions (NICs) and explain the changes to employers NICs for under 21s which take effect from April this year and changes for NICs for apprentices which take effect from April 2016.
With many owner managers choosing to operate their businesses through a company we look at the recent changes in the rules which restrict some reliefs available on goodwill. These changes affect the tax write off on goodwill and the availability of Entrepreneurs' Relief on the disposal of goodwill by an individual when they transfer it to a related company.
Improvements are being made to the operation of the Construction Industry Scheme (CIS) following a period of consultation. The changes include reducing the limit for the entity turnover test and simplifying the compliance tests. Both tests are relevant for achieving and maintaining gross payment status.
Existing pensioners and those who reach State Pension age before 6 April 2016 will have the opportunity to purchase up to a maximum of £25 per week extra State Pension. We look at the options available and who may want to consider taking up this opportunity.
We also review the rules on repairs and renewals including some examples as illustrations. The article considers the distinction between replacing the 'entirety' rather than carrying out an expensive repair. We also consider the rules for residential lettings on the renewal of furnishings and what types of expenses are allowable.
One of the welcome announcements in the Autumn Statement included the immediate reform of Stamp Duty Land Tax (SDLT) on the purchase of residential property...
More NIC savings ahead
2014/15 introduced the Employer Allowance, an up to £2,000 saving on Employer Class 1 National Insurance contributions (ERNIC) for many businesses and for charities...
No relief for incorporations
Owner managers have increasingly chosen to operate their businesses through the company medium in recent years as some regulation has reduced for the smaller company...
Capital or Revenue expenditure? That is the question
Should a client face an enquiry from HMRC into their tax return and accounts...
Improving the Construction Industry Scheme (CIS)
In Budget 2014 the Government announced that it would consult on options to improve the operation of the CIS and on the introduction of mandatory online CIS filing for contractors. The consultation has now taken place and the legislative process will commence in April 2015...
New UK GAAP - Dramatic Changes Ahead
The form and content of company accounts are changing for accounting periods beginning on or after 1st January 2015. In most instances companies will show a different bottom-line profit or loss and a different total for net assets on the balance sheet total. Very often these changes will also lead to a higher or lower tax bill...
State Pension top up - is it for me?
Pensioners will, from later this year, be able to purchase up to a maximum of £25 per week extra State Pension. This has been introduced by the Government so that those pensioners who have done less favourably under the existing State Pension rules get an opportunity to top up their State Pension, before the new flat rate State Pension system is introduced...
Restricting relief on residential lettings
Capital allowances are generally not available for common items of plant and equipment such as white goods used in a residential lettings business...
Essential Employer Update 2015
This briefing considers employment law changes affecting parents and the calculation of holiday pay. We also look at RTI penalties and interest, together with National Insurance contributions (NIC) and coding notice changes and the progress being made on simplifying expenses and benefits reporting...