Newsletter Spring 2016

In this Spring newsletter, we look at some extra charges that may arise from April 2016 on certain property transactions. There’s also some early information on HMRC’s digital Personal Tax Accounts and we examine some of the tax issues charities may need to consider, amongst other stories...

Changes in reporting benefits

There are a number of welcome changes being made to the taxation of benefits on employees and directors with effect from 6 April 2016.

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Personal Tax Accounts

In December 2015, HMRC launched the Personal Tax Account (PTA). This is an early step in the long path the government has embarked upon in its Making Tax Digital project.

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Property income and interest relief

The announcement in the Summer Budget 2015 restricting income tax relief for interest costs incurred by landlords of residential properties is now law.

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Are you tracking your website statistics?

Reviewing is an essential part of day-to-day business management, so why not review your website performance?

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New tax dangers when buying residential property

New rates of Stamp Duty Land Tax (SDLT) on purchases of buy to let properties or second homes may create more complicated property transactions.

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Feature article

Essential Employer Update 2016

We consider recent changes and developments in payroll practice and employment law.

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Marriage allowance - guide your employees in the right direction

The Marriage Allowance lets certain individuals transfer 10% of their personal allowance to their spouse or civil partner.

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Attention director-shareholders - profit extraction issues

When the new tax regime for dividends is introduced on 6 April 2016 many director-shareholders will find that the tax bill on the dividends will be higher than for 2015/16.

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Feature article

Inheritance Tax Planning - new horizons

We consider two recent developments which potentially affect the inheritance tax (IHT) planning of many individuals. The first is the introduction of the 'residence nil rate band' in April 2017 which may enable a family home to be passed on tax free on death and the second examines the changes introduced for inherited pension funds from April 2015.

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Charities - ensuring tax exemptions are available

There can be generous tax relief for charities but only if the charity is correctly set up and run. HMRC have recently updated their guidance on the tax treatment of charities so it's timely to review the current tax position.

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