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: Mr Speaker I am abolishing the Autumn Statement. No other…
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Philip Hammonds last Autumn Statement
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: Mr Speaker I am abolishing the Autumn Statement. No other…
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Tax changes announced last week
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 making good use of George Osborne’s facility…
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Autumn Statement wish lists
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 Insurance. Northern business leaders are keen to see investment in roads and…
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Buy to let lenders subject to new regulation
Just when it looked as if things couldn’t get any worse for prospective buy-to-let investors – in particular the gradual withdrawal of higher rate tax relief for finance charges – the Bank of England’s Financial Policy Committee (FPC) will be granted new powers by the government to help it protect the financial system from future…
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The season to be merry
If you are involved in planning the staff Christmas party for your firm don’t forget to consider the income tax consequences. Here’s a short reminder of the points you should add to your check list. The cost of an annual staff party or similar function is allowed as a deduction for tax purposes. However, the…
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Making tax digital – nothing to worry about
Readers will be relieved to note that their professional advisors and other interested organisations, have recently lobbied HMRC to temper their agenda for making tax digital (MTD). In case you have not heard of MTD, HMRC intend to require businesses with income over a de minimis limit (presently set at £10,000), to upload summary accounting…
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Annual Investment Allowance (AIA)
From 1 January 2016, the AIA was increased to an annual limit of £200,000. Unlike previous changes, this is a permanent increase. The AIA allows businesses to write off 100% of expenditure in qualifying assets and equipment, up to the appropriate limit, against their tax liabilities. In effect, qualifying expenditure is treated as any other…
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Tax Diary November/December 2016
1 November 2016 - Due date for Corporation Tax due for the year ended 31 January 2016. 19 November 2016 - PAYE and NIC deductions due for month ended 5 November 2016. (If you pay your tax electronically the due date is 22 November 2016.) 19 November 2016 - Filing deadline for the…
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Limits on certain claims for tax relief
From 6 April 2013, the total amount of certain Income Tax reliefs that can be used to reduce your total taxable income is limited to £50,000, or 25% of your adjusted total income, if higher. The main reliefs subject to this limit are: trade loss relief against general income and early trade losses relief -…
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