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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 Wage (NMW)…

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 new definition of a “limited cost trader” will be…

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 change will add £1bn a…

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…

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…

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…

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…

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…

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…

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…