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Spring Newsletter 2017 including a summary of the Spring Budget announcements

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Spring Newsletter 2017

Following the chancellor’s Spring Budget announcements yesterday we have included a summary of the key changes which may affect you on pages 3-4 of our Spring Newsletter. You can download a digital copy of the Spring Newsletter here. The newsletter also includes articles on topical tax changes including: Making Tax Digital National Minimum wage increases …

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A Budget 2015 Summary for Individuals

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UK Budget 2015 Summary For Individuals

Chancellor George Osborne described in his final Budget how thanks to the hardworking people of Britain, Britain is “walking tall again” and urged people not to return to the “chaos of the past”! He emphasised his commitment to helping those who “work hard and want to get on”. So how will George Osborne’s measures impact on our personal finances?

Here’s our Budget 2015 summary for individuals of the key announcements:

Minimum Wage

  • for 21+ year old workers, the rate will rise by 20p to £6.70p per hour from October 2015.
  • for workers aged 18-20, the rate will rise by 17p to £5.30p per hour from October 2015.
  • for workers aged under 18, the rate will rise by 8p to £3.87p per hour from October 2015.
  • people on minimum wage will be paid £8 an hour by 2020.

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A Budget 2015 Summary for Business

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UK Budget 2015 Summary For Business

The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.

Here’s our Budget 2015 summary for business outlining the key announcements:

Corporation Tax

  • for small businesses, the rate of Corporation Tax remains at 20%.
  • the main rate will be cut to 20% from April 2015. The rules will be amended to prevent contrived loss arrangements.

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Tax Credits Deadline Extended

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HMRC has announced an extension to the Tax Credits deadline which will give claimants extra time to renew their Tax Credits.

Claimants who missed the statutory deadline of 31 July must ensure that their claim is renewed by 10pm on Wednesday 6 August 2014 otherwise their claim could stop and Tax Credits may have been overpaid.

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PAYE Penalties To Be Re-Introduced

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HM Revenue & Customs (HMRC) is to re-introduce PAYE penalties for late submissions of monthly payroll information from 6 October 2014.

The penalties will apply where a Full Payment Submissions (FPS)  has not been filed on or before the date a business pays its employees.

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Capital Allowances on Fixtures to Buildings

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The new rules that apply to claims for capital allowances on fixtures to buildings are now in place.

Whether you already have business premises or are in the process of purchasing new or second hand premises, let us help you to protect your entitlement to tax relief.

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Second payment on account

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If you submit tax returns to HM Revenue & Customs (HMRC), a second payment on account in respect of your 2013/14 income tax liability may be due for payment on 31 July 2014.  Just under four months away!

Payments on account are based on your tax liability from the previous year. You paid the equivalent of half last year’s tax liability on 31 January 2014 and the remaining half is due on 31 July 2014.

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