The Panama Papers

Apr 15, 2016

HMRC has responded to the significant leak of information on the activities of individuals and companies that have availed themselves of the offshore advantages of using Panama as a tax haven.

 We…

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Farmers new tax break

Apr 14, 2016

From 6 April 2016, farmers trading as sole traders or in partnership will be able to claim for an extended form of the popular “averaging” provisions.

Under the new rules, initially announced…

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Capital gains tax changes April 2016

Apr 07, 2016

 One of the surprising announcements in the recent budget was the easing of capital gains tax (CGT) rates.

 From April 2016, the new rates published by HMRC are:

 Changes…

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Stamp Duty increases buy-to-let

Apr 07, 2016

From 1 April 2016, individuals who purchase additional residential properties, second homes or buy-to-let properties will pay an additional 3 percentage points above the existing SDLT rates. The higher…

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Capital Gains Tax changes

Apr 07, 2016

CGT rates have been significantly reduced from April 2016.

The rates at which capital gains are taxed depend on where they would fall to be taxed for Income Tax purposes if they were added…

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Overdrawn loan accounts

Apr 07, 2016

Up to 5 April 2016, directors who overdrew their loan accounts in a company ran the risk of an additional 25% Corporation Tax charge if the debt remained outstanding nine months after their company’s…

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Lifetime Individual Savings Account

Apr 07, 2016

In a further bid to encourage savings for a first property purchase, or retirement, a new ISA is being launched from April 2017 – the Lifetime ISA.

It will be available from April 2017 for…

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Tax Diary April/May 2016

Apr 07, 2016

1 April 2016 - Due date for Corporation Tax due for the year ended 30 June 2015.

 19 April 2016 - PAYE and NIC deductions due for month ended 5 April 2016. (If you pay your tax electronically…

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Business tax breaks from April 2016

Apr 05, 2016

 The government have published a list of changes in the impact of taxation, rates and NIC that will apply from April 2016. The list is reproduced below:

Businesses will benefit from:

  • lower…

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