Budget Statement 16 March 2016

Mar 17, 2016

 Personal Tax and miscellaneous matters

 Personal Tax allowance

 From 2016-17, there will be one Income Tax personal allowance regardless…

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Dividend tax increase from 6 April 2016

Mar 16, 2016

One issue that the director shareholders of small companies will need to get to grips with from April 2016 is the radical change to the taxation of dividends.

Up to 5 April 2016, dividends…

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Aligning national insurance and income tax

Mar 15, 2016

The Office of Tax Simplification (OTS) has published the findings of a detailed review into bringing the two payroll taxes closer together. Here’s what they have to say:

“Bringing National…

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Air passenger duty exemption now applies to under 16s

Mar 14, 2016

Children under 16 will join under 12s in no longer having to pay Air Passenger Duty in economy class.

Families planning an Easter break will get a boost today when the cost of their foreign…

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Simpler tax system for smaller companies

Mar 08, 2016

On the 3rd March, the Office of Tax Simplification (OTS) unveiled a package of recommendations aimed at making the tax system simpler and easier to use for small companies. The press release…

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Institute for Apprenticeships

Mar 04, 2016

Just in case you have not been acquainted with this new Institute, and the rather confusing acronym, we have reproduced below the Department of Innovation and Skills fact sheet that explains what…

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Incorporating a property business

Mar 02, 2016

Since the recent announcement of various changes to the taxation of unincorporated property businesses, there has been renewed interest in incorporation: would it be possible to shelter property income…

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Incorporation v self-employment

Mar 02, 2016

Prior to 6 April 2016, self employed traders could make overall tax and NIC savings by incorporating their business if their annual income from self-employment exceeded approximately £10,000. The…

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Company car drivers and private fuel

Mar 02, 2016

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the…

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