The Chancellor, Philip Hammond, announced at the Autumn Statement a cut to the money purchase annual allowance from £10,000 to £4,000 from April 2017. The move will affect people aged 55 and over who have taken funds from their pension savings under the “pension freedoms” that have been available since April 2015. At the moment, […]
Amongst the Chancellor’s announcements at the Autumn Statement last month was the news that National Savings and Investments (NS&I) will next year launch a new savings bond, with a rate of 2.2 per. The new bonds, known as Investment Guaranteed Growth Bonds, will allow a maximum £3,000 investment over three years and will be available […]
Philip Hammond’s announcement at the Autumn Statement that letting agency fees for tenants are to be banned provoked ire from letting agents themselves, but the impact of the changes on buy-to-let landlords remains to be seen. The Chancellor of the Exchequer made the announcement against a backdrop of growing calls for action with renters facing […]
HMRC have updated their guidance on how to spot genuine contact from HMRC, and how to tell when an email or text message is phishing or bogus. Phishing is the fraudulent act of emailing a person in order to obtain their personal and financial information such as passwords and credit card or bank account details. […]
Over the summer HMRC published six consultation documents on Making Tax Digital. The six consultations set out detailed plans on how HMRC propose to fundamentally change the method by which taxpayers, particularly the self-employed and landlords, send information to HMRC. Two key changes proposed are: From April 2018, self-employed taxpayers and landlords will be required to […]
The Pensions Regulator is reminding employers and their advisers, that they need to comply with their auto enrolment duties or face penalties: ‘Being ill or short-staffed isn’t a good enough excuse for your clients failing to comply with their legal duties. Our latest compliance and enforcement report shows that the number of small and micro […]
New company car advisory fuel rates have been published which took effect from 1 December 2016. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or […]
At this time of year some employers may wish to make small gifts to their employees. For many years HMRC have been prepared to accept that trivial benefits were not taxable under certain circumstances. However a statutory exemption has been introduced from the start of the current tax year which should give employers certainty that […]
On Wednesday 23 November the Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review. His speech and the supporting documentation set out both tax and economic measures. Some of the pertinent tax and employee welfare measures announced were: the government reaffirming the objectives to raise the personal allowance to […]
Date What’s Due 19/12 PAYE & NIC deductions, and CIS return and tax, for month to 05/12/16 (due 22/12 if you pay electronically) 30/12 Deadline for filing 2015/16 tax return online in order to request that HMRC collect outstanding tax via the 2016/17 PAYE code 1/01 Corporation tax payment […]
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