NEWS

Personal Tax Rate Changes and Allowances From April 2019

Personal Allowance and Higher Rate Threshold There will be an increase in the personal tax allowance starting 6th April 2019, as it moves from £11,850 up to £12,500 and giving a typical tax reduction of £130. The higher rate tax band of income tax (40%) rises from £46,350 to £50,000. […]

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2019/20 Tax Year: Business Tax Rate Changes and Allowances

With many business tax rate changes coming into place from 6th April 2019, here is a brief summary of the key points to focus on: VAT: Making Tax Digital for VAT Although Making Tax Digital for VAT is already in place, there is no requirement for companies to file their […]

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Auto Enrolment Contribution Increases to 5% for Employees

The Pensions Regulator (TPR) is keen to make sure all businesses and individuals are prepared, as starting this month, there will be an increase to the minimum contributions that employers and their staff pay into their workplace pension scheme. April 6th 2019 saw is an increase from 2% to 3% […]

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HMRC Seeks to be Preferential Creditor in Insolvencies

Recently announced by the government, there will be a public consultation on plans to make HMRC a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business. HMRC was once a preferential creditor for certain taxes before 2003, however once the Enterprise […]

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Rise in Company Administrations Indicate Trouble Ahead for 2019

From analysis recently produced by KPMG, it has been shown that there was a large rise in the number of companies entering administration in England and Wales during the fourth quarter of 2018. According to notices in the London Gazette, there were 368 companies that fell into administration between October […]

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Businesses in ‘critical’ financial distress up by 25% in 2018

According to data from the UK insolvency company, Begbies Traynor, the number of businesses in “significant” financial distress rose by 15,000 to 481,000. Within that total, there was a 25% increase of businesses classified as in “critical” distress in Q4 2018 as compared with the previous year, which amounted to […]

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Pension Deficits Showing a Reduction

Pension deficits for UK public and private companies appear high up the agenda in Director Board meetings. Following changes in the way both companies and pension schemes disclose the pension deficit (or surplus) in their annual accounts, the management of any deficit is becoming even more important, particularly for companies […]

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Pension Pot Deficit

R&D Tax Relief Claims Climb to Over £21.4bn

Research and Development (R&D) tax relief claims are far higher in recent years than ever before, with an astounding £21.4bn in tax relief claimed overall as confirmed in a report released by HMRC on 27 September 2018. Between 2000-2017, there have been over 240,000 claims made across the UK, with […]

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Offshore Assets and Income

  What is Offshore Income Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes: – interest from overseas bank or building society accounts – dividends and interest from overseas companies – rent from overseas properties – wages, benefits, or royalties earned outside […]

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New “Requirement to Correct” Rules to Affect All Taxpayers

  Starting from the 30 September 2018, the new “Requirement to Correct” (RTC) rules come into place, requiring taxpayers to make a disclosure of unpaid tax on assets, income and activities in other countries and transfers from the UK to other countries. HMRC is encouraging individual taxpayers to make sure […]

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