Farmers’ averaging

Changes have been made to the rules which allow farmers to average their profits for tax purposes. Under the new rules unincorporated farmers will be able to average their profits for income tax purposes over five years... Read Full Article...

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Reduction in corporation tax rate

The main rate of corporation tax is currently 20% and this rate will continue for the Financial Year beginning on 1 April 2016. In the following years the rate of tax will fall as follows: 19% for... Read Full Article...

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Year end tax planning

We are fast approaching the end of the tax year there is still time to save tax for 2015/16. We have set out some points you may want to consider. Review dividend payment timing – with new dividend... Read Full Article...

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Tax helpline for those affected by severe weather and flooding

HMRC have set up a helpline (number is 0800 904 7900) and will enable anyone affected to get practical help and advice on a wide range of tax problems they may be facing. HMRC will also: agree... Read Full Article...

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Taxing dividends from April 2016

In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are taxed and HMRC have issued a factsheet setting out examples of how the new regime will work. An extract from... Read Full Article...

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Time to Pay Arrangements – Mandatory Direct Debit

Where a taxpayer has difficulty paying their tax liabilities HMRC may agree ‘time to pay arrangements’ whereby the taxpayer agrees to pay off the amount owing by instalments after the due date. These arrangements are only entered... Read Full Article...

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Changes for ‘Buy to Let’ Landlords

It was announced in the Budget that the government will restrict the amount of income tax relief landlords can claim on residential property mortgage interest costs to the basic rate of income tax. This means that landlords... Read Full Article...

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Incorporation – restriction of relief for goodwill and Entrepreneurs’ relief

Corporation tax relief is given to companies when goodwill and intangible assets are recognised in the financial accounts. Relief is normally given on the cost of the asset as the expenditure is written off in accordance with... Read Full Article...

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2012/13 tax gap

HMRC have announced the latest tax gap figures. The tax gap, which is the difference between the amount of tax due and the amount collected, was 6.8% of tax liabilities, or £34 billion, in 2012 to 2013.... Read Full Article...

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ISIS Tax Update Autumn 2013

Reform of loans to company directors The closing date for HMRC’s consultation document on the reform of company loans to participator rules was on the 2nd of October 2013. The consultation includes three proposals to reform the... Read Full Article...

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