Latest news releases and FAQs

News and useful information on tax and business issues.

Changes to Class 2 National Insurance

Some of our self employed clients (ie clients who are structured as a sole trader, partnership or LLP) will have noticed that their Class 2 National Insurance Direct Debits have stopped. This is because from the 2015/16 tax year Class 2 National Insurance is being collected through the Self Assessment Return. So far so easy.

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Digital Tax Accounts and Quarterly Reporting

Last year’s Autumn statement contained an announcement which on the face of it wasn’t that exciting but will have a profound impact on our clients. HMRC has had online services for Businesses and Individuals for many years. These are now being migrated into HMRC’s new “Digital Tax Accounts” which will give greater information about the

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Tax Year End Ideas

Two weeks to the end of the 15/16 tax year. Still time to do some last minute tax planning…………………. Personal Pension Payments: If you are a 40% tax payer, and have received PAYE income during the year, a payment into a personal pension from taxed income will get you 40% tax relief. The pension company

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2016 Budget Highlights

There are budget summaries a plenty across the internet but here is our take on some of the highlights that will affect our clients: The Corporation Tax rate which was already due to fall will now fall further. It is due to fall from 20% to 19% in 2017 and will now fall to 17%

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Buy To Let Income For Married Couples

We are often asked about mitigating the tax on Buy to Let profits for married couples. The basic rule is that the owner of the property pays the tax on the income. For example if the husband owns the property and is a higher rate tax payer then it is not possible for the wife

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New National Living Wage From April 1st 2016

Just a reminder for employers that the new National Living Wage comes in to force on the 1st April 2016. There is little difference between this and the existing Minimum Wage but it is essentially a premium for workers who are 25 and over. The current minimum wage rates are here: At the moment

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