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
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: https://www.gov.uk/national-minimum-wage-rates At the moment
2016 is the year where the government has finally seen sense and changed the expenses dispensation regime. Previously if an employee had been reimbursed for a business expense such as a train ticket this should have been reported on a P11d even if there was no tax implication. To avoid this a dispensation could have
In the Summer Budget in July 2015 the government dropped a bombshell on Landlords. Starting in April 2017 the tax relief on interest and other finance costs on the rental of residential will be reduced dramatically. Along with the increase of 3% on Land and Buildings Transaction Tax this is going to fundamentally change the
Autoenrolment, the word that strikes fear into small business owners across the land. And 2016 is the year that it is going to happen for a huge amount of small businesses in the UK. According to this document https://www.thepensionsregulator.gov.uk/docs/automatic-enrolment-employer-staging-forecast.pdf from a base level of a few thousand businesses staging a quarter last year there are
With the deadline for submitting 2014/15 self assessment returns looming this Friday it seems topical to review the penalties around self assessment. There are penalties for: Not informing HMRC that a self assessment return is necessary (failure to notify) Late submission of a return Late payment of tax The penalties for failure to notify depend
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