Tax News

Tax specialists in Sheffield, Doncaster and Northampton

National Minimum Wage to rise again in October 2016

The government announced increases to the National Minimum Wage, effective 1 October 2016, after accepting recommendations for the new rates from the Low Pay Commission (LPC). The main National Minimum Wage rate (for 21- 24 year olds) will rise by 3.7% from £6.70 to...

Commercial Stamp Duty Land Tax changes from the 2016 Budget

Are you aware of the commercial Stamp Duty Land Tax changes that were announced in the 2016 Budget? In "a Budget that backed small businesses" (according to the Chancellor), one of the welcome reforms for businesses and entrepreneurs were the commercial Stamp Duty...

Employment tax update for the haulage sector

Employment tax fraud in the haulage sector Click here to read our updated article on the haulage tax minefield. Fraud involving the tax status of lorry drivers is becoming a serious concern for the transport and logistics sector, according to the Road Haulage...

Capital Gains Tax changes from the 2016 Budget

Changes to Capital Gains Tax There were a number of positive announcements on Capital Gains Tax (CGT) which will please investors and entrepreneurs. The headline grabbing announcement was the reduction of the higher rate of CGT from 28% to 20% and the basic rate from...

Care home 2016 Budget review and analysis for operators

Welcome to our care home 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016. With the...

Agriculture 2016 Budget review and analysis for farmers

Welcome to our agriculture 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016. In this...

Transport and logistics 2016 Budget review and analysis

Welcome to our transport and logistics 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016....

Manufacturing 2016 Budget review and analysis

Welcome to our manufacturing 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016. In the...

Retail 2016 Budget review and analysis for retailers

Welcome to our retail 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016. Following an...

Leisure & hospitality 2016 Budget review and analysis

Welcome to our leisure and hospitality 2016 Budget review Following a year in which the Chancellor had a pre-election Budget in March, a surprise summer Budget in July and an Autumn Statement in November, on 16 March the Chancellor delivered his first Budget of 2016....

Small business 2016 Budget review and analysis for SMEs

Welcome to our small business 2016 Budget review On 16 March, the Chancellor delivered his first Budget of 2016. In the lead up to the 2016 Budget there were a number of potential measures which many small business owners may have been hoping for, including an...

Budget 2016 summary and key details

George Osborne presented the first Spring Budget of this Parliament on Wednesday 16 March 2016. In his speech the Chancellor reported on ‘an economy set to grow faster than any other major advanced economy in the world’. Towards the end of last year the government...

Tax Rates and allowances 2016/17 – summary and details

Tax Rates and Allowances 2016/17 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2016/17 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Changes to tax relief on pensions for high earners from 2016/17

Are you aware of the changes to tax relief on pensions for high earners for 2016/17? If you are a higher earner, pension contributions can be a very tax efficient way of saving for your future. However, changes are due to come into force from 6 April 2016 which will...

Changes to the taxation of saving income

There are significant changes to the income tax rules from 6 April 2016 which affect the taxation of savings income. From 6 April 2016, if you are a basic taxpayer you may be able to receive up to £1,000 in savings income tax free. Higher rate taxpayers will be able...

Inheritance tax planning – new horizons for IHT

This article considers two recent developments which potentially affect the inheritance tax (IHT) planning of many individuals. The first is the introduction of the ‘residence nil rate band’ in April 2017 which may enable a family home to be passed on tax free on...

Important reminder: dividend tax changes from 6 April 2016

The reason for this short article is to remind you of the changes to dividend tax that are due to come into effect from 6 April 2016 – a little over three weeks away. The main change is that rate of income tax applied to dividends will increase by 7.5%, although no...

2015/16 year-end tax planning advice for owners and individuals

2015/16 year-end tax planning advice Would you like the opportunity to reduce the taxman’s take from your own and your family’s income? If so please continue on to read our year-end tax planning advice. Carrying out an annual review of your tax affairs could...

Important PAYE and employment tax changes 2016 that you need to know

Are you ready for the fothcoming PAYE and employment tax changes? There are some very important changes to PAYE and employment tax rules due to come into effect from April 2016. It is important that as an employer you are aware of these changes and, if necessary, have...

Tax opportunities for UK farmers and agricultural businesses

Are there tax opportunities for UK farmers available in 2016? Annual Investment Allowance, Agricultural Property Relief, farmers’ averaging and falling corporation tax rates bring big tax opportunities for UK farmers and owners of agricultural businesses. However,...

SME tax corner – the good, the bad & the National Living Wage!

Welcome to our fifth edition of the SME tax corner. There have been some big recent changes to a number of taxes that will bring both good and bad news to small businesses and their owners. In this month's SME tax corner, ahead of the 2016 Budget in a few weeks, we...

New farmers’ averaging rules – five year averaging optional

Following the announcement of changes in last year's March Budget, the government has now confirmed the details behind the new farmers' averaging rules. In summary, farmers will have the option of averaging losses for tax over a two year or a five year period. In an...

Important changes to Employment Allowance from 6 April 2016

The changes to Employment Allowance The National Insurance Contributions (NIC) Employment Allowance was introduced from 6 April 2014. It is an annual allowance which is available to many employers and can be offset against their employer's NIC liability. From April...

Dividend changes 2016 – clarification of rules now given

In the Summer 2015 Budget the Chancellor announced big dividend changes with effect from 6 April 2016. Following the announcement last year we answered some key questions: How will the new tax work? What does the new dividend tax come into force? Will the new dividend...

Retaining retail staff using bonus schemes

Arguably one of the biggest challenges facing the sector is retaining retail staff and the associated costs involved through high staff turnover. Staff turnover in the retail industry has been, and still is, very high and is down to both the financial and...

Self assessment deadline close – are you ready?

Are you ready for the fast approaching self assessment deadline of 31 January 2016? Any self assessment returns that are filed after 31 January - regardless of whether there is tax to pay - will be subject to a £100 late return fine. Longer delays will likely result...

Farming – reduce tax bills (AIA) or keep cash reserves?

The Chancellor announced in the Summer 2015 Budget that the Annual Investment Allowance (AIA) will be set permanently at £200,000 from 1 January 2016 – welcome news for the farming sector, as we covered in our Autumn 2015 agricultural newsletter. Although farmers are...

HLB members discuss key topics in the Netherlands

A group of personal wealth advisors from within the HLB International network met for a meeting in Tilburg, the Netherlands, on 20 and 21 November 2015.  There were representatives present from the USA, the Netherlands, Belgium, France, Germany, Ireland, Spain and the...

Making R&D claims easier for smaller and medium companies

The government views investment in research and development (‘R&D’) as a key to economic success. It is therefore committed to encouraging more smaller and medium sized (‘SME’) companies to claim R&D tax relief. Claims by SMEs for enhanced tax deductions have...

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