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Veterinary Practice News

Your trusted healthcare accountant specialists

One year on from the 2015 new pensions rules – key stats

According to HMRC figures released last month, over 230,000 people have used the new pension rules, introduced one year ago, to access over £4.3bn in pensions saving. Since the pension flexibility rules took effect from 6 April 2015: 232,000 individuals have accessed...

Company car tax: is a company car still a tax efficient option?

Company car tax efficiency is at the forefront of many business owners and employees’ minds and, whether you’re thinking of purchasing your first company car or upgrading an old one, it is important to understand the pros and cons of company car tax. It may come as a...

Personal allowances and tax bands for 2016/17

Under the current rules for those born after 5 April 1938 the personal allowance is currently £10,600, whilst those born before 6 April 1938 have a slightly higher allowance (read more about personal allowances by age below). In 2016/17, the personal allowance will...

The new Lifetime ISA – details beyond the tax free headlines

One of the more welcome announcements for individuals and "the next generation" from the recent 2016 Budget was the introduction of the new Lifetime ISA in April 2017. This is a new measure aimed at helping those under 40 save for their retirement and/or the purchase...

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...

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...

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...

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...

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...

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 more...

Housing case highlights complicated charity VAT exemptions

VAT is a constant focus in the charity sector and presents a wide range of different challenges and issues for charitable organisations. The unique and valuable VAT reliefs that are available to charities are detailed and tightly defined, as a recent housing example...

New Advanced Assurance scheme for R&D tax relief claims

HMRC have introduced a scheme whereby small companies will be able to seek Advance Assurance on whether the research and development (R&D) they are carrying out qualifies for R&D tax relief. The scheme came into effect from November 2015 and will provide greater...

Enterprise Investment Scheme – a worthwhile opportunity?

The Enterprise Investment Scheme (EIS) is now over 20 years old. This is quite a remarkable achievement for a tax break. A change in government often results in the demise of one tax break and the invention of a ‘new and better’ tax relief. There have been amendments...

Uncertainty for buy-to-let landlords after tax changes

Last month I spoke at the 2015 Yorkshire Bank buy-to-let seminar in Doncaster about the recent buy-to-let tax changes. Now, following the Chancellor's latest Autumn Statement, more changes are on the way... The buy-to-let market is thriving, but the government's...

Autumn Statement 2015 – what you need to know

On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review. His speech and the supporting documentation set out both tax and economic measures. Our summary concentrates on the tax...

Property income – repairs & replacement – more tax changes

There have been some recent changes to the amounts that can be claimed as repairs or replacements for landlords of residential properties but, despite these changes, the government is proposing further legislation in this area to be introduced from April 2016. The...

Government opens Patent Box Tax Relief consultation

On 1 April 2013 the UK government introduced the Patent Box Tax regime which aims to provide tax breaks for companies which commercialise patents or develop new innovative patented products, processes or services. The regime works by assigning a lower rate of tax to...

Maximising the opportunities for pensions tax relief

How can you maximise the opportunities for pensions tax relief following the big pension reforms? The recent substantial changes to the rules for accessing money purchase pensions and the treatment of funds remaining on death has sparked increased interest in pension...

Minimising tax by spreading income around the family

Have you considered minimising tax by spreading income around the family? Owner-managed companies often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each...

Natasha Fathers joins growing Hawsons Wealth Management team

Hawsons Wealth Management are delighted to announce that Natasha Fathers has joined the firm as an Independent Financial Adviser. Natasha is an experienced financial adviser having worked in financial services throughout her career, both across Yorkshire and at a...

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