Follow companies for free

If you want to keep an eye on documents filed with Companies House for a particular company, you can register for a new service that will do just that at Companies House. The new service is called “Follow” and it allows you to receive email alerts. Follow lets you receive email alerts of company transactions. The alert tells you instantly what...

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Reduction in the dividend allowance

Unless there are further political objections, one of the few remaining revenue raising changes in the recent spring budget was the reduction in the £5,000 dividend allowance from April 2018. From this date the allowance will drop to £2,000. This measure will increase the tax charge for investors with significant, quoted share portfolios and the director/shareholders of private companies who minimise their...

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Muras Matters: New Apprenticeship Levy

New Apprenticeship Levy Background The way the government funds apprenticeships is changing. Some employers will be required to contribute via a new apprenticeship levy, and there will be changes to the funding for apprenticeship training for all employers. Details The Apprenticeship Levy takes effect from 6 April 2017 and applies to employers with a pay bill of £3 million or more. It is calculated...

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Making Tax Digital – a step closer

Another matter that received some clarification last week was the government’s move to implement MTD for the self-employed from April 2018. When the scope of MTD was first published it was proposed that the self-employed (including unincorporated property businesses) would need to commence the quarterly upload of summarised accounts data, direct to HMRC’s digital accounts, from April 2018. In the budget last...

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Self-employed NIC increase

Although there was little of substance to Philip Hammond’s budget last week, one particular issue caused some political controversy. It was the proposal to increase the National Insurance contributions for the self-employed from 9% to 11% over a two-year period starting April 2018.   From this date, April 2018, the weekly Class 2 contributions will be scrapped and the scope of Class...

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Muras Matters: Changes to the Taxation of Salary Sacrifice Arrangements

Changes to the Taxation of Salary Sacrifice Arrangements Background Salary sacrifice arrangements broadly operate by enabling employees to exchange part of their cash remuneration, on which PAYE and NIC is due, for non-cash benefits which may be wholly or partially exempt from tax and NIC. The resultant savings may be passed on to the employee, retained by the employer, or shared. The...

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Employment boost for older workers

A new strategy is calling on employers to boost the number of older workers and ensure they are not writing people off once they reach a certain age, helping to build a country that works for everyone. It’s estimated that by mid-2030s people aged 50 and over will comprise more than half of the UK adult population. The government is encouraging people...

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Budget Statement 8 March 2017

Personal Tax and miscellaneous matters Personal Tax allowance The personal allowances for 2017-18 is £11,500 (2016-17: £11,000). Transferrable allowances The maximum amount of free personal allowance that can be transferred between spouses is increased to £1,150 in 2017-18. Couples can only make a claim if one partner has spare personal tax allowance and the other is a basic rate tax payer. Income Tax rate bands The...

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Muras Matters: The Last Spring Budget 2017

The Last Spring Budget 2017 The Chancellor has just sat down from delivering the 2017 Budget speech. We will provide more details on the changes announced as they emerge however the main tax and savings matters referred to in the speech were as follows: Business Tax Making Tax Digital - businesses with turnover below the vat threshold will be able to delay...

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The budget crystal ball

Today Philip Hammond will present his first budget to parliament; forecasting any changes he may be considering to the UK tax system is perhaps unwise. If he remains committed to austerity, anticipating any potential fall-out from the Brexit process and maintaining (or more likely slowing down) the repayment of national debt, it is difficult to see where savings can come from...

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