Muras Matters: Tax on Residential Property Owned by a Company

Tax on Residential Property Owned by a Company This Bulletin is aimed at limited companies who own, develop or let residential property Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property which is owned through a corporate vehicle. It was introduced in 2013 primarily to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence...

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Muras Matters: Taxation Award Finalists 2017!

Taxation Award Finalists 2017! We are very pleased to announce that Muras Baker Jones Limited has been selected as a Finalist by the LexisNexis owned Taxation Magazine for the 2017 “Single Office Tax Practice of the Year” Award, for the third year running . This award category recognises innovation and best practice in the field of taxation, with emphasis on an extra...

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New childcare funding choices

The government have launched a new website aimed at parents who may be able to claim for support with childcare costs. The web address is https://www.childcarechoices.gov.uk/. How Tax-Free Childcare works Working parents will be able to apply, through the childcare service, to open an online childcare account. For every £8 that families or friends pay in, the Government will make a top-up payment...

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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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