Two thirds of large UK businesses experience computer hacking

Nearly seven out of ten attacks on all firms involved viruses, spyware or malware. Record £1.9bn government investment to protect UK but industry must act to help protect themselves New National Cyber Security Centre will launch in the autumn 2016 Britain’s businesses are being urged to increase protection from cyber criminals after government research into cyber security found two thirds of large businesses...

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Muras Matters: Form P11D and Form 42 – Deadline

Form P11D and Form 42 - Deadline Forms P11D, P9D and P11D(b) As you will be aware, the above HMRC forms are used to report benefits and expenses provided to employees and directors each tax year. An employer is liable for Class 1A National Insurance Contributions on taxable benefits, at 13.8% (2015/16), as reported on the employers declaration form P11D(b). Form P11D Deadline The deadline...

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International tax transparency makes progress

Chancellor of the Exchequer, George Osborne hailed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up. Gibraltar, Isle of Man and Montserrat are amongst those joining the initiative led by the UK and launched with Germany,...

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Home owners may be caught by stamp duty increase

From 1 April 2016, buyers of residential property that is not to be their main residence in England, Wales and Northern Ireland, will be liable for the higher rates of Stamp Duty Land Tax (SDLT). Basically any property subject to the higher rates, that costs more than £40,000, will be charged at the following rates:   Where applicable, the higher rates will...

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Non competition clauses under the microscope

Business Secretary, Sajid Javid, has announced plans to look into employment rules that could be stifling British entrepreneurship by preventing employees from starting up their own business after leaving a job. In a move designed to back even more small businesses and entrepreneurs across the country, the government is launching a call for evidence asking for views on what are known...

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Retirement age NI bonus

 When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.  You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you achieve the SRA. The next year you will be exempt.  If you...

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Lifetime transfers of assets

 Married couples and civil partners can gift each other assets and there will be no Inheritance Tax (IHT) charge on the lifetime gift as long as the recipient is domiciled in the UK. However, transfers to others that are not covered by the reliefs listed at the end of this article, are treated as potentially chargeable lifetime gifts or transfers (PETs)....

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What was in the Budget

Our government have selected their top-ten tax changes that come into effect from 6 April 2016. Just in case you need a refresher they are: 1.The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000. 2.The marriage allowance, the tax free amount which people can transfer to their husband, wife or civil partner will increase to...

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Good news for farmers

Under new rules, initially announced in the 2015 Budget, farmers will be able to average their profits for Income Tax purposes from two years to five years. This change will help farmers with fluctuating profits better manage risk and level out the impact of tax on their farming profits. For example, they may avoid paying tax at higher income rates in...

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Tax Diary May/June 2016

19 May 2016 - PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)  19 May 2016 - Filing deadline for the CIS300 monthly return for the month ended 5 May 2016.  19 May 2016 - CIS tax deducted for the month ended 5 May 2016 is payable...

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