Individuals, who are considering the purchase of a second home, or a buy-to-let property, would be advised to complete their purchase before 1 April 2016. From this date new rates of stamp duty land tax (SDLT) will apply. In his autumn statement, George Osborne announced the following change: “Higher rates of Stamp Duty Land Tax (SDLT) will be charged on purchases of...
Reduction in bank deposit protection
From January 2016 the Financial Services Compensation Scheme (FSCS) is changing. Savers have one month left to adjust their bank deposits to the new limits. Here’s the updated information posted to the FSCS website posted 5 July 2015: “Savers are getting a new deposit guarantee limit from the New Year. The current £85,000 level of protection continues until 31 December 2015. So...
Muras Matters: Company Cars – Changes to Advisory Fuel Rates
Company Cars Changes to Advisory Fuel Rates This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) are changing their advisory fuel rates for company cars with effect from 1 December 2015. The rates are intended to give guidance to employers about what is an acceptable fuel...
Autumn Statement 25 November 2015
Announcements for businesses Support for smaller businesses The Chancellor reported that the UK’s small and medium sized enterprises now employ 15.6 million people, up from 13.7 million in 2010. Over the last two years the number of small businesses employing someone other than the owner has grown by 100,000. The government understands that small businesses need tailored support. Already, Start-Up Loans have provided...
Muras Matters: Autumn Statement 2015 Rebuilding Britain
Autumn Statement 2015: Rebuilding Britain The Chancellor has just sat down from delivering his 2015 Autumn Statement speech. In contrast to previous Autumn Statements, this was more of a spending review than a mini budget so only a few tax matters were mentioned. Based on the speech, the main tax and savings points referred to were as follows: There will be an extra 3%...
Muras Matters: Capital Allowance Claims on Commercial Premises
Capital Allowance Claims On Commercial Premises Background The rules on capital allowances have changed significantly in recent years and an industry report recently suggested that capital allowances on commercial premises were significantly underclaimed by as much as £1.6 billion on transactions taking place between April and December 2014. In addition there are still common misconceptions that a capital allowance claim on a property...
Business tax changes confirmed
The Summer Budget changes formally completed their progress through the legislative process and received royal assent on 18 November 2015. We have summarised in this posting the main changes to business tax that are now enacted: Corporation tax rates will be reduced to 19% from 1 April 2017 and 18% from 1 April 2020. A new clause, not included in the Summer Budget,...
New tax free child care scheme
A reminder that delays created by legal action to block this new scheme mean that it will not be rolled out until early 2017, a year later than planned. A top ten summary of the benefits of the new scheme are reproduced below: 1. You’ll be able to open an online account You’ll be able to open an online account, which you can...
Rent hikes likely as landlords come to grips with tax changes
Over the next few years changes announced by George Osborne in the Summer Budget 2015 may have profound effects on the level of rents and the availability of rental accommodation in the UK. From April 2017, landlords will see an increase in their annual tax bills. The increase may be significant in some cases. Why should we be concerned? Many landlords are content...
Muras Matters: New Dividend Tax Rates
New Dividend Tax Rates New Dividend Tax Rates As we reported in the summer, there are significant changes to the taxation of dividends coming into effect in April 2016. From 6 April 2016 dividend tax credits will be withdrawn and the following rates of tax will apply to dividend income over and above the new £5,000 tax free dividend allowance: New dividend rate from April...