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Tracing a lost pension pot
In a bid to help people locate their lost pension pots, the Pension Tracing Service has launched a new website. There is currently around £400 million in unclaimed pension savings, according to the Department for Work and Pensions. People can enter their former employers’ details into an online database and receive contact details for pension…
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Buy-to-let activity
House price growth was 9.2% in April 2016 compared to 10.1% the previous month, according to Halifax. The slowdown in growth follows a surge in buy-to-let activity before the introduction of new stamp duty land tax (SDLT) rates on 1 April 2016. 50% of properties sold in the last 2 weeks of March went to…
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Significant control register
It is now a legal requirement for companies and limited liability partnerships (LLPs) to keep a people with significant control (PSC) register from 6 April 2016. A PSC register lists individuals with ‘significant control’ over a company. All information on the PSC register must be delivered to Companies House at least once a year from…
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Auto-enrollment – pensions
Auto-enrolling employees into a workplace pension scheme is a legal requirement for all businesses, from those employing hundreds to those with 1 or 2 people on the payroll. Over 6 million workers have been enrolled since 2012, with a further 1.8 million due over the next 2 years as the process turns to smaller employers.…
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Capital gains tax planning
Selling something you own for more than you originally bought it for is the basis of doing ‘good business’ in terms of both personal and business finance. Depending on the profit that an individual or organisation makes on the sale of their asset, they may become liable to pay capital gains tax (CGT). There have…
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Running a company car scheme
A company car is something that can benefit both employers and employees, provided you plan accordingly.
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Estate planning – what you need to know
Effective estate planning ensures that your property and/or possessions go to the people you choose when you die. It can also be financially beneficial to the recipients of your estate as it can reduce the amount of tax paid to HMRC on your estate.
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Lifetime ISA: Is it right for you?
Adults under 40 can save up to £4,000 annually while receiving a 25% government bonus each year using a lifetime ISA from April 2017.
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Changes to capital gains tax for 2016/17
Changes to capital gains tax (CGT) and entrepreneurs’ relief claims have been introduced in the Finance Bill 2016. CGT rates for 2016/17 have been reduced from 18% to 10% for basic rate taxpayers, while for higher rate taxpayers the rate on gains over the unused part of their basic rate tax band will be charged…
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Employer national insurance contributions for apprentices abolished
Employers with apprentices under the age of 25 will no longer need to pay national insurance contributions (NICs) for them.
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Property and help to buy
More than 150,000 people have bought a home using the Help to Buy Scheme since its launch in 2013. The mortgage guarantee scheme, which allows lenders to buy a guarantee on mortgage loans, has proved popular with first-time buyers. The Treasury reports that 79% of mortgage completions through the mortgage guarantee scheme were people buying…
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Lack of management skills limit business growth
A lack of leadership and management skills may be inhibiting the growth of businesses. Just under half of new start-ups in the UK last less than 3 years. The UK also has a growing productivity gap, currently 18% below the G7 average.
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Succession planning for a family business
A guide to transferring a business to a family member. There are more than 3 million family businesses in the UK, which between them employ more than 9 million people and contribute 15% to GDP. Despite these successes, family businesses often experience difficulties when it comes to passing their businesses to younger generations.
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A guide to reducing an individual’s tax liability
The overriding aim of all personal tax planning is to legally reduce the amount of tax paid on an individual’s income. This income can come from a number of sources and the tax reduction strategies available will be based on the reliefs and allowances applicable to each source.
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National living wage: employer responsibilities
Employers must now pay workers over the age of 25 at least £7.20 an hour. The national living wage (NLW) replaces the current national minimum wage (NMW) of £6.70 an hour for people who are 25 or over. This is not a simple increase of the adult rate of NMW as individuals between 21 and…
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Business announcements from Budget 2016
Chancellor George Osborne delivered his Budget 2016 on 16 March 2016 and outlined several changes national insurance, corporation tax and stamp duty. Some of the headline measures relating to businesses announced in the Budget include: Corporation tax – the rate of corporation tax will reduce to 17% by 2020 Business rate relief – the doubling…
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The Salary or dividends question in 2016/17 ?
What’s the most tax-efficient way to pay yourself in 2016/17? Owner-managers and contractors often pay themselves in a combination of salaries, bonuses and dividends. But what are the pros and cons?
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Residence and domicile and the tax position
A large part of a person’s legal identity is based upon where they live at any one time and how long they will be staying there. If you stay in the UK for a prolonged period of time, you are going to be liable for tax at some point. The exact point and how much…
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Minimising Corporation Tax
A look at the strategies available to companies that are looking to minimise their corporation tax bill. The UK has one of the lowest rates of corporation tax in the developed world. Additionally the infrastructure of corporation tax reliefs available to any company or organisation based in the UK is one of the more…
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2016 – Making the most of your savings.
A guide on how to using your savings to improve your financial position. People often have a slightly misjudged opinion of their savings as a sedentary block of assets that only creeps forward at a glacial pace due to the interest it generates. The idea that an individual’s savings can be turned into a productive…
