Nottinghamshire County Show

Come and see us at our stand J4, next to the main show ring at the Nottinghamshire County Show, 14th and 15th May 2016.

 

Spring Budget 2016

The significant Budget point are:

  • Tax-free Personal Allowance will be increased to £11,500 with effect from 6 April 2017.
  • Individuals will be able to earn up to £1,000 from trading and a further £1,000 from letting property, before they need to declare the income or pay tax.
  • SDLT due on the purchase of commercial property is reformed, with new bands and rates effective from 17 March 2016
  • Entrepreneurs' Relief reinstated for gains made on business goodwill transferred on incorporation to a close company. In some circumstances this change is backdated to 3 December 2014.
  • Capital Gains Tax rates reduced to 20% for higher rate taxpayers and 10% for basic rate taxpayers from 6 April 2016, but no change for CGT due on disposals of residential property or receipts of 'carried interest'.
  • Corporation Tax charged on directors' loans increased from 25% to 32.5% where the loan is still outstanding nine months after the company's year end.
  • Business rates relief for small businesses expanded and made permanent.

Summer Budget 2015

George Osborne delivered his Summer 2015 Budget on 8th July.  As is now customary, the finer details will be released over the next few weeks and months.  A brief summary of the key points are given below.

     BUSINESS

NIC Employment Allowance:

From April 2016 this will rise from £2,000 per year to £3,000 per year.  However, where a company director is the sole employee the allowance will be withdrawn.

Corporation Tax:

The rate of Corporation Tax will reduce to 19% from April 2017 and to 18% from April 2020.

National Living Wage:

From April 2016, all over 25’s will have to be paid at a rate of £7.20 per hour.  This will steadily rise to reach £9.00 per hour by 2020.

 

Annual Investment Allowance:

This will fall from the current £500,000 per year to £200,000 which will be set at this level for the foreseeable future.

     INDIVIDUALS

Buy to let landlords:

 

Mortgage interest relief is to be restricted to the basic rate band, so reducing the tax relief available to higher rate taxpayers.  This change will be introduced over 4 years from April 2017.

 

Rent a room:

 

The “tax free” amount will increase from £4,250 to £7,500 from April 2016.

 

Inheritance Tax Threshold:

 

After April 2017, parents will each get a further “family home allowance”.  Adding this to the existing £325,000 IHT threshold will mean a total of £1m per couple or civil partnership by 2020/21.

 

Pension relief:

 

Individuals earning more than £150,000 will have pension relief limited on a tapered basis, dropping from the current £40,000 to £10,000 by £1 for each £2 above the £150,000.

 

Dividend Tax:

 

From April 2016 the dividend tax credit will be replaced by a new £5,000 tax free dividend allowance.  The tax rates on dividend income will be increased for income above the allowance as follows:

7.5% for basic rate taxpayers

32.5% for higher rate taxpayers                   

38.1% for additional rate taxpayers

Personal Allowances:

 

From April 2016, the personal allowance rate will rise to £11,000.  The higher rate threshold will increase to £43,000.

 

Should you wish to discuss any of the above in more detail and how they affect your particular circumstances, please contact us and we can arrange a mutually convenient appointment.

Nottinghamshire County Show - Saturday 10th and Sunday 11th May 2014

Come and see us at the Nottinghamshire County Show, held at Newark Showground.  We are members of the Federation of Small Businesses and have a stand in the Newark Pavillion.

Spring Budget 2015

  • A new Personal Savings Allowance

The government will introduce an allowance from 6 April 2016 to remove tax on up to £1000 of savings income for basic rate taxpayers and up to £500 for higher rate tax payers.

  • Making Individual Savings Accounts (ISAs) more flexible

Individuals will be able to withdraw and replace money from their cash ISA in-year without it counting towards their annual ISA subscription limit.

  • Income Tax Personal Allowances

The personal allowance will be increased to £10,800 for 2016 to 2017 and £11,000 in 2017 to 2018.

  • Class 2 National Insurance contributions

As part of the planned reforms to tax administration, the government will abolish Class 2 NICs in the next Parliament.

  • Tax Simplification: The end of the tax return

The government will transform the tax system over the next Parliament by introducing digital tax accounts.

  • Corporation Tax rate

The government will legislate to set the rate of Corporation Tax at 20% for the financial year beginning on 1 April 2016.

  • VAT thresholds

From 1 April 2015 the VAT registration threshold will be increased from £81,000 to £82,000 and the de-registration threshold from £79,000 to £80,000.

6 April 2013 - RTI (Real Time Information)

RTI has now gone live, although many small businesses were given an extention to their compliance date.  We have successfully completed the transition to RTI for all of our payroll bureau clients with a minimum of disruption.  Anyone struggling with compliance or finding it more time consuming than anticipated please contact us to discuss your requirements.

RTI - Real Time Information

Are you ready for RTI? if you are still processing your own payroll, are you confident you will be able to comply with the new regulations?  Is your payroll software up to date and able to cope?

 

The alternative is to let us take the hastle out of payroll processing, using our payroll bureau will give you peace of mind and free up valuable time to enable you to concentrate on running your business.

 

Contact us without delay to discuss how we can help.

Office Information

Williams Knowles & Co

Lloyd Chambers

139 Carlton Road

Worksop

S81 7AD

 

Telephone:  (01909) 500232

 

Facsimile:    (01909) 473544

 

Email: williamsknowlesco@

           btopenworld.com

 

Office hours:

 

Monday to Friday 9am to 5pm

 

Other times are available by appointment