Law

The good, the bad and the ugly (of the autumn statement)

Accounting, CGT, Law, National Insurance, Payroll, Personal Tax, Property l

goodThe dust has settled on the autumn statement, and it is now clear on the good, the bad and the ugly effecting SME’s, employers and self-employed.

 

The Good!

National Insurance employment allowance increased to £3,000 from April 2016

Extension of the doubling of small business relief rates to April 2017 (good news – make sure you have this if you operate from an office)

The Bad!

3% additional stamp duty land tax will be charged on second homes or investment properties purchased from April 2016, which in added to the reduced relief for interest previously announced from April 2017 is a double hit for active investors

3% differential on Benefit in Kind for diesel cars retained from April 2016 for 5 more years

The Ugly!

Capital gains tax due to be paid within 30 days of completion of any disposal of residential property from April 2019. This ties in with the introduction of digital tax accounts for most taxpayers.

If you have any queries or concerns arising from the autumn statement, contact our team at Morrell Middleton on 01904 691141.

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Minimum wage increases from 1 October 2015

Budgets, Law, Payroll l

A wage packetFrom 1 October 2015, the national minimum wage rates increase by between 2% and 20% with our youngest employees being both the biggest winners and losers depending on how they are employed.

 

 

– Apprentices * – £3.30 (up from £2.73) – up 20%

– Under 18’s – £3.87 (up from £3.79) – up 2%

– 18 to 20 year olds – £5.30 (up from £5.15) – up 3%

– 21 years and older – £6.70 (up from £6.50) – up 3%

If you have any queries on the minimum wage or running your payroll, please don’t hesitate to contact our team.

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Changes to tax free child care now expected in early 2017

Budgets, CSR, Law, Payroll l

childcareOn 1st July, the government welcomed a judgment from the Supreme Court that found the government’s proposals for delivering Tax-Free Childcare to be clearly lawful.

It also confirmed that, as a direct result of the legal challenge, the scheme is now expected to launch from early 2017. The existing Employer‑Supported Childcare scheme will remain open to new entrants until Tax-Free Childcare is launched.

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