Income tax changes
The burden of income tax was reduced slightly in the Budget, but anomalies remain. The personal allowance will rise from £11,000 to £11,500 in 2016/17 and the higher rate threshold…
Keep an eye on your cash
The latest inflation figure has crept up again, but interest rates haven’t followed. Between December 2015 and January 2016, overall prices as measured by the Consumer Prices Index (CPI) fell…
More anti-avoidance measures
The Chancellor hopes to raise another £12bn from anti-avoidance measures announced in the Budget. A Budget would not be a Budget without the announcement of a range of new measures…
No penalty to downsizing
The IHT residence nil-rate band (RNRB) is to be introduced from 6 April 2017, and the government wants to ensure that those who wish to downsize to a less valuable…
Incorporation of buy-to-let: pros and cons
Tax changes announced during 2015 will increase costs for many buy-to-let landlords and may make some lettings unprofitable. But there may be ways of mitigating some of these costs. The…
End of permanent non-domicile status
Government proposals will bring permanent non-domicile status to an end from 6 April 2017. A person will then be deemed to be domiciled in the UK for all tax purposes…
Breaking the PAYE code
Your latest PAYE code may look a little strange. It’s the time of year when HM Revenue & Customs (HMRC) sends out PAYE codes for the new tax year. Usually…
Small businesses fight against digital tax proposals
The small business sector has been fighting back against changes that will force companies to report every quarter. The proposals to simplify tax reporting by calculating only sales, payroll and…
