HMRC has urged 700,000 couples to claim the Marriage Allowance in order to save tax. Introduced in April 2015, the Marriage Allowance enables spouses to transfer a fixed amount of their personal allowance (PA) to their partner. The option is available to couples where neither pays tax at the higher or additional rate. If eligible, … Continue reading HMRC Urges Couples to Claim Marriage Allowance
Entrepreneurs’ Relief (ER) is a valuable tax relief for individuals seeking to dispose of their business. It can give access to a 10% rate of capital gains tax (CGT), subject to a £10 million lifetime limit. ER is potentially available to company shareholders, trustees, and owners of, or partners in, unincorporated businesses. However, important new … Continue reading Disposing of a Business? Make Sure to Claim Reliefs
According to data published by the government, its Tax-Free Childcare (TFC) scheme 'has not had the uptake expected', with only 22% of eligible families making use of it. Official figures have suggested that the government had planned and budgeted for 415,000 families to be using the TFC scheme by October 2017. However, the data has … Continue reading Data Reveals Parents ‘Failing to Make Use of Tax-Free Childcare’
Following our success at the Accouting Excellence Awards last year, Green & Co partner, Nick Park, spoke to AccountingWEB about what the win means to us. Here is a firm with an eye firmly on the post-MTD future, with a wide range of modern services that not only add value but enable clients to achieve … Continue reading AccountingWEB | Medium Practice of the Year 2018
From 6 April 2019, minimum employer and total contributions into pension schemes rose. Here, we review these changes, and analyse the pensions auto-enrolment scheme in greater detail. Auto-enrolment: an overview Under the pensions auto-enrolment scheme, employers must automatically enrol eligible workers into a qualifying pension scheme. Employers’ duties include assessing the types of workers in … Continue reading Reviewing the Changes to Pensions Auto-Enrolment
The government has launched a consultation, outlining its proposal to introduce a tax on plastic packaging with less than 30% recycled content. The 'plastic packaging tax' was announced in the 2018 Autumn Budget and is set to be introduced in 2022. The tax will be UK-wide, and the government has stated that it is 'committed … Continue reading Government Launches Consultation on ‘Plastic Packaging Tax’
The start of the new tax year brought significant changes to legislation. It is also P11D season: these need to be completed soon. Increasing minimum wage From April 2019, the National Minimum Wage (NMW) and the National Living Wage (NLW) rates increased. From 1 April 2019, the hourly rates of pay are as follows: Age … Continue reading New Tax Year, New Tax Rules: Are You Up-To-Date?
We would like to invite you to join us at our final Gwent Landlord Forum of the 2018/19 season on Tuesday 21st May 2019. As always, our invitation goes out to all who may be interested in attending this FREE event. So if you know someone who is a landlord or thinking about becoming a … Continue reading Gwent Landlord Forum – 21 May 2019
Chancellor Philip Hammond delivered the 2019 Spring Statement on Wednesday 13 March and brought forward the £700 million reforms for business apprenticeships previously announced in the 2018 Autumn Budget. Mr Hammond also announced that the halving of the Apprenticeship Levy co-investment rate from 10% to 5% takes effect from April 2019. The increase (from 10% … Continue reading Chancellor Brings Forward Apprenticeships Reforms in Spring Statement
Making Tax Digital for VAT (MTD for VAT) is now live. Businesses with a taxable turnover above the £85,000 VAT registration threshold come within the new rules and must comply with the initiative or face enforcement action. Here, we answer some of your key MTD for VAT questions. Does my business have to do anything … Continue reading Making Tax Digital for VAT: Are You Compliant?