Trivial Benefits – A New Exemption

Previously, there was no minimum cost threshold below which benefits were disregarded for tax purposes. This changed on 6 April 2015. From this date ‘trivial’ benefits are disregarded and no longer have to be reported on the dreaded PIID (Return of expenses payments and benefits). So what is a trivial benefit? The conditions for the … Continue reading Trivial Benefits – A New Exemption

New Pension Rules Can Save Inheritance Tax

Major changes to the pension rules came into effect on 6 April 2015 which can have considerable benefits for inheritance tax. Under the previous system, when someone died over the age of 75 without having spent all their pension funds, the money was normally taxed at 55% (unless a spouse or civil partner or dependent … Continue reading New Pension Rules Can Save Inheritance Tax

Pension Shake-Up

The rules regarding pension funds and how they can be drawn are changing radically with effect from 6 April 2015. The changes relate mainly to “defined contribution” schemes e.g. personal pensions, stakeholder pensions, self-invested pensions and pensions in drawn down contracts. The most significant benefits of the new rules are flexibility of how income can … Continue reading Pension Shake-Up

For Richer or Poorer – The New Marriage Allowance

Married couples and civil partnerships can now register their interest in the new Marriage Allowance which comes into effect from 6 April 2015. This is separate from the existing Married Couples Allowance which is already available to the over 80’s. The allowance means that an individual whose total income is below the tax threshold (i.e. … Continue reading For Richer or Poorer – The New Marriage Allowance

HMRC To Abolish Employer’s National Insurance Contributions For Under 21s

From 6 April 2015 employer's will no longer have to pay class 1 secondary national insurance contributions (NIC) for employees under 21, whose earnings are below the upper secondary threshold. Under the current regime class 1 secondary NICs are due, from the employer, on payments made to employees in excess of the secondary threshold at … Continue reading HMRC To Abolish Employer’s National Insurance Contributions For Under 21s