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Summer 2015 Tax Update

Welcome to the Princecroft Willis Summer 2015 Tax Update

This covers a number of topical issues, including the the new Intermediaries Reporting Requirements, inheritance tax planning, calculation of holiday pay - and lots more...

 

We ask those of you who supply workers to clients where you don't operate Pay As You Earn (PAYE) on the workers' payments to pay particular attention to the article 'URGENT!! New Intermediaries Reporting Requirements' as the first report under this system is due by 5 August 2015.

Reform of Class 2 NI contributions
Changes have been made for the 2015/16 tax year.  The amount of the liability will be determined when that person completes their self assessment return. This means that it will be paid alongside their income tax and Class 4 NIC.

Notice of coding - Have you noticed a large increase in the car benefit?
If you are an employee or a director you typically will have received a notice of coding for the 2015/16 tax year about three months ago...

Planning for capital expenditure in the next few months
The maximum annual amount of the AIA was increased to £500,000 from 1 April 2014 for companies or 6 April 2014 for unincorporated businesses until 31 December 2015. However it was due to return to £25,000 after this date.

Changes to charity audit exemption thresholds
In July 2012, Lord Hodgson issued a report on the Charities Act 2006. Further to this report, two statutory instruments have been laid before Parliament and are effective in England and Wales for financial years ending on or after 31 March 2015.

Has inheritance tax planning been turned on its head?
From time to time there is a change to the income or corporation tax system which can significantly impact on capital tax planning. Some would argue that the new tax treatment of pension funds is one such change.

What is an employee?
The risks to any business paying for the services of an individual are significant. Paying a person as if they are self employed can result in large arrears of PAYE and NIC being payable by the employer.

Take care with the calculation of holiday pay
Under the Working Time Regulations 1998 (as amended) most workers are entitled to paid statutory annual leave. This is 5.6 weeks (28 days) if the employee works 5 days a week.

Click here to read the full newsletter.

 

If you would like to know more about any of these topics please call your usual Princecroft Willis contact or have a chat with one of our specialist Tax Team.

Princecroft Willis offers a full range of accounting services and has offices in Poole, Dorset  and New Milton, Hampshire.

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