keyaccountancyservices.wordpress.com
February | 2016 |
https://keyaccountancyservices.wordpress.com/2016/02
Income tax relief for trading losses. February 29, 2016. February 8, 2016. Where an unincorporated business, such as a sole trader, suffers a trading loss, there are various ways in which that loss can be relieved. The optimal strategy will depend on the individual’s circumstances. Early years’ loss relief. Carry forward against future profits. Extension to capital gains. Where losses remain available after a sideways loss relief claim (against either the same or preceding year as the loss or both), the ...
keyaccountancyservices.wordpress.com
April | 2016 |
https://keyaccountancyservices.wordpress.com/2016/04
Marriage allowance claim it if you can. April 27, 2016. April 12, 2016. For 2015/16 and later tax years, the marriage allowance allows married couples and civil partners to transfer 10% of their personal allowance to their partner as long as the recipient does not pay tax at the higher or the additional rate. How does it work? Where the marriage allowance is claimed, 10% of the lower-earning spouse or civil partner’s personal allowance is transferred to the higher-earnings spouse or civil partner. For 20...
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Overpaid tax last year – how to claim it back |
https://keyaccountancyservices.wordpress.com/2016/07/18/overpaid-tax-last-year-how-to-claim-it-back
Overpaid tax last year how to claim it back. July 18, 2016. July 9, 2016. The 2015/16 tax year ended on 5 April 2016. If you have overpaid tax for that year, what do you need to do to make sure that you get it back? A tax overpayment may arise for a number of reasons. Maybe you stopped work part way through the tax year, or your tax code was wrong. Maybe you haven’t claimed reliefs that you were due, or tax was deducted from your savings income and you were a non-taxpayer. If you have not received the P8...
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Dividend tax rules for 2016/17 |
https://keyaccountancyservices.wordpress.com/2016/07/25/dividend-tax-rules-for-201617
Dividend tax rules for 2016/17. July 25, 2016. July 9, 2016. The dividend tax rates have also changed. For 2016/17 the dividend allowance is set at 5,000. Although it is called an allowance, it is not really an allowance in the true sense of the word, but rather a zero rate band. Dividends that are covered by the allowance are taxed at a zero rate. However, the allowance uses up part of the income tax band into which it falls. The salary uses up 8,000 of his personal allowance for 2016/17 of 11,000, leav...
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November | 2015 |
https://keyaccountancyservices.wordpress.com/2015/11
Pay Any National Minimum Wage (NMW) Arrears Without Penalty. November 30, 2015. November 8, 2015. Employers have a legal obligation to pay employees a wage that is at least equal to the National Minimum Wage (NMW). From 1 October 2015, the NMW for employees aged 21 and over is 6.70 an hour. What is the NMW campaign? The NMW campaign is a voluntary disclosure opportunity, which offers employers the chance to pay any NMW arrears owed to employees without incurring a penalty. How does the campaign work?
keyaccountancyservices.wordpress.com
March | 2016 |
https://keyaccountancyservices.wordpress.com/2016/03
Second homes buy now to avoid SDLT supplement. March 28, 2016. February 9, 2016. One of the Chancellor’s shock announcements of the 2015 Autumn Statement was that a new 3% SDLT supplement would apply for second residential properties. The supplement comes into effect from 1 April 2016. The rates are summarised in the following table. Second and subsequent residential properties from 1 April 2016. Up to 40,000. Next 85,000 ( 40,001 to 125,000). Next 125,000 ( 125,001 to 250,000). Remainder above 1.5m.
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https://keyaccountancyservices.wordpress.com/page/2
Property Letting new relief for replacement of domestic items. June 27, 2016. June 5, 2016. Until the end of the 2015/16 tax year, landlords letting furnished properties were able to claim an automatic deduction of 10% of net rents to cover the cost of replacing fixtures and fittings. The relief was only available in respect of furnished lettings and it was available regardless of whether any money was actually spent on replacing items. The expenditure must relate to the replacement of a domestic item fo...
keyaccountancyservices.wordpress.com
A Trivial Matter |
https://keyaccountancyservices.wordpress.com/2016/07/11/a-trivial-matter
July 11, 2016. July 7, 2016. A new statutory exemption applies for trivial benefits from 6 April 2016. Trivial benefits are tax-free to employees and do not need to be notified to HMRC on form P11D. What is a `trivial’ benefit? To count as `trivial’ the benefit must satisfy the following conditions:. The cost of providing it is not more than 50;. The benefit is not cash or a cash voucher;. The employee is not contractually entitled to the benefit; and. Where a benefit is provided to a group of employees ...
keyaccountancyservices.wordpress.com
Salary Sacrifice – still worthwhile? |
https://keyaccountancyservices.wordpress.com/2016/07/04/salary-sacrifice-still-worthwhile
Salary Sacrifice still worthwhile? July 4, 2016. June 5, 2016. Under a salary sacrifice arrangement the employee gives up part of his or her cash pay in return for a non-cash benefit. This can be very beneficial for both the employer and the employee. Making the most of an exemption. Salary sacrifice arrangements are also effective even if the benefit is not exempt. Most benefits in kind are liable to employer-only Class 1A National Insurance contributions rather than Class 1 contributions payable by...
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