Entries by Harriet Thacker

Have you done you tax return?

  Of the 11.2m tax returns expected to be submitted to HMRC, only 6m have gone in so far, so it will be a busy month! Tax returns must be filed by 31 January 2015, but there are some things you will need to take into consideration when filing them. Points to look out for: […]

Autumn Statement 2014: Property

SDLT: revised structure, rates and thresholds for residential property The government has published draft legislation that jettisons the current so-called “slab” system, under which SDLT is levied at a single rate on the chargeable consideration for a transaction (old rules), and replaces it with a “progressive” system, under which SDLT is charged at several rates […]

Autumn Statement 2014 – Personal tax and investment

Personal allowance and higher rate threshold to increase from April 2015 The personal allowance for those born after 5 April 1948 will increase to £10,600 and the higher rate threshold will increase to £42,385 for 2015-16. It was also announced that the: i)      Blind person’s allowance, married couple’s allowance and the income limit will be […]

Autumn Statement 2014 – Owner-managed businesses

1. No entrepreneurs’ relief on goodwill transferred to related company Individuals, partners and trustees who transfer a business to a related close company will no longer be able to claim entrepreneurs’ relief on the value of reputation and customer relationships (goodwill). This measure will apply to disposals of goodwill to related close companies on or […]

Business Tax Reliefs

  1. Consortium relief: removal of location of link company requirements The requirements regarding the location of link companies for the purposes of consortium relief will be removed with effect from 10 December 2014. A company that is owned by a consortium may surrender losses to another company that is in the same group as […]

Autumn Statement 2014 – Employer Taxes

1. Employee benefits and expenses: OTS recommendations to be implemented The government is to implement the Office of Tax Simplification’s recommendations to simplify the taxation of employee benefits and expenses. In particular, legislation (expected to be in the Finance Bill 2015) will be introduced to implement the following: i)              A tax exemption for non-taxable expenses […]

2014 Autumn Statement –Business Tax Compliance

1. Strengthening civil penalties for offshore tax evasion Civil penalties for offshore tax evasion will be enhanced. The Chancellor confirmed that the offshore penalties regime will be extended to include inheritance tax, and to apply to domestic offences where the proceeds of the offence are kept offshore. The government will also update its territory classification […]

Tackling business tax avoidance

A number of measures were announced to target business tax avoidance.  These include: 1. Diverted profits tax There will be a new diverted profits tax on companies that will apply at a rate of 25% from 1 April 2015. It will apply to business activities between connected entities that are set up to achieve an […]