Archive for November 2016

Autumn Statement 2016

On Wednesday 23 November the Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review. His speech and the supporting documentation set out both tax and economic measures. Our summary concentrates on the tax measures which include: the government reaffirming the objectives to raise the personal allowance to £12,500 and…
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Autumn Statement 2016 – Personal Tax

The personal allowance The personal allowance is currently £11,000. Legislation has already been enacted to increase the allowance to £11,500 for 2017/18. Not everyone has the benefit of the full personal allowance. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000, which is £1 for every £2 of…
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Autumn Statement 2016 – Other Matters

Making Tax Digital On 15 August 2016 HMRC published six consultation documents on Making Tax Digital. The six consultations set out detailed plans on how HMRC propose to fundamentally change the method by which taxpayers, particularly the self-employed and landlords, send information to HMRC. Two key changes proposed are: ●      From April 2018, self-employed taxpayers…
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Autumn Statement 2016 – Capital Taxes

Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on residential properties that do not qualify for private residence relief. The rate for disposals…
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Autumn Statement 2016 – Employment Issues

Employment Issues Off-payroll working in the public sector From April 2017, where workers are engaged through their own limited company to work for a public sector body, responsibility to apply the intermediaries rules (commonly known as the IR35 rules) will fall to the public sector body, agency or other third party paying the worker’s company….
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Autumn Statement 2016 – Business Tax

Corporation tax rates Corporation tax rates have already been enacted for periods up to 31 March 2021. The main rate of corporation tax is currently 20%. The rate will then be reduced as follows: ●  19% for the Financial Years beginning on 1 April 2017, 1 April 2018 and 1 April 2019 ●  17% for…
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