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Exemption for Trivial Benefits in Kind

09.01.2016

The Office of Tax Simplification has made a number of recommendations to the government to simplify the tax rules for reporting benefits in kind and expenses paid on behalf of directors and employees. One recommendation...

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Liquidations & other capital payments may be subject to income tax

<p><span style="font-size: small">One of the anti-avoidance measures announced in the Autumn Statement on 25 November was to introduce legislation to counter the distribution of income acc...

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Tax Credits U-Turn

In the Summer Budget the Chancellor proposed cutting the rates and thresholds for working and child tax credits. This would have reduced the income of many low-paid families significantly. The House o...

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Property Investors Hit with Stamp Duty increases

In the Summer Budget the Chancellor announced a restriction on the deductibility of interest from rental income for individual landlords of residential property. This restriction will be phased in fro...

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Larger employers to pay a new apprenticeships levy from 2017

A new apprenticeship levy will be introduced from 6 April 2017. Although all employers will be required to pay this new levy, set at 0.5% of their annual payroll cost, each employer will also have an ...

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‘Expecting 2016’ – Helping end pregnancy & maternity related discrimination at work

Specialist employment law firm Castle Associates is launching campaign Expecting 2016. The idea behind the campaign is to help pregnant ladies and new mothers understand what their rights are within...

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New rules for Dividends from April 2016

In the Summer Budget it was announced that new rules for the taxation of dividends that will apply from 6 April 2016. Further guidance has now been published by HMRC setting out how the new rules wi...

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Transfer of Tax Losses

Where a company makes a trading loss that cannot be relieved against other profits that year, or the previous year, the unrelieved loss can be carried forward against future profits from the same trad...

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What do you want to earn?

I’m off to see my financial advisor this afternoon, he’s a top bloke, I like him a lot and he really knows his stuff.   But I am not going to see him with a view to being told what I need to sa...

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Buying a Business? No relief for goodwill now!

Ever since April 2002 when a limited company acquires the trade and assets of another business it has been possible to obtain a tax deduction for the goodwill and other intangible assets of the acquir...

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Selling your company? Shares or assets?

The corporation tax deduction for acquired goodwill and other intangible assets that has been available to companies since April 2002 mentioned above, has meant that companies buying other businesses ...

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Annual Investment Allowance (AIA) increased to £200k from January 2016

The annual investment allowance (AIA) was due to be reduced from the current temporary level of £500,000 to just £25,000 from 1 January 2016.   The Chancellor has bowed to pressure from industry ...

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Buy to Let Landlords - Interest tax relief to be restricted to basic rate

The Chancellor announced that the amount of income tax relief landlords can get on residential property finance costs (such as mortgage interest) will be restricted to the basic rate of tax.   To ...

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Changes ahead for paying directors and shareholders

Imminent changes to the way in which dividends are to be taxed will have implications for the way many small business directors remunerate themselves. What do you need to know?  Few expected the Jul...

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How to choose your Estate Agent

  Choosing an agent to look after your property can be confusing – after all, there’s so much to think about! At Liberty Gate, we want you to know that you are in safe hands with us. Our ...

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Can you set up a Website for Free?

  If you don’t have a big budget, but have a lot of time, and a good eye for design, it is possible to set your website up for free. There are hundreds of free hosting platforms out there, b...

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Budget Increase in Insurance Premium Tax!

When Insurance premiums increase, clients are quick to blame us or the industry, but when the government introduced IPT - Insurance Premium Tax on all insurance premiums, we knew this was going to be ...

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Newark On Trent property market update

Some interesting observations for the latest Newark On Trent property market update... During Q1 of 2015 we've seen an increase in the numbers of high end flats and 12.75% growth on one housing style...

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The Dog ate my tax return........is not a reasonable excuse

However, it has been announced that HMRC will not contest appeals against the £100 late filing penalty in respect of 2013/14 tax returns where the taxpayer provided a reasonable excuse for not filing...

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HMRC's growing reliance on Connect database could mean an increasing number of innocent taxpayers face investigation

Over 80% of all tax investigations undertaken by HMRC now follow potential leads generated by its £45 million database system, Connect, according to recent reports. The new reliance on automated syst...

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Website Images (and a little SEO)

Projecting the image of a brand that is reputable and trustworthy can be hugely helped by having a review of the images you are currently using across your website and social media. There are also ...

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