CIS Contractor Update

From April 2016 changes have been made to the Construction Industry Scheme (CIS). Part of the reforms were that contractors must file their monthly returns online. HMRC have introduced a number of improvements to the CIS online service with a view to making it easier and more efficient to use. These changes include the facility [...]

2017-04-27T15:46:45+00:00May 5th, 2016|Blog|0 Comments

Savings allowance

A new savings allowance is available to basic and higher rate taxpayers for 2016/17. The amount available depends on the individual's circumstances: If any of the individual's income for the year is additional rate income then the individual's savings allowance for the year will be nil. If any of the individual's income for the year [...]

2017-04-27T15:46:45+00:00April 6th, 2016|Blog, for CONTRACTORS, Tax|0 Comments

Tax on savings income

Savings income is income such as bank and building society interest. In 2015/16 some individuals qualify for a 0% starting rate of tax on savings income up to £5,000. However, the rate is not available if taxable non-savings income (broadly earnings, pensions, trading profits and property income) exceeds the starting rate limit. The starting rate [...]

2017-04-27T15:46:45+00:00March 25th, 2016|Blog|0 Comments

Help to Save

The government has announced the introduction of a new type of savings account aimed at low income working households. Individuals in low income working households will be able to save up to £50 a month into a Help to Save account and receive a 50% government bonus after two years. Account holders can then choose [...]

2017-04-27T15:46:45+00:00March 24th, 2016|Blog|0 Comments

Pensions consultation and reform

The government consultation ‘Strengthening the incentive to save’ looked at the way pensions are taxed. The consultation found that while the current system gives everyone an incentive to save into a pension, and people like the 25% tax free lump sum, it is also inflexible and poorly understood. Young people in particular are not saving [...]

2017-04-27T15:46:45+00:00March 23rd, 2016|Blog|0 Comments

Easter Bank Holiday Dates

We will be closed for business on the following dates: Thursday 24th March 2016 (from 2.30pm) Friday 25th March 2016 (Bank Holiday) Monday 28th March 2016 (Bank Holiday) Business will resume as normal from Tuesday 29th March 2016. Happy Easter to everyone!!

2017-04-27T15:46:45+00:00March 23rd, 2016|Blog|0 Comments

Pensions Advice

  The Financial Advice Market Review (FAMR) aims to support the provision of affordable and accessible advice. FAMR was a joint review between the Financial Conduct Authority and Her Majesty’s Treasury, and its recommendations were published on 14 March 2016. The government commits to implement all of the recommendations for which it is responsible, and [...]

2017-04-27T15:46:45+00:00March 22nd, 2016|Blog|0 Comments

Phased rollout of Tax-Free Childcare

The government has announced it will introduce Tax-Free Childcare in early 2017. Tax-Free Childcare will be gradually rolled out to children under 12 with the parents of the youngest children being able to enter the scheme first. The scheme will be open to all eligible parents by the end of 2017. The existing scheme, Employer-Supported [...]

2017-04-27T15:46:45+00:00March 21st, 2016|Blog|0 Comments

New Dividend Tax Rates

From April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. The Dividend Allowance means that ltd company contractors won’t have to pay tax on the first £5,000 of their dividend income. The allowance is available to anyone who has dividend income. Headline rates of dividend tax are also changing. [...]

2017-04-27T15:46:46+00:00March 18th, 2016|Blog|0 Comments

Budget 2016 – for contractors

The Government has published its budget for 2016. So, what does this mean for contractors working through umbrella companies and PSC's? The following extracts from the Budget 2016 outline the governments intentions: Umbrella companies and employment intermediaries Salary sacrifice – The government is considering limiting the range of benefits that attract income tax and NICs [...]