Read our latest Practice News as well as sector specific and accountancy updates from across the UK.
With pension auto enrolment applying to more and more employers, we look at the options for using a salary sacrifice scheme to deliver tax savings for the employer and the employee. Salary sacrifice takes place when an employee gives up the right to part of their remuneration in return for the employer providing the employee […]
One of the most significant announcements in the Spring Budget was the news of the Lifetime ISA. The Lifetime ISA will give a government top up of 25% of the amount invested and the ability to accumulate savings income tax free – just like a pension. In addition, there is the ability to eventually withdraw […]
Those who reached State Pension age on or after 6 April 2016 have the privilege of being the first recipients of the new, supposedly ‘flat rate’ State Pension. Although the headline flat rate has been set at £155.65 per week nearly everyone is receiving a different amount to this. There are a number of reasons […]
6 April 2016 saw the introduction of new dividend and savings allowances as well as revised rates of taxation on dividends. In a changing landscape for personal tax, it is crucial to understand the opportunities and pitfalls in the new regime. What is the new regime? Dividend Income Any dividends received by an individual on […]
There have been significant adjustments to the averaging legislation. As of 6 April 2016, farmers have the choice as to whether they average their profits over five years, two years or not at all. A ‘volatility test’ must be taken to check whether averaging over five years is an option. There are two ways of […]