News

Pennington Williams Tax News – July 2016

Monthly Tax News – July 2016 SHOULD I USE THE VAT FLAT RATE SCHEME FOR MY SMALL BUSINESS? The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting. To join the scheme your VAT turnover […]

Pennington Williams Tax News – June 2016

Monthly Tax News – June 2016 CHANGES NEXT YEAR FOR PUBLIC SECTOR WORKERS “OFF PAYROLL” It was announced in the March Budget that Finance Bill 2017 will include measures to change the rules for those workers supplying their services to public sector bodies via their own company. The current rules require the intermediary to consider whether […]

Pennington Williams Tax News – Budget Edition – May 2016

Monthly Tax News – May 2016 MAKING TAX DIGITAL – TOO SOON? George Osborne announced the introduction of digital tax accounts in his 2015 Budget, with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions. This information will then be used to calculate individuals’ tax liabilities […]

Pennington Williams Tax News – Budget Edition – March 2016

Monthly Tax News – Budget Edition – March 2016 THE KEY POINTS FROM BUDGET 2016 One of the main themes of the Chancellor’s March 2016 Budget was to ensure that the next generation inherits a strong economy, is better educated, and  grow up fit and healthy. His proposed “sugar tax” on the soft drinks industry will […]

Pennington Williams Tax News – March 2016

Monthly Tax News – March 2016 DON’T LOSE YOUR PERSONAL ALLOWANCE For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. YEAR END PENSION PLANNING Take advantage […]

Pennington Williams Tax News – February 2016

Monthly Tax News – February 2016 SINGLE DIRECTOR COMPANIES EXCLUDED FROM £3,000 NIC EMPLOYMENT ALLOWANCE From 6 April 2016 the Employment Allowance increases from £2,000 to £3,000, but if you’re the only employee in a company, and also the director, your company will no longer be eligible for the NICs Employment Allowance. HMRC is currently consulting […]

Pennington Williams Tax News – January 2016

Monthly Tax News – January 2016 DRAFT FINANCE BILL 2016 CLAUSES ISSUED FOR CONSULTATION Draft clauses for inclusion in Finance Bill 2016 were issued for consultation on 9 December 2015. The proposed legislation, if enacted, will introduce a number of measures consulted on during summer 2015 and announced on the Autumn Statement. PROPOSAL TO RESTRICT […]

Pennington Williams Tax News – December 2015

Monthly Tax News – December 2015 HMRC BUSINESS RECORDS CHECKS TO END… HMRC have recently announced that they have wound down their business record checks and will no longer initiate new checks using this process. HMRC say that they “remain committed to helping businesses to keep better records”. At the same time HMRC have updated their […]

Pennington Williams Tax News – November 2015

Monthly Tax News – November 2015 DOWNSIZE (OR UPSIZE) TO SAVE INHERITANCE TAX? From 6 April 2017 an additional Inheritance Tax (IHT) Residence Nil Rate Band (RNRB) starts being phased in to enable individuals to pass on their family home to direct descendants. The additional nil rate band starts at £100,000 and rises to £175,000 for […]

Pennington Williams Tax News – October 2015

Monthly Tax News – October 2015 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 acquired business, generally in line with the accounting […]

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