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Pennington Williams Tax News – June 2017

Tax News – June 2017   ELECTION ON 8TH JUNE – WHAT’S IN THE MANIFESTOS?   The decision to call a snap General election on 8th June caught many of us by surprise. The various political parties have been rushing out their manifestos making all sorts of promises if elected. These documents are becoming increasingly important. Bringing […]

Pennington Williams Tax News – May 2017

Tax News – May 2017   U-TURN ON SELF-EMPLOYED NICs – FOR NOW   In his first Budget on 8th March, the new Chancellor Phillip Hammond announced that he would  level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and […]

Pennington Williams Tax News – April 2017

Tax News – April 2017 NEW RULES FOR IR35 WORKERS IN THE PUBLIC SECTOR START 6 APRIL 2017 There are significant changes that commence on 6 April 2017 for workers in the public sector supplying their services via their own personal service companies or other intermediaries. From 6 April 2017 the public sector employer or […]

Pennington Williams Tax News – Winter 2016/17

Monthly Tax News – Winter 2016/17 INCOME TAX NOT CGT ON PROPERTY SALE Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted […]

Pennington Williams Tax News – October 2016

Monthly Tax News – October 2016 REPORTING TO HMRC EVERY QUARTER TO GO AHEAD IN 2018 The Government and HMRC remain committed to the “Making Tax Digital” project with more information being sent online to HM Revenue and Customs (HMRC) by employers, pension funds, banks and other institutions. The next big step will be the introduction […]

Pennington Williams Tax News – September 2016

Monthly Tax News – September 2016 LIQUIDATING A COMPANY – IS IT A CAPITAL GAIN? One of the anti-avoidance measures being introduced by the latest Finance Bill potentially changes the way that certain payments to shareholders will be taxed. This may result in payments following some company liquidations being taxed as dividends instead of capital gains. […]

Pennington Williams Tax News – August 2016

Monthly Tax News – August 2016 BREXIT – WHAT ARE THE TAX IMPLICATIONS? One of the main reasons that individuals voted “leave” was to restore fiscal sovereignty to the UK so that we are able to set our own laws, in particular tax law, without interference from Brussels. Significant tax changes currently require “State Aid” approval […]

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 […]

© 2019 Pennington Williams - Chartered Accountants
© 2018 Pennington Williams - Chartered Accountants