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Finance Act 2016

This year’s Finance Act is 649 pages, the second longest recorded, and highlights the increasing complexity for taxpayers of an ever expanding tax code. Ian Young, tax faculty manager explains: “Evaluating the number of pages in each Finance Act is a simple, but effective, method of showing the scale of the legislative burden. This year’s Finance [...]

October 13th, 2016|Accountancy|0 Comments

Self Employed? A few things you should know.

Going it alone has never been more popular. Record numbers of workers are shunning traditional employment for the freedom of running their own business. The appeal is obvious. No more commuting, flexible hours, setting your own pay, being able to stay at home to look after children. There are now 4.6 million self-employed workers, according [...]

October 3rd, 2016|Accountancy|0 Comments

Stamp Duty | What’s changing?

Anyone who buys additional residential property, including second homes and buy-to-lets, will have to pay an extra 3 percentage points in stamp duty from April 1, 2016. The additional charge applies above the current “stamp duty land tax” rates. This means there will be 3pc tax (currently zero) to pay on homes worth up to [...]

September 26th, 2016|Accountancy|0 Comments

Inheritance tax

For most retired households, the plunge in interest rates since the financial crisis – including last month’s arguably mistaken cut by the Bank of England – has been disastrous. Returns on cash accounts have fallen by an average of 75pc just since 2012. So here’s a nice surprise. The one area where older, wealthier households [...]

September 20th, 2016|Accountancy|0 Comments

BTL tax changes | Mortgage interest relief

Buy-to-let tax changes | Mortgage interest relief. From 2020, landlords will no longer be able to deduct the cost of their mortgage interest from their rental income when they calculate the tax due. So tax will be paid on turnover rather than profit, meaning tax could be due on non-existent income. For higher-rate taxpayers, mortgage costs [...]

September 17th, 2016|Accountancy|0 Comments