If you move abroad If you open an Individual Savings Account (ISA) in the UK and then move abroad, you can’t put money into it after you move (unless you’re a Crown employee working overseas or their spouse or civil partner). However, you can keep your ISA open and you’ll still get UK tax relief […]
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On 26 March 2015 the government announced a new initiative to support taxi owners to convert to lower emission vehicles. The initiative is £45 million to support the rollout of greener taxis. A £20 million fund will be made available to local authorities to support the rollout of ultra-low emission taxis across the UK. The […]
You’re on an emergency tax code if your payslip says your tax code is one of the following: 1060L W1 1060L M1 1060L X Emergency tax codes are temporary. While you’re on an emergency tax code, you pay tax on all your income above the basic Personal Allowance (£10,600 for the 2015 to 2016 tax […]
Following on from our previous blog posting: tax changes that were effective from 1 April 2015 (and that mainly affected Companies), we have included below tax changes that affect individuals from 6 April 2015, the start of the 2015-16 tax year. Individuals over the age of 55 have flexible access to their defined contribution pension […]
Parents in work can now share responsibility for looking after their newborn or newly adopted child as Shared Parental Leave law becomes effective 5 April 2015. Eligible couples whose child is due on or after Sunday 5 April 2015 can now share up to 50 weeks of leave and 37 weeks of pay in the […]
The Corporation Tax rate has been reduced to 20% The new Diverted Profits Tax has been introduced The bank levy has increased from 0.156% to 0.21% Air Passenger Duty has been restructured – abolishing bands C and D Hospice charities, blood bikes, search and rescue, and air ambulance charities will be eligible for VAT refunds […]
In an effort to streamline and simplify the administration of the Self Assessment tax system HMRC is planning to open digital accounts for fifty million taxpayers by 2020. When completed, these taxpayers will no longer be required to submit Self Assessment tax returns to HMRC. Instead, HMRC will gather information from employers, pension providers, banks […]
There were a number of changes to promote savings in the Budget. The main changes are set out below: Help to Buy ISA From autumn 2015, a new ISA is being launched that will enable first time buyers to save for their deposit. An initial deposit of £1,000 is allowed with additional monthly savings of […]
The new flexibility, that certain pension pot holders can avail themselves from 6 April 2015, offers more opportunity regarding the funds they have saved. Once you reach minimum pension age, normally 55, you will be able to: leave your pension fund invested, no change; enter drawdown, thereby taking some of your money whilst leaving the […]
The National Minimum Wage rates from 1 October 2015, as recommended by the Low Pay Commission. (LPC) will be: a 20p (3%) increase in the adult rate (from £6.50 to £6.70 per hour) a 17p (3%) increase in the rate for 18 to 20 year olds (from £5.13 to £5.30 per hour) an 8p (2%) […]