Holiday let owners braced for increased tax bills now face a period of uncertainty about when - and if – the favourable Furnished Holiday Letting regime will be axed.
HMRC has made changes to the provisions that determine the tax status of partners of Limited Liability Partnerships (LLP). While it has caused some concern, the update to the Salaried Member Rules is not a change in legislation – it simply gives insight into HMRC’s interpretation of current legislation and serves as a reminder to LLPs about the guidance they must follow for salaried members.
Armstrong Watson's latest survey found more than a third of businesses find it ‘very difficult to recruit’. Offering salary sacrifice opportunities is one of several ways many businesses can incentivise their current and prospective workforce.
It is never too early to complete your self-assessment tax return. In fact, as soon as the tax year ends you can submit your tax return. Leaving it until the last minute can lead to increased stress and anxiety, errors and omissions not to mention potential delays and penalties.
Capital Gains Tax (CGT) has been in the spotlight recently due to changes in the tax-free allowances as well as updates to the rates of taxation of certain assets. Over the last couple of tax years, these changes have been drip-fed to individuals however, looking at where these allowances were two years ago, the changes are quite dramatic.
This was one of the key findings from Armstrong Watson's latest survey, which also asked the agricultural sector about challenges impacting growth, how they are adapting to the evolving digital world, and about their plans for succession.
With changes to National Insurance Contributions (NIC) now in play, along with a change to the basis period and increased rates of Corporation Tax, farmers may be faced with the dilemma of what is the most appropriate and tax-efficient way to structure their business.
While Scottish income tax rates and bands mean lower earners pay less tax than those in other parts of the UK, high earners, could be paying up to 67.5% in income tax.
Armstrong Watson has further strengthened its aim to be the ‘go to’ accountancy firm for family and owner-managed businesses across the North of England following the acquisition of successful, long-standing West Cumbrian practice Gibbons Accountants, Business and Financial Advisers.