Friday 5 February 2016

Does your Company Operate in an Enterprise Zone?

If your company is located in one of the 30 or so enterprise zones, there are significant Government incentives to encourage investment. 

100% first-year allowances for companies investing in new plant or machinery will be extended for a further 3 years to 31 March 2020.

The government has announced 18 new Enterprise Zones and extended 8 zones late last year.

HMRC have added maps to their online guidance, showing sites within enterprise zones that offer 100% first-year allowances for companies. This 100% allowance is in an addition to the normal £200,000 Annual Investment Allowance.


New maps for Tees Valley, Wirral, Black Country, Wilton, and Southbank enterprise zones have been added to the Gov.uk website.
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Thursday 4 February 2016

Changes on contracted-out NICs & how you report to HMRC!

Contracting Out of Additional State Pension
From 6 April 2016, employees of contracted-out defined benefit (DB) schemes will automatically be brought back into the State Pension scheme and will no longer be able to use a contracted-out salary related (COSR) occupational pension scheme to contract out of the State Scheme. Employees will, depending on their level of earnings, start to accrue entitlement to the new State Pension instead.

National Insurance Contributions
Eligibility for the contracted-out National Insurance Contributions (NICs) rebate of 3.4% for employers and 1.4% for employees will also cease from this date.


This will bring with it some changes in what and how you report to HMRC:

from 6 April 2016: You will not be able to use your Contracted-out Salary Related (COSR) occupational pension scheme to contract employees out of the new State Pension scheme

there will no longer be a requirement to report the Employers Contracting-out Number (ECON) and Scheme Contracted-out Number (SCON) details on Full Payment Submission (FPS) for tax years commencing 6 April 2016 and onwards

there will no longer be a requirement to separate the National Insurance (NI) earnings between the Primary Threshold (PT) and Upper Accrual Point (UAP) & UAP to Upper Earnings Limit (UEL)

there will be a requirement to report NI earnings between the PT to UEL as there was prior to 2009

there will be one less column to complete on forms P11 and P60. These forms will be updated in due course and available on the Basic PAYE Tools or can be ordered from the Employer order-line.

All HMRC systems will be amended to reflect these changes and the UAP data field will be removed from the FPS and Earlier Year Update (EYU).

All payroll software will need to be amended.

National Insurance Categories from 6 April 2016
Contracted-out National Insurance tables/ categories D, E, I, K, L, N, O and V will be replaced by Standard National Insurance tables/categories A, B, J, M, P, Q, R, T, Y and Z

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Wednesday 3 February 2016

Tax Diary Of Main Events - February & March 2016!



UK Tax Deadlines for February & March 2016

Date
What’s Due
1 February
Corporation tax for year to 30/4/15
19 February
PAYE & NIC deductions, and CIS return and tax, for month to 5/2/16 (due 22 February if you pay electronically)
28 February
Surcharge of 5% on 2014/15 self -assessment tax still unpaid.
1 March
Corporation tax for year to 31/5/15
19 March
PAYE & NIC deductions, and CIS return and tax, for month to 5/3/16 (due 22 March if you pay electronically)

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Stamp Duty Land Tax Changes from April 2016!

Consultation on 3% SDLT Supplement on Second Homes from April 2016!

You should be knowing that you must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland. The current SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.


HMRC are consulting on the details of the higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties announced in the 2015 Autumn Statement.

The Government will include detailed rules in the Budget on 16 March 2016.
The higher rates will not apply if at the end of the day of the transaction an individual owns only one residential property, irrespective of the intended use of the property.

In line with the CGT rules there will be an 18 month period between sale of a previous main residence and purchase of a new main residence for the purpose of determining whether the higher rates apply.

To know more about Stamp Duty Land Tax, Exemptions and more, go to www.gov.uk

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Tuesday 2 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 on the draft legislation for this change which will mean that the £3,000 allowance will not be available to offset against the employers’ NIC liability of such companies. 

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