NEWSLETTER 94

Headlines from our latest newsletter.  Please click on any of the links below for more information:

BUDGET ANNOUNCEMENTS

George Osborne delivered his second budget of the year on 8 July 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Budget

CHANGES FOR 'BUY TO LET' LANDLORDS

It was announced in the Budget that the government will restrict the amount of income tax relief landlords can claim on residential property mortgage interest costs to the basic rate of income tax - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Changes

ANNUAL INVESTMENT ALLOWANCE CERTAINTY

The Chancellor announced that Annual Investment Allowance will be set permanently at £200,000 from 1 January 2016 providing certainty for businesses - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Annual

THE FAMILY HOME AND IHT

The government has announced the introduction of a new transferrable nil rate band for the family home. The additional band will apply where a residence is passed on death to direct descendants such as a child or a grandchild - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Family

NATIONAL LIVING WAGE

The government has announced the introduction of a new National Living Wage (NLW) for working people aged 25 years and above - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#National

PAYE LATE FILING PENALTIES

HMRC have now issued the first in-year penalties notices to employers with fewer than 50 employees who missed the deadline for sending PAYE information to HMRC - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#PAYE

CLAIMING THE MARRIAGE ALLOWANCE

The Low Incomes Tax Reform Group published updated guidance on how to apply for the new transferable personal allowance, known as the marriage allowance, for married couples and civil partners which came into effect on 6 April 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Claiming

PHISHING EMAILS HMRC EXAMPLES

HMRC have updated their list of examples of emails, letters, text messages and bogus calls used by 'scammers' and fraudsters to get taxpayers personal information - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Phising

HMRC CHECKING EMPLOYEES HAVE PAID THE CORRECT AMOUNT OF TAX ON THEIR PAY

HMRC have started to check that people have paid the right amount of tax in 2014/15, a process they refer to as the annual End of Year Reconciliation process - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#HMRC

STATISTICS SHOW EMPLOYMENT RISE IN 2015

The Office for National Statistics (ONS) has released figures showing that UK employment rates were up between February and April compared to the three months to January 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-94#Statistics