Newsletter 100

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

DIVIDEND ALLOWANCE AND RATES OF TAX

Further details have been provided of the new rates of income tax on dividends and the new Dividend Allowance which will apply to dividends received on or after 6 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Dividend

NATIONAL LIVING WAGE - EMPLOYERS ADVISED TO GET READY

The Department for Business, Innovation and Skills (BIS) is advising employers to begin preparing for the introduction of the National Living Wage (NLW) which comes into effect from 1 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#National

SCOTTISH BUDGET - INCOME TAX AND LBTT

The Scottish Government set out tax and financial plans for the future in their draft Budget on 16 December 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Scottish

SELF ASSESSMENT DEADLINE APPROACHING

HMRC have reported that:

• a record breaking 24,546 people submitted their tax return online on New Year’s Eve - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Deadline

HMRC INTRODUCE ADVANCE ASSURANCE FOR R&D

HMRC have introduced Advance Assurance for companies that claim Research and Development (R&D) tax relief - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#HMRC

TAX HELPLINE FOR THOSE AFFECTED BY SEVERE WEATHER AND FLOODING

HMRC have set up a helpline (number is 0800 904 7900) and will enable anyone affected to get practical help and advice on a wide range of tax problems they may be facing - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Flooding

NUISANCE CALL COMPANIES WARNED TO EXPECT MORE FINES

The Information Commissioner’s Office (ICO) is warning companies making nuisance calls to expect more fines in 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Nuisance

DIVIDEND ALLOWANCE AND RATES OF TAX

Further details have been provided of the new rates of income tax on dividends and the new Dividend Allowance which will apply to dividends received on or after 6 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Dividend

Newsletter 99

SCOTTISH INCOME TAX RATES AND SCOTTISH BUDGET

From April 2016, the Scottish Parliament will have the power to set its own rate of income tax to fund spending by the Scottish government - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

SCOTTISH INCOME TAX RATES AND SCOTTISH BUDGET

From April 2016, the Scottish Parliament will have the power to set its own rate of income tax to fund spending by the Scottish government - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

We would like to wish all our Clients, Friends and Colleagues

Season's Greetings

&

a Prosperous New Year

- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

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

SCOTTISH INCOME TAX RATES AND SCOTTISH BUDGET

From April 2016, the Scottish Parliament will have the power to set its own rate of income tax to fund spending by the Scottish government - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Scottish

AUTUMN STATEMENT 2015 - KEY ANNOUNCEMENTS FOR PARENTS

A number of changes to tax credits and Universal Credit were announced in the July Budget but the Chancellor has scrapped some of the changes following a defeat of the proposals by the House of Lords - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Parents

AUTUMN STATEMENT 2015 - KEY ANNOUNCEMENTS FOR EMPLOYERS AND COMPANY CAR DRIVERS

The scale of charges for working out the taxable benefit for an employee who has use of an employer provided car are now announced well in advance - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Cars

AUTUMN STATEMENT 2015 - KEY ANNOUNCEMENTS FOR BUY TO LET LANDLORDS AND THOSE WITH SECOND HOMES

Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Landlords

ADVISORY FUEL RATES

New company car advisory fuel rates have been published which took effect from 1 December 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Advisory

‘PAYROLLING' BENEFITS IN KIND

From April 2016 the government is introducing a voluntary framework to allow employers to payroll most employee benefits in kind (benefits) rather than report them at the end of the tax year on a form P11D - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Payrolling

GUIDANCE ON USE OF ZERO HOURS CONTRACTS

The government has published guidance for employers on the use of zero hours contracts - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Guidance

DEADLINE FOR FINAL IR35 PAYMENTS AND RETURNS

The ‘IR35’ rules are designed to prevent the avoidance of tax and national insurance contributions (NIC) through the use of personal service companies and partnerships - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

We would like to wish all our Clients, Friends and Colleagues

Season's Greetings

&

a Prosperous New Year

- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

We would like to wish all our Clients, Friends and Colleagues

Season's Greetings

&

a Prosperous New Year

- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

We would like to wish all our Clients, Friends and Colleagues

Season's Greetings

&

a Prosperous New Year

- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-99#Deadline

Looking forward to the new flat-rate State Pension?

To ask any question about the new flat-rate State Pension scheme seems to suggest a straightforward answer. Everyone will get the same amount won’t they?

The answer to the latter question is no. The amount you will get will depend upon a number of factors including:

how many qualifying years you have on your National Insurance (NI) record

how many years you have built up an entitlement to the additional State Pension under the current system

how many years you may have been paying lower NI contributions because you have been in a salary-related workplace pension scheme or you received NI rebates which went into a personal pension plan.Either of these scenarios had the effect of 'contracting out' a person from full entitlement under the State Pension scheme.

The new State Pension scheme applies to everyone who reaches State Pension age on or after 6 April 2016. The full State Pension has been set at £155.65. People who have no contribution record under the current system will have to obtain 35 qualifying years of NI credits on their record to give them the flat-rate amount.

However, for individuals who have already built up an NI record (which is nearly everyone reading this article) there are transitional provisions which take into account the NI record accrued up to 5 April 2016. This is a very reasonable complication to have in moving to the new system. Otherwise, people who have accrued a substantial entitlement under the current system of basic and additional State Pension would be treated very differently depending on whether they reach State Pension Age on the 5 April 2016 (and thus receive a pension under the current system) or on the 6 April 2016 (and therefore receive a pension under the new system).

Under the transitional provisions, your NI record before 6 April 2016 is used to calculate your ‘starting amount’ for the new system at 6 April 2016. Your starting amount will be the higher of either:

the amount you would get under the current State Pension rules (which includes basic State Pension and additional State Pension)

the amount you would get if the new State Pension had been in place at the start of your working life.

For many of those reaching State Pension age in the near future, the transitional provisions offer the best of the current and new systems. Employees who have built up a significant entitlement to the additional State Pension will retain their entitlement. People who have been self-employed for most of their working lives may have little or no entitlement to the additional State Pension and thus will benefit from the new State Pension rules.

Newsletter 98

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

AUTUMN STATEMENT 2015 EXPECTATIONS

Tax credits have been in the news and this is one issue the Chancellor George Osborne is expected to review in the Autumn Statement - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#Autumn

UK TAX GAP FALLS TO 6.4%

The government has announced that the tax gap for 2013/14 was 6.4% of tax due - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#Tax

CBI WARNS GOVERNMENT NOT TO ‘TINKER’ WITH PENSIONS TAX

The first industry-wide survey since the general election sets out businesses’ pensions priorities this Parliament - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#CBI

HMRC’S LANDLORD CAMPAIGN NETS £50 MILLION

HMRC have announced that a campaign aimed at helping residential landlords get their tax affairs in order has brought in more than £50 million making it one of their most successful voluntary disclosure opportunities - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#HMRC

IDENTITY THEFT - ICO GUIDANCE

Following the data security incident at TalkTalk with customer details being ‘hacked’ and many customers remaining unsure if they have been affected, an ICO spokesperson stated:

Any time personal data is lost there can be a risk of identity theft - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#Identity

'STATE PENSION TOP UP’ SCHEME

A new scheme is being launched offering anyone reaching State Pension age before 6 April 2016 a chance to increase their State Pension by up to £25 a week - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#State

WORKPLACE PENSIONS - DON’T IGNORE IT

The Department of Work and Pensions and the Pensions Regulator have launched a new advertising campaign promoting auto enrolment which aims to change the country’s perception of pensions in the workplace - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#Workplace

NMW OFFENDERS NAMED AND SHAMED

Over 100 employers who have failed to pay their workers the National Minimum Wage (NMW) have been named and shamed - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-98#NMW

Newsletter 97

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

DEADLINE FOR ‘PAPER’ SELF ASSESSMENT TAX RETURNS

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2014/15 return is 31 October 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-97#Deadline

AUTUMN STATEMENT DATE ANNOUNCED

The government has announced that the date of the Autumn Statement will be 25 November 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-97#Autumn

5p CARRIER BAG CHARGE COMES INTO FORCE

Carrier bag charges will begin in England on 5 October 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-97#Carrier

MAKING TAX SIMPLER FOR CHARITIES

In September HMRC updated their detailed guidance notes which outline how the tax system operates for charities - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-97#Tax

GOVERNMENT TOUGHENS NATIONAL MINIMUM WAGE (NMW) SANCTIONS

The government has announced a package of measures including tougher NMW penalties to ensure employees receive the pay they are entitled to - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-97#Government

BUSINESS RATES APPEAL PROPOSALS ARE A 'BARRIER TO JUSTICE' The Enterprise Bill is currently going through Parliament. Part of the Bill reforms the business rates appeals system - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-97#Business

Newsletter 96

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

TAXING DIVIDENDS FROM APRIL 2016

In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are taxed and HMRC have issued a factsheet setting out examples of how the new regime will work - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Taxing

NATIONAL MINIMUM WAGE RATES AND NATIONAL LIVING WAGE

The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1 October 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#National

ATED UPDATED PROCEDURES

Since 2013 a range of measures have been introduced to discourage the holding of residential property in the UK via companies, partnerships and collective investment schemes - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Ated

HMRC TARGETS WEALTHY ‘TAX CHEATS’ IN SCOTLAND

A taskforce which aims to tackle wealthy ‘tax cheats’ who are living beyond their means in Scotland has been launched by HMRC - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#HMRC

AUTO ENROLMENT ‘ENGAGEMENT’ AND CALCULATION TOOL

The Pensions Regulator (‘TPR’) has announced that following consultation they will develop a basic automatic enrolment tool. The basic tool should be available to download from TPR’s website by the end of 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Auto

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which took effect from 1 September 2015
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Advisory

COMPANY FOR SALE

PROJECT HERCULES

Walker Thompson has been retained to identify a buyer for a wholesale and retail, designer and distributor of wood burning stoves based in the south of England
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Company

TAXING DIVIDENDS FROM APRIL 2016

In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are taxed and HMRC have issued a factsheet setting out examples of how the new regime will work
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Taxing

TAXING DIVIDENDS FROM APRIL 2016

In the Summer 2015 Budget, George Osborne announced fundamental changes to the way in which dividends are taxed and HMRC have issued a factsheet setting out examples of how the new regime will work
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-96#Taxing

Newsletter 95

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

TAX-FREE CHILDCARE TO LAUNCH IN 2017 FOLLOWING COURT RULING

The government has welcomed a judgment from the Supreme Court that found the proposals for delivering Tax-Free Childcare to be lawful - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#Childcare

TIME TO PAY ARRANGEMENTS – MANDATORY DIRECT DEBIT

Where a taxpayer has difficulty paying their tax liabilities HMRC may agree ‘time to pay arrangements’ whereby the taxpayer agrees to pay off the amount owing by instalments after the due date - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#Mandatory

NMW CAMPAIGN TARGETS HAIR AND BEAUTY SECTOR

HMRC are targeting employers in the hairdressing and beauty sectors who pay their staff below the national minimum wage (NMW) - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#NMW

LATEST JOB MARKET STATISTICS

The Office for National Statistics (ONS) has released figures showing that the UK employment rate has dropped by 67,000 when compared to the three months to February 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#Statistics

ALCOHOL WHOLESALER REGISTRATION SCHEME

The Alcohol Wholesaler Registration Scheme (AWRS) is being introduced on 1 October 2015 by HMRC to tackle alcohol fraud - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#Alcohol

FARMERS AVERAGING OF PROFITS

It was announced in the March 2015 Budget that the government plans to extend the period over which self-employed farmers can average their profits for income tax purposes from two years to five years - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#Farmers

PENSION SCHEMES FOR AUTO ENROLMENT

The Pensions Regulator (TPR) has published some guidance aimed at the 1.3 million small and micro employers who are preparing for pensions auto enrolment - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-95#Pension