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The Marriage Allowance lets certain individuals transfer 10% of their personal allowance to their spouse or civil partner. This reduces the tax bill of the recipient of the transfer by up to £212 in 2015/16. The main scenario in which the transfer is allowed and worthwhile is where:
The default route for applying is online. If you are an employer, it is a good idea to signpost your employees to gov.uk/marriage-allowance-guide. This link gives full information as to eligibility, how to apply and a link to the online application.
As we get towards the end of the tax year, couples may have a better idea as to whether they qualify. If a successful application is made, changes to the personal allowances are backdated to 6 April 2015. In future years the personal allowance will transfer automatically to the spouse until either of the couple cancels the Marriage Allowance or there is a change in circumstances.
Reviewing is an essential part of day-to-day business management.
A key advantage of trading as a company is that the owners, who are generally both shareholders and directors.
There are a number of welcome changes being made to the taxation of benefits on employees and directors with effect from 6 April 2016.
There can be generous tax relief for charities but only if the charity is correctly set up and run.
This year's nominated charity is the Alzheimer's Society. To raise funds staff wore something Christmassy for charity with varying results! CK made a donation of over £400 to the Alzheimer's Society. Many thanks to all who took part.
The Marriage Allowance lets certain individuals transfer 10% of their personal allowance to their spouse or civil partner.
The Chancellor announced in his Autumn Statement in November 2015 that he would be introducing new rates of Stamp Duty Land Tax (SDLT) on purchases of buy to let properties or second homes.
In December 2015, HMRC launched the Personal Tax Account (PTA).
The surprise announcement in the Summer Budget 2015 restricting income tax relief for interest costs incurred by landlords of residential properties became law in November 2015.
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The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October.