Hello
This time we bring you our 2016 Budget summary, and also a new guide: "Year end top 10 for OMBs". The chancellors numerous changes to the tax system mean that tax motivated actions are dominating many small businesses.
One of the top queries arising from the Budget is "What is happening in respect of the proposed changes to the distributions on liquidation rules?". It seems that several firms are under the impression that because no mention was made on this topic by the chancellor that these rules will not apply. Unfortunately, this is not the case. The draft Finance Bill 2016 (as published following the 2015 Autumn Statement) remains very much intact, although it is now somewhat longer following the Budget. We are awaiting HMRC's responses to the distributions consultation in order to see whether any amendments will be tabled to the draft provisions.
Looking through HMRC's Finance Bill 2016 documents I note that HMRC's version of the forthcoming restriction of travel and subsistence relief for PSCs is slightly misleading. They say that it "Provides for a restriction of travel and subsistence relief for individuals who supply personal services through an employment intermediary, by treating each engagement as a separate employment. An individual who is employed through an employment intermediary will be now taxed on any travel and subsistence expenses received on the same basis as other workers, contracted directly or through temporary work contracts". This makes it sound as if no PSC owner will ever be able to claim tax relief under the temporary travel rules. The new rules actually only apply when the worker is under the direction, control or supervision of the end client.
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Nichola Ross Martin FCA Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
Quick news (freeview)
Budget 2016: at a glance
A summary of the key changes and announcements.
Budget 2016: Corporation Tax
A summary of the key changes and announcements affecting companies.
Budget 2016: Capital Gains Tax
A summary of the key changes and announcements affecting capital gains tax and entrepreneurs' relief.
Stamp Duty Land Tax: rates and reliefs
UPDATED: Budget 2016 includes the new regime and rates for non-residential properties and the higher rate for additional residences.
Practical Tax Guides & Updates
Year end top 10 for OMBs
Key deadlines and changes affecting OMBs. What issues should be addressed now, and what can be left until after the tax year end?
Tax Data
UPDATED: Links to all tax rates, allowances and other data, updated to include details for 2016/17.
SDLT & residential property: higher rates
NEW: A comprehensive guide to the 3% higher rate SDLT charge for companies and for individuals purchasing additional residences.
ISA Guide
UPDATED: To include details of the proposed Lifetime ISA.
Editor's choice
Employer's Update March 2016
A summary of Employer Essentials for March 2016: RTI, Payroll, new forms and planning for 2016/17
Private Client: Tax planning for the 2015/16 year end
Our unique year-end and new tax year tax checklist for "Private Clients", it can be used in conjunction with our checklists for Directors, Employers and Self-employed individuals.
Distributions and Transactions in Securities 2016/17
A review of the proposals included in the Finance Bill 2016
Dividends new rules 2016/17
Details of the new tax regime for dividends
Missed last time's update?
Nichola's SME Tax Update 11 March 2016
Features:
- Employers: Update March 2016
- Private client year end tax planning
- OTS small company taxation review and alignment of income tax and NIC
- Designing an employee share scheme
- Dividend tax
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