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Farmers' Averaging

Farmers' Averaging

Changes have been made to the rules which allow farmers to average their profits for tax purposes. Under the new rules, unincorporated farmers will be able to average their profits for income tax purposes over five years rather than the previous two years. The amendment to the rules which took effect from 6 April 2016 is aimed at helping farmers with fluctuating profits better manage the ‘risk and the impact of global volatility which has become an inherent feature of the agricultural industry’. Chancellor George Osborne said:...

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National Minimum wage

The National Minimum Wage (NMW) rates will increase from 1 October 2016 as follows: Current rate Rate from 1 October 2016 21-24 year olds £6.70 £6.95 18-20 year olds £5.30 £5.55 16-17 year olds £3.87 £4.00 Apprentice rate* £3.30 £3.40...

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Reduction in Corporation Tax Rate

The main rate of corporation tax is currently 20% and this rate will continue for the Financial Year beginning on 1 April 2016. In the following years the rate of tax will fall as follows: • 19% for the Financial Years beginning on 1 April 2017, 1 April 2018 and 1 April 2019. • 17% for the Financial Year beginning on 1 April 2020. The 17% rate from April 2020 is a reduction of 1% from the rate previously announced by the Chancellor in his Summer Budget in 2015. CBI Director-General, Carolyn Fairbairn, said, “The redu...

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Register of People with Significant Control

From April 2016, rules were introduced which require companies to keep a register of people with significant control (PSC register). In addition, the details of people with significant control (PSCs) will have to be filed with Companies House from 30 June 2016. A PSC is defined as an individual that: • holds, directly or indirectly, more than 25% of the shares or voting rights in the company; or • holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company; or • ha...

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Workplace Pensions - Auto Enrolment

You are no doubt aware that the government introduced measures in the 2008 and 2011 Pensions Acts designed to increase workplace pension saving. Under the ‘auto-enrolment scheme’, employers will have to enrol all of their qualifying workers into a workplace pension scheme and each employee will have to actively opt out if they do not want to be a member. Contributions will start at 1% from the employee and 1% from the employer. Once all employers have implemented the scheme, contributions will increase in stages with firms eventu...

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New partner appointed for Rothmans Winchester

New partner appointed for Rothmans Winchester

Jonathan Poulter has been appointed a partner of the Rothmans Winchester office. Jonathan, who grew up in Winchester, joined Rothmans in 2009 and was appointed a director in 2012. He previously worked for a top-5 accountancy firm in London and Southampton. Jonathan qualified as a Chartered Accountant whilst working in audit before moving to corporation tax to pursue a keen interest in taxation. He then qualified as a Chartered Tax Adviser and now operates as a general practitioner, specialising in accountancy and tax planning for owner-manag...

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