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Landlords to receive less tax relief on interest

In a change that will impact residential landlords, the amount of income tax relief available on residential property finance costs will be restricted to the basic rate of income tax. This change, to be phased in over a four year period, will mean that landlords will no longer be able to deduct all of their finance costs from their property income. The restriction does not apply to residential properties held in companies. Rules may also further restrict the relief which is due where the individual’s property income or total income is...

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Pensions Auto Enrolment

The Department for Work and Pensions has confirmed the thresholds for pensions automatic enrolment for 2017/18. These amounts are reviewed annually. The main qualifying threshold or ‘trigger’ for employees to be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band will be £5,876 and the upper limit £45,000. The written statement also includes: ‘Automatic enrolment has been a great success to date with almost 7 million people enrolled by mor...

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Tim 04

Get the expert view on this year’s post-budget opportunities at our Budget Seminar

Top circuit speaker and tax expert, Tim Good, will present our free annual Budget Seminar on 13 March at the Ageas Bowl, Southampton. At this year’s event, Tim will focus on tax planning opportunities following the Chancellor’s budget speech. Tim’s insightful and entertaining analysis of budget complexities, and his ability to pick out all the key points, mean that his lectures to professional audiences all over the country on tax matters are much in demand. Tim also writes extensively on tax (he is the author of thre...

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Businesses get the experts’ view on preparing for the biggest sale of their lives

Many of the South’s business owners learned from the experts how to make the most from selling their business at a seminar last week hosted by Rothmans Corporate Finance (RCF) Ltd, at the Ageas Bowl in Southampton. RCF is a new joint venture between Rothmans Accountants, which has 11 regional offices and is one of the South’s largest and longest-established independent accountancy firms, and Odyssey Corporate Finance, a specialist corporate advisory firm. During the seminar, RCF Directors, Tom McCarthy and Julian Sims, advised...

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New VAT Flat Rate Scheme changes

The anti-avoidance measures for the VAT Flat Rate Scheme of 16.5% come into force from 1 April for businesses with limited costs. The change was announced in the Autumn statement to tackle ‘aggressive abuse’ and the HMRC estimates that it will affect 123,000 out of 411,000 scheme users. From April, FRS businesses will need to decide whether they are a limited cost trader, defined as one whose VAT inclusive expenditure on goods is either: Less than 2% of their VAT inclusive turnover in a prescribed accounting period Greate...

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Savings Allowance

A new savings allowance is available to basic and higher rate taxpayers for 2016/17. The amount available depends on the individual's circumstances: · If any of the individual's income for the year is additional rate income then the individual's savings allowance for the year will be nil. · If any of the individual's income for the year is higher-rate income and none of the individual's income for the year is additional rate income, t...

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