POWER IN NUMBERS - ISSUE #26
What is Making Tax Digital? Local businesses get insight into the impact of the last budget before Brexit Budget in Brief One Million couples still eligible for tax boost Rothmans staff enjoy the Caribbean on the Solent!
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The following news articles are in this issue:
What is Making Tax Digital? - Dec 2018 update
As you may be aware, from 1 April 2019 HM Revenue & Customs ‘Making Tax Digital’ legislation goes live in the UK. Making Tax Digital (MTD) is one of the biggest changes to the administration of the tax system for at least 20 years. The essential elements of MTD for businesses and organisations are: Paper records will no longer be sufficient: it will become mandatory for almost all businesses and organisations (self-employed, partnerships, limited companies and others) to use software or a spreadsheet to keep accounting...
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Automatic enrolment: Minimum contribution levels due to increase in April 2019
By law, on 6 April 2019, all employers are required to increase their contributions into their staff’s automatic enrolment pension, with the employer paying a minimum of 3% towards the pension, and the total minimum contribution reaching 8% – with staff making up the 5% difference. The table below shows the minimum contributions employers who set up a defined contribution scheme for automatic enrolment must pay, and the date when they must increase. This is calculated based on earnings between £5,824 to £43,000 per year (£486 to £3,5...
Read article Entrepreneurs relief: Minimum qualifying period extension
A new measure increases the minimum period throughout which certain conditions must be met to be eligible for Entrepreneurs Relief from one year to two years. This measure affects individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company on or after 6 April 2019, and trustees who dispose of trust business assets. It will have an effect for disposals on or after 6 April 2019, except where a business ceased before 29 October 2018. Where the claimant’s business ceased, or their pe...
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One Million couples still eligible for tax boost
HMRC has highlighted that three million UK couples have already taken an advantage of Marriage Allowance but a million more are still eligible for the tax break. The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil partner, reducing their tax bill by up to £238 a year in 2018/19. The allowance was introduced in 2015 and it is possible to backdate the claim to earlier tax years. Please contact us if you would like to...
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Corporation Tax - Update
Corporation tax rates are as follows: Financial year from 1 April 2018 1 April 2019 1 April 2020 Corporation tax rate 19% 19% 17% Annual Investment Allowance (AIA) The AIA will be temporarily increased from £200,000 to £1m. This change will have an effect in relation to qualifying expenditure incurred from 1 January 2019 to 31 December 2020. Capital allowances – special rate pool The rate of writing down allowance on the special rate pool of plant and machinery will be...
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Local businesses get insight into the impact of the last Budget before Brexit
Local businesses from all over the South have been given an insight into the impact of changes announced in the final pre-Brexit Budget at a free seminar held by Rothmans, one of the largest chartered accountancy firms in the region. The guest speaker for the event was tax expert, Giles Mooney, who is renowned on the speaking circuit for being both entertaining and highly informative. The packed audience of delegates was also given the opportunity to ask questions and network following the presentation. Budget in Brief Major poin...
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Rothmans staff enjoy the Caribbean on the Solent!
Over 100 Rothmans staff set sail for a wonderful Caribbean-themed boat party around the Solent on Saturday 1st September. As well as giving us all a great opportunity to catch up with colleagues from each of our Rothmans offices, we enjoyed a delicious Caribbean feast and tropical refreshments as well as a themed photo booth and suitably piratical entertainment! Tunes from the DJ soon got the dancing and singing going, all to the backdrop of a spectacular sunset on our 4-hour round trip taking in Gosport, Portsmouth and Cowes. Partner,...
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