From April 2016 the National Insurance contributions (NICs) employment allowance increases from £2,000 to £3,000 a year. The increase will mean that businesses will be able to employ four workers full time on the new National Living Wage without paying any NIC. To ensure that the allowance is focused on businesses and charities that support […]
Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016. The higher rates will be 3 percentage points above the current SDLT rates. The higher rates will not apply to purchases of caravans, mobile homes or houseboats, […]
The team at Magenta Accounts are pleased and excited to announce that we are moving on Friday 30th October to: Unit 2a Poles Copse Poles Lane Otterbourne Winchester, SO21 2DZ Our landline phone number also has to change unfortunately. This will be 01962 717498 Email addresses however will remain the same. The move does […]
One of the major announcements in the Summer Budget, affecting owner managed businesses was the proposed changes to dividend taxation, including the removal of the dividend tax credit for a new tax-free Dividend Allowance. Very little was announced on Budget day and a number of uncertainties existed over the new proposals. A factsheet containing some […]
From 6 April 2016, a new statutory framework will allow you to deduct the tax due on benefits in kind through your payroll processes rather than through an employee’s tax code. To start with you will be allowed to payroll four benefits in kind. These are: • cars • car fuel • private medical insurance […]
A number of our clients have recently received notification to provide a point of contact to the Pensions Regulator. Please get in touch with us if you have received one of these letters and we will run through it with you. Please also note that some of our smaller clients will not actually need to […]
There is currently no tax efficient savings product specifically designed for first time house buyers. Subject to further consultation with industry, the Government intends to introduce an ISA specifically aimed at first time buyers where the Government will contribute towards the ‘savings pot’ accumulated by the individuals. The new accounts need to be opened within […]
Class 2 NICs for the majority of self-employed customers is changing to an annual charge for the 2015-16 tax year onwards. The Class 2 liability will not be established until the Self Assessment return is filed. Direct Debits for the majority of self-employed customers will stop after collections have been made for the 2014-15 tax […]
Marriage Allowance (previously referred to as Transferable Allowances for Married Couples and Civil Partners) is being introduced from April 2015. Registering your interest for marriage allowance is simple and quick – and it is all done at www.gov.uk/marriage-allowance There’s guidance for couples to check their eligibility for the new allowance, and registration apparently takes only […]
Here at Magenta Accounts, we offer our clients protection against the costs of dealing with a tax investigation. Click the following link for details of how HMRC are targetting certain trading areas and what they are looking for: Tax investigations update 2014 Contact us if you would like to take out fee protection insurance at […]
AUTO ENROLMENT FOR THE SMALLER BUSINESS Recently the TPR’s office made an announcement that a business is exempt from AE where it has no “workers” or “employees” in the normal sense of the word. Representative bodies have been pressing TPR for clarification regarding the position of a business which has a PAYE scheme, and hence […]
