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From time to time the Partners at Ingenhaag publish client memos and articles.
You can review the list of memos and articles in the column to the left and view the entire content for each simply by clicking on the link.
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The mechanisms to pass new tax law have been disrupted by the EU referendum and the following General Election. A number of measures which were to come into effect from April 2017 or earlier had not yet been passed into law. However, the Government plans to publish another Finance Bill very shortly to include all the following tax changes to be backdated to take effect from the intended start date.
Read the full report here > (PDF opens in a new window) |
The government is determined to push ahead with Making Tax Digital (MTD), which will require businesses and landlords to use accounting software to make quarterly reports of income and expenses to HMRC. This reporting will apply for accounting periods starting on and after:
6 April 2018 for businesses and landlords who pay income tax;
1 April 2019 for VAT reporting; and
1 April 2020 for all companies and for partnerships with turnover of £10m or more.
Read the full report here > (PDF opens in a new window) |
George Osborne delivered his Autumn Statement on Wednesday 25th November. In comparison to previous years, he announced few new tax measures. However, the wider implication will become clearer in the coming weeks and months. In the meantime we summarise the main proposals that may affect you and suggest planning ideas.
Read the full article here..... (opens in a new window PDF) |
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YEAR END TAX UPDATE 2015/16 |
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In advance of the Chancellor’s 2016 Budget statement on 16th March and the end of the tax year, we suggest some planning points that we believe could be of interest to our clients. Please contact your usual partner for any further information or explanations and for details of Independent Financial Advisers (IFA’s). read the full report here (PDF opens in a new window) |
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George Osborne delivered his Emergency Budget on 8th July. There were several significant tax changes as the Conservatives look to balance the books and fulfil previous election promises without impacting the ‘average’ family... Read the full article here (opens as a PDF) |
George Osborne delivered his sixth Budget on 18th March.
Some modest increases in personal allowances and help for savers were announced together with further crackdowns on the avoidance of tax. Pensions were again subject to changes with a further reduction in the lifetime allowance, and it will soon be possible for annuities to be cashed in for a lump sum or alternative product. The wider implications of some of the measures announced will become clearer over the coming weeks. In the meantime we summarise the main proposals that may affect you.
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YEAR END TAX UPDATE 2014/15 |
In advance of the 2015 Budget on 18th March 2015 we summarise some topical tax issues that we hope will be of interest to you. The result of the General Election in May could also lead to changes in tax policy. The Labour Party have said that they intend to increase the additional rate of tax from 45% to 50% if they hold the balance of power after the election. Their policies also include a ‘mansion tax’ on properties valued over £2 million. Please contact your usual partner for any further information or explanations, and for details of Independent Financial Advisers (IFAs).
Read the full report here (PDF) |
George Osborne delivered his Autumn statement on Wednesday 3rd December. The wider implications of some of the measures announced will become clearer in the coming weeks and months. In the meantime we summarise the main proposals that may affect you.
TAX RATES AND ALLOWANCES
The standard personal allowance will be increased to £10,600 for 2015/16.
The increase is accompanied by a slight reduction in the basic rate band and anyone with total income in excess of £42,385 will be a higher rate taxpayer.
Allowances will continue to be withdrawn for those whose total income exceeds £100,000.
As previously announced, the capital gains tax annual exemption will increase to £11,100 for 2015/16.
Click here to read the full report (PDF) |
George Osborne delivered his fifth Budget on 19th March. There were extensive changes to the pension system and several measures to help savers. With and eye on next year’s general election several proposals will come into force from April 2015, but most of the big pension changes will take effect next week.
Read the full report here (PDF)... |
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YEAR END TAX UPDATE 2013/14 |
In advance of the 2014 Budget on 19th March 2014 we summarise some topical tax issues that we hope will be of interest to you. Please contact your usual partner for any further information or explanations, and for details of Independent Financial Advisers (IFAs).
Read the full report here... |
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