Moving Away from the P11D

From April 2017 employers will be able to collect tax due on benefits in kind for non-cash vouchers through their payroll. The measure is hoped to reduce the reporting burden on employers as the obligation to submit P11D forms will be reduced or removed for many employers. The Finance Act 2015 introduced legislation giving HMRC[…]

Budget 2016: Key Points

It’s been one week since Chancellor George Osborne announced the latest budget and we have had time to digest the changes and the impacts to businesses and their owners here in the North East of England. Here is a summary of the headline points. Personal taxation The threshold at which people pay 40% income tax[…]

New Personal Savings Allowance

The New Savings Allowance will be introduced from 6th April 2016. Main points: Basic rate taxpayers – up to £1,000 of savings income tax free Higher rate taxpayers – up to £500 of savings income tax free Additional rate taxpayers – no allowance at all The personal savings allowance is in addition to the £5,000[…]