Financial Update for May 2015

Financial Update for May 2015

Thank you to David Martin of Knill James accountants for this update:
 

With many owner-managers choosing to operate their businesses through a company, we look at the recent changes in the rules which restrict some reliefs available on goodwill. These changes affect the tax write-off on goodwill and the availability of Entrepreneurs’ Relief on the disposal of goodwill by an individual, when they transfer it to a related company.

 

The Autumn Statement announced changes to the Stamp Duty Land Tax rules for residential property. We consider the implications of the new bands and percentages and the introduction of the Scottish equivalent, Land and Buildings Transaction Tax.

 

We also consider the changes to the intestacy rules which affect how an individual’s estate is divided up on their death.

 

Improvements are being made to the operation of the Construction Industry Scheme (CIS) following a period of consultation. The changes include reducing the limit for the entity turnover test and simplifying the compliance tests. Both tests are relevant for achieving and maintaining gross payment status.

 

We also remind employers to check they have claimed the Employment Allowance, worth up to £2,000 in reduced employer National Insurance contributions (NICs) and explain the changes to employers NICs for under 21s, which take effect from April this year and changes for NICs for apprentices which take effect from April 2016.

 

Existing pensioners and those who reach State Pension age before 6 April 2016 will have the opportunity to purchase up to a maximum of £25 per week extra State Pension.  We look at the options available and who may want to consider taking up this opportunity.

 

We also review the rules on repairs and renewals including some examples as illustrations. The article considers the distinction between replacing the ‘entirety’ rather than carrying out an expensive repair. We also consider the rules for residential lettings on the renewal of furnishings and what types of expenses are allowable.

 

Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we have not covered. Your views are always important to us and we would welcome your feedback.

 
With kind regards
David Martin
Knill James Accountants
 
LI Articles_KnillJames
 

SuzyMiller

Creator of Best Way To Divorce. International Divorce Divorce Strategist and TEDx Speaker.
Member since:
6th March 2022
Last Login:
6th June 2023

Related Articles

Your Relationship Guru: Celia Conrad

Your Relationship Guru: Celia Conrad Helping you heal from the pain of break-up and personal loss and create positive lasting change. Celia Conrad is a relationship expert. She has a diploma in relationship coaching, is an accredited break-up and divorce coach practitioner and master practitioner (specialising in domestic abuse), a certified grief educator and certified […]

Read More
4 Min Read

Parenting Conflict Resolution Expert: Jenni Rock Coaching

Jenni Rock Coaching Parenting Conflict Resolution Expert I help those parents to escape the war that started with their Divorce Proceedings I spent 15 years living with a very challenging person who taught me the kind of relationship I never wanted to have again. Once that ended, we had to co-parent as best we could. […]

Read More
4 Min Read

Does your Workplace have a Separating Families Policy for Divorcing Parents?

Did you know that in a 2014 study for the Nashville Business Journal, they found that in the 6 months leading up to and during the year of a divorce, an employee’s productivity is reduced by 40% and will suffer on some level for the next 7 years. Not only that, but there is an impact on the […]

Read More
4 Min Read

Infidelity? It’s none of my business

The shock of the breakup was so sudden, so extreme, that normal behaviour would have seemed inappropriate     The events that lead up to it should have left clues, but they didn’t register: The bank letters addressed in his name that I didn’t open because I’d learned that it was, apparently, none of my […]

Read More
4 Min Read

Suzy’s Story

A Strange Gift: Unplanned Solo Parenting   It’s a January morning in 2003 and I can’t bring myself to take the kids to school. What will I say when someone asks me “How are you?” The answer, you see, is just not the stuff of polite conversation.   “W E L L… My partner of […]

Read More
4 Min Read

How to deal with the 7 stages of relationship breakdown recovery

Read More
4 Min Read

How To Keep Your Financial Data Safe Online*

Read More
4 Min Read

what is family arbitration?

Family arbitration can be a powerful tool in the peace toolbox, whether you are divorcing in the UK, US, Australia, Canada – or anywhere else arbitration exists. Compared to going to court, arbitration – also known as having a ‘private judge’ – saves the money and a whole load of time. What’s really important, is […]

Read More
4 Min Read

why should I do a DIY divorce?

Online divorce or – even cheaper – just going to get the paperwork from the courts and doing it all yourself – is the least expensive way to get a divorce, providing neither party is going to disagree with any aspect of the divorce. In other words, if you have no complicated assets – like pensions […]

Read More
4 Min Read

what is DIY divorce?

There are two varieties: DIY out of court – which means you get the necessary paperwork from your local family courthouse, fill it in, submit the forms and if both of you agree on everything then hey presto, it’s all done and dusted. Of course you will need to wait two years after an official separation […]

Read More
4 Min Read