There were some significant announcements following Wednesday's Summer Budget from the new non-coalition Government. It was a mixed week for companies, with the corporation tax rate falling to 18% by 2020 and a freeze on the Annual Investment Allowance at £200,000 encouraging business spending.

One of the biggest reforms announced in the budget will affect family companies paying themselves and spouses dividends up to the basic rate band. From April 2016, this may no longer be as tax advantageous with the abolishment of the notional tax credit and a dividend tax free allowance of only £5,000. We will wait to see how this will work once the draft legislation is released.

Buy to let landlords with large property portfolios will be stung with the restriction of higher rate tax relief on interest paid on mortgages. However, rent a room relief has been encouraged with a tax free amount rising from £4,250 to £7,500 in April 2016.

As expected, for high earners with income over £150,000, pension tax relief will be restricted and the Chancellor's war on Non-Domiciles means from 2017 they can no longer escape Inheritance Tax on UK held properties. 

Take a moment to read our full Budget Summary here

 

If you are concerned about anything covered in our Budget Summary or would like any further information, please contact Brian or Caroline on 0845 303 1144 or email info@coopercurtis.co.uk. 

. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published. 

Are you a recruitment business owner looking to take on more employees? Have you considered taking on an apprentice? You could be eligible for a grant of up to £1,500 from the government under the employer apprenticeship grant scheme and be paid up to 5 grants in total per apprentice.

What's more, the grant income is offset as your wages expense therefore you don't pay any tax on this. To see if you are eligible for the grant, fill out this online form but hurry as this only subject to availability until December 2015!

The grant is available for 16 to 24 year olds and you must pay your apprentice at least the minimum wage and they work for at least 16 hours per week. Apprentices must be offered the same conditions as other employees such as sick pay and benefit and be asked to sign an apprenticeship agreement.

Employer National Insurance break

If your apprentice happens to be between the ages of 16 and 21, you no longer pay secondary employer national insurance contributions on their earnings up to the upper earnings level (£42,380 for 2015/16). This came into effect from April this year.  

Due to our industry knowledge, Cooper Curtis help recruitment businesses with their accounting and tax requirements as well as providing ongoing business support because we understand the challenges you face.

For more information on how we can help you raise your game, visit our website or alternatively call 0845 303 1144 or email  info@coopercurtis.co.uk to arrange a free meeting.

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published. 

Our aim was to create a fresh look to our new website and also to highlight our specialist market. 

We will use our new website as an interactive portal and hopefully provide you with some useful information along the way!

We would love to hear your thoughts on our new site and if you like what you see please share and help us spread the word!

Try to spare a few moments to look at our new site by clicking this link 

From this tax year, Class 2 National Insurance  Contributions (NIC) will be collected through Self Assessment along with Class 4 National Insurance Contributions in an attempt to streamline the process.

Under the current system, Class 2 NIC is calculated automatically and collected via direct debit. However, from July 2015, the direct debit will automatically cease with no need to take any further action.

If you are employed as well as Self Employed and paying Class 1 NIC, this will also mean you will no longer have to apply for a Self Employed Exception Certificate from 6 April 2015 cutting down on cumbersome admin.

Are you Self Employed and approaching state retirement age? You pay Class 2 NIC up until you reach 65 and not a day after. However, Class 4 National Insurance is different and is paid right up to 5 April in the year you turn 65. If you think you have overpaid, further details can be found on the National Insurance office page through the GOV.UK website.

We hope you find our posts useful and welcome any feedback. If you have any questions on the above or would like a free consultation to see how we could be of benefit to you and your business, contact Cooper Curtis Accountants  on 0845 303 1144 or email info@coopercurtis.co.uk. 

Please note, all our blog content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published. 

You may be aware that from 8 June 2015, the paper part of the driving licence will be abolished and no longer issued. From this date, all penalty points will be recorded and have to be accessed electronically via the   Driver and Vehicle Licensing Agency’s (DVLA) website. The DVLA states the reason for the change is in an attempt to simplify the system and to store everything online.

Going abroad and hiring a car? You will need to check with your hire company before you travel if they will require any evidence of what cars you can drive and any penalty points.

If the car hire company request this information from you,  you will need to obtain a unique code from the DVLA website or ring 0300 083 0013 which you either need to pass on to your car hire company or download and print your details depending on their request.

This could potentially cause chaos if the country you are visiting aren’t aware of the changes. The unique code will expire within 72 hours so if you are thinking of hiring a car 3 days into your holiday, bear in mind that you may need to log on to the DVLA website to request a code whilst away.

The DVLA recommends destroying the paper part after 8th June, however Motoring group AA is advising people not to be too hasty as it is likely that some car hire firms are unaware of the new arrangements.

Cooper Curtis Accountants offer accountancy and tax solutions for you and your business. For a free consultation to discuss how we can be of benefit to you, call 0845 303 1144 or email info@coopercurtis.co.uk.

Our Accountancy Office Locations:

• Manchester Accountancy Practice
• Accountants in Warwickshire
• Banbury, Oxfordshire Location

Register your interest in the new Marriage Allowance and you could save up to £212 for the 2015/16 tax year.

Married couples and those in civil partnerships can now register their interest in the new tax break by entering basic details into H M Revenue & Custom’s Marriage Allowance registration page.

As long as you have satisfied their criteria, HMRC will contact you within 14 weeks inviting you to apply for the allowance online. Any of your partner’s unused personal allowance will then be transferred into your PAYE code.

To qualify for this tax break, you and your partner must have been born after 6 April 1935, your partner must have earnings below £10,600 per year plus up to £5,000 tax free savings interest, and you don’t pay tax at 40 or 45% which means your earnings are between £10,601 and £42,385 for the 2015/2016 tax year.

Call us on 0845 303 1144 if you wish to discuss any of the above in further.

Cooper Curtis is different in that they specialise in providing Accounting Advisory Services to all types of recruitment businesses. 

Call 0845 303 1144 for a chat to see how we can help you raise your game. 

Please note, our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.