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Business Tax  •  HMRC  •  Personal tax  •  Personal Taxation  •  probate  •  Property  •  Tax Planning  •  tax returns  •  Taxation

March Livewire – Spring into action with our top tax tips

By Lesley Stalker on 30 March, 2016

Budget analysis, property tax changes and last minute year-end tax tips

Put a spring in your step with top tax advice

This month, the Budget has brought a wide range of changes, some of which have already taken effect. Others will commence from 6th April  - the start of the new 2016/17 tax year. Our analysis of George Osborne’s announcements below explains most of the most pertinent changes which affect our clients.

There are also a number of payroll management changes for employers to be aware of, including the Payrolling of Benefits in Kind (PBIK) and start of automatic statutory exemptions, which replaces the P11D system.

If you have not undertaken any final tax planning to take advantage of tax relief opportunities remaining this tax year, there is still some time left. We have included some ideas below.

Lastly, we’re delighted to be unveiling the new RJP website which goes live at the weekend. Please take a look, we hope you like it and would welcome any feedback.

#20taxtips from @taxtalkrjp

Probate fees set for a sharp increase

your home is your castle

The government’s consultation process to review the way probate fees are calculated is closing on 1 April 2016. It could mean significantly higher fees for obtaining a grant of probate, especially for property owners in London and the South East.

Read the article

£500K property subject to ATED from 1stApril

Originally introduced for £2m+ property to reduce the use of companies for stamp duty avoidance purposes in relation to high value property purchases, ATED has now been extended to company-owned UK residential property worth over £500,000. An ATED return must be filed by 30th April to avoid penalty charges.

Our blog explains

SMEs got lucky in Budget 2016

The UK’s 5.4m SMEs had a good budget overall with a number of generous tax breaks including a reduction in the rate of corporation tax, tax relief on small business property rates and stamp duty reforms for commercial property.

Autumn Statement

What was our verdict?

Last minute tax planning tips

The tax year runs until 5th April and if you haven’t already taken advantage of tax relief opportunities, here are 8 tips to consider.Read our tips

Automatic payrolling of benefits in kind from April 2016

The new payrolling of benefits in kind (PBIK) is due to become effective after it was formally written into the Finance Act 2015. This allows HMRC to collect tax due from employees on benefits in kind directly through the payroll.

Read the article

Automatic statutory exemption replaces P11D dispensations

The P11D dispensation system is being phased out, and from 6th April 2016 it will be replaced with an automatic statutory exemption for all paid and reimbursed expenses. Employers need to ensure that their employees are entitled to the payments they may receive for expenses incurred based on guidelines issued by HMRC.

keep calm and know the rules

Read our blog

That's it from us for Livewire this month but there are lots more useful tax articles on the blog. 

Follow us for free tax tips and news updates on Twitter via @taxtalkrjpor @tax_stalker and please share our #20taxtips.

From all the team at RJP LLP

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31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase

Capital gains tax is due to be reviewed by the government and if a CGT rise is announced, the new rates may become effective from the next tax year on 6 April 2021. Take advice now if you are thinking of selling property or have other assets giving rise to a capital gains tax liability.