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February 2017

Considering investing in plant or equipment?

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:  

Angela Evans
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Tax diary March 2017

February and March are very busy times in the tax calendar, with critical filing dates.

Mike Wakeford
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Remember to make pension payments before 6th April 2017

The current annual pension limit remains at £40,000. In addition, unused relief from the previous three tax years may be utilised once the current £40,000 limit has been used. However, the relief from 2013/14 will lapse on 6 April 2017.

Sue Lucas
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Making tax digital to be delayed?

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.

Angela Evans
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Do You Have Enough Shares to Qualify for CGT Entrepreneurs' Relief?

Entrepreneurs' Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets.

Sue Lucas
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New Government Savings Scheme Starts in April 2017

From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus to these contributions. This means that individuals who save the maximum will receive a £1,000 bonus each year from the Government.  

Mike Wakeford
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Data Penalty Warning!

Organisations – wherever they are based – will soon be subject to fines up to €20 million or four percent of their annual global turnover, whichever is greater if they fail to comply with new data protection laws.

Christopher Beveridge
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