Newsletter - Winter 2016

Our lead article considers the new Tax-Free Childcare scheme which is to be rolled out to eligible parents during 2017. Childcare providers are being asked to register for the new scheme in advance of the roll out.

In the article titled 'A busy time ahead for our tax system' we reflect that with a new Prime Minister and Chancellor of the Exchequer and HMRC issuing over 30 consultations we expect many changes ahead.

A new tax relief, Investors' Relief, has been introduced with the aim of attracting investment in new share capital for unlisted companies. We look at the conditions which need to be met by the companies wishing to raise funds this way. The individual investors will benefit from a reduced rate of capital gains tax on the eventual disposal of the shares.

With HMRC reporting that inheritance tax receipts continue to rise, we consider the reliefs available to mitigate the liability. Recent and forthcoming changes to the rules mean it is important to take action to ensure you minimise your potential liability.

With the income tax higher rate point currently set at £43,000 and married couples wanting to utilise the basic rate tax band for both spouses, HMRC have been paying close attention to how rental income is divided between spouses. We review the rules and the traps for the unwary.

Small companies that qualify as 'micro-entities' now have a choice when preparing their accounts as to the accounting standards used - either FRS 102 or FRS 105. We consider the merits and pitfalls of the options available.

We also offer some tips on how to deal with distractions and offer an insight into the changes in the responsibilities of various government departments. We are sure you will find the newsletter an interesting read.

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 haven't covered. Your views are always important to us and we would welcome your feedback.

 

New Tax-Free Childcare scheme - launch date is nearly here

A busy time ahead for our tax system

Dealing with distractions

New tax relief for investors

Rental income splits

Inheritance tax receipts continue to rise

Financial accounts for small companies - time to choose

All change at the government's business department