Married Tax Allowance

The new Marriage tax allowance which will allow some couples to share part of their unused annual income tax allowance came into force from April 2015 and could save married couples up to £212 a year. Anyone who is married or in a civil partnership, made up of one non-taxpayer and one basic-rate taxpayer will be able to…

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State Pension changes

  STATE PENSION & CHANGES 2015/16 The current basic state pension is worth £115.95 a week for a single person (or £6,029 a year).  If you’re married, and both you and your partner have built up a state pension, you’ll get double this amount – so £231.90 a week. But if your partner has not…

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Entrepreneurs relief and tax relief on goodwill

In the autumn statement the chancellor announced that from 3rd December 2014 individuals will no longer be entitled to claim entrepreneurs relief on the gain arising on the sale of goodwill to a connected company. Furthermore, no tax relief will be allowed on the amortisation of the goodwill for the company acquiring the goodwill. The…

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Construction Industry Scheme changes

The government has announced that it will implement a package of improvements to the CIS. The stated aim of the changes is to reduce the administrative and related cost burden on construction businesses. The measures should result in more subcontracting businesses being able to achieve and maintain gross payment status so improving their cashflow. These…

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Statutory payments for 2015

The Department for Work and Pensions has announced the proposed new rates for statutory sick pay (SSP), statutory maternity pay (SMP), statutory paternity pay (SPP), statutory adoption pay (SAP) and statutory shared parental pay (ShPP) for tax year 2015/16. The proposed revised rates are as follows: The standard weekly rates of SMP and SAP and…

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