Happy Easter,
This time we feature a couple of guides commissioned by subscribers; thank you G and J for your suggestions on PSCs and pensions and also to M for your link to the Sun's story on One Direction.
In case we don't have any other Sun readers, it seems that some of the tabloids are not satisfied that 1D pay about 10 times more tax than your average US social media company in the UK and have accused the pop group of tax avoidance upon "discovering" that the boys have set themselves up with different classes of shares in their media company. Given that one member recently quit the group, creating different share classes with different rights in line with the worth of the company would seem a very sensible method of profit allocation going forward and it is hard to see why this amounts to tax avoidance. Quite simply Zayn stands to receive less profits now that he has left the band, the others get more.
I have updated our guide to ABC shares and family companies: like 1D you may also find it useful to have different share classes to prevent the kids having too much too soon.
Also we have updated guides to CGT Entrepreneurs' Relief and Tax-free benefits and perks, as well as "the relief formerly known as the Wear and Tear allowance" (it's called Replacement Furniture Relief). Lots of links below to useful stuff. Finally, we have been reviewing and updating all our Capital Allowances notes, and there is our new 2016 Rolling Tax Planner.
We are all taking a break next week, and so we wish you all well and see you in the new tax year!
Nichola Ross Martin FCA Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
Quick news (freeview)
Budget 2016: at a glance
A summary of the key changes and announcements.
Fuel Scale Charges (VAT)
New rates apply from 1 May 2016.
Tax-free Childcare
NEW: At a glance guide to the latest proposals released by HMRC about 2017's Tax-Free childcare scheme.
Tax Data
UPDATE: Links to all tax rates, allowances and other data, updated to include details for 2016/17.
Practical Tax Guides & Updates
PSC Contractor (and Small Company Owner) Update: April 2016
NEW: A guide covering all the Budget announcements and forthcoming changes affecting contractors operating via personal service companies.
Pension contributions: personal or company?
NEW: Is it more tax efficient to pay pension contributions personally or via your own company?
Tax-free benefits and perks
UPDATE: Order up that "Google fridge" and get perking...
Entrepreneurs' Relief
UPDATE: for budget changes. Company investors will now qualify for relief, three other changes are back dated to 2014/15 to correct overhasty changes made at that time.
Editor's choice
ABC or alphabet shares & family companies
UPDATE: if you have incorporated your buy-to-let or you are thinking of passing shares in the family company down to the next generation you may want to consider having different share classes so that you can control dividends and voting power.
Year end top 10 for OMBs
Key deadlines and changes affecting OMBs. What issues should be addressed now, and what can be left until after the tax year end?
Finance Bill 2016 and rolling tax planner for 2016/17
UPDATE: Budget 2016 combined with the new Finance Bill and measures previously announced bringing together our unique rolling planner for the forthcoming tax year.
Missed last time's update?
Nichola's SME Tax Update 11 March 2016
Features:
- Employers: Update March 2016
- Private client year end tax planning
- OTS small company taxation review and alignment of income tax and NIC
- Designing an employee share scheme
- Dividend tax
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