Aaron Associates updates

22nd April 2020 - Coronavirus Job Retention Scheme (CJRS). – top 10 item clarification.

22nd April 2020 - Coronavirus Job Retention Scheme (CJRS). – top 5 items clarification.

Updated 22 April 2020: The Coronavirus Job Retention Scheme (CJRS) – Clarification by the HMRC:

1. What furloughed directors can do?

HMRC’s guidance says that furloughed directors can carry out duties which are necessary to fulfil statutory obligations they owe to the company.

2. Requirement for a national insurance number

TAX-FREE CHILDCARE

Update you from Aaron Associates.
 
TAX-FREE CHILDCARE

Tax-Free Childcare is a scheme which allows parents to pay into an online account. To qualify for Tax Free Childcare all parents in the household must generally meet a minimum income level, based on working 16 hours a week (an average £120 a week) and each earn less than £100,000 a year.

Subject to any restrictions (see below), the money paid in is then topped up by 25% by the government - so an £8 payment is topped up by £2. These funds can then be used to pay for:

Timescale for introducing Making Tax Digital for Business

Summary of change

The government has decided to provide 3.1 million small businesses with more time to prepare for Making Tax Digital.  Businesses (including the self-employed and landlords) that have annual turnover below the VAT registration threshold  will have an extra year before they are required to keep records digitally and send HMRC quarterly updates, although they will be able to start doing so voluntarily from April 2017.

TAX PLANNING AND PENSION

Pension contributions could be restricted – Autumn State

The Autumn Statement has traditionally been used to introduce new measures effectively limiting the tax relief on pension contributions. The chancellor will deliver this year’s statement on Wednesday 23 November.

SEPTEMBER 2016

TAX PLANNING AND UPDATE

FAMILY INVESTMENT COMPANIES

With Corporation Tax at 20%, falling by April 2020 to 17%, compared with personal income tax rates of up to 45%, as well as the ability of a company to receive dividend income tax free, some wealthy individuals are attracted by the advantages of holding portfolio investments through a company.

The expressions “personal investment company” or “family investment company” are commonly used to describe such arrangements.

Budget 2016-2017

RE: Budget Summary Tax Card 2016/17

Please find attached, Budget summary 2016-17. We have also listed below some of the headline changes you may find useful.

Personal Tax

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