The document summarizes key announcements from the UK Budget 2015 relating to taxes and financial planning. It outlines proposed changes to income tax allowances and rates, pensions, ISAs, inheritance tax, and business taxes. Specifically, it notes the reduction of the lifetime pension allowance to £1 million from £1.25 million, the introduction of pension annuity buy-backs and help-to-buy ISAs, and changes to entrepreneurs' relief and corporation tax rates.
On Wednesday 16 March the Chancellor of the Exchequer, George Osborne, will deliver his second coalition-free budget speech setting out the Government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility as well as any proposals for changes to taxation.
There is little doubt that the Chancellor will continue on his path of austerity, particularly in driving down Government overheads and closing tax avoidance loopholes to fulfil his aim of eliminating the deficit by the end of the decade, but there are challenges ahead. The extended honeymoon of close to zero inflation will end during 2016 and as the rate of inflation rises, the Bank of England Monetary Policy Committee is likely to follow suit by raising interest rates and businesses will need to factor this in when planning ahead.
Our tax partners and consultants will be analysing the measures taken in the Budget and we will be presenting our analysis and commentaries.
Workplace pension law has changed. Every employer has new legal duties to help their workers in the UK save for retirement. As an employer you must automatically enrol eligible workers into a qualifying pension scheme and make contributions towards it.
The largest employers have already gone through this process and increasing numbers of employers are affected by the legislation each month. At the peak in late summer 2017, around 135,000 employers are due to reach their compliance (staging) date every single month.
The duties required of each employer do not finish with this staging date. Continuous assessments, communications and record keeping have to be carried out every time you pay your workforce and make their pension contributions. The Pensions Regulator has introduced stringent penalties for failure to comply with the 30+ new Auto Enrolment duties introduced by the Government.
Chancellor Philip Hammond’s first, and last, Spring Budget was delivered at a pivotal moment for the UK as it readies itself to begin the process of leaving the EU. The Chancellor will announce a second Budget in the Autumn as the Treasury changes to the new financial cycle from 2018.
To help you understand the Budget announcement, we have published our comprehensive presentation slides from our Budget events.
On Wednesday 23 November, the Chancellor of the Exchequer, Philip Hammond, will deliver the first Autumn Statement since the Brexit vote. He will set out the Government's taxation and spending plans based on the economic projections provided by the Office for Budget Responsibility (OBR).
Payroll legislation is constantly changing and keeping fully up to date can be challenging. Our Taunton payroll and auto enrolment manager, Kirsty Small, will present a comprehensive update and will guide you through all the recent legislative changes and those that will be coming up in the near future. She will also draw your attention to common problems and pitfalls that clients regularly need help and advice with.
Topics covered will include:
• Legislation changes – recent and to come
• GDPR
• Auto Enrolment – triennial review and update
• General update
• Apprenticeship levy
Payroll is a constantly changing system and keeping up to date with legislation and how this affects you and your staff can be difficult. Kirsty Small, Payroll & Auto Enrolment Services Manager, will guide you through the finer points of the changes and other topical issues.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
On Wednesday 16 March the Chancellor of the Exchequer, George Osborne, will deliver his second coalition-free budget speech setting out the Government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility as well as any proposals for changes to taxation.
There is little doubt that the Chancellor will continue on his path of austerity, particularly in driving down Government overheads and closing tax avoidance loopholes to fulfil his aim of eliminating the deficit by the end of the decade, but there are challenges ahead. The extended honeymoon of close to zero inflation will end during 2016 and as the rate of inflation rises, the Bank of England Monetary Policy Committee is likely to follow suit by raising interest rates and businesses will need to factor this in when planning ahead.
Our tax partners and consultants will be analysing the measures taken in the Budget and we will be presenting our analysis and commentaries.
Workplace pension law has changed. Every employer has new legal duties to help their workers in the UK save for retirement. As an employer you must automatically enrol eligible workers into a qualifying pension scheme and make contributions towards it.
The largest employers have already gone through this process and increasing numbers of employers are affected by the legislation each month. At the peak in late summer 2017, around 135,000 employers are due to reach their compliance (staging) date every single month.
The duties required of each employer do not finish with this staging date. Continuous assessments, communications and record keeping have to be carried out every time you pay your workforce and make their pension contributions. The Pensions Regulator has introduced stringent penalties for failure to comply with the 30+ new Auto Enrolment duties introduced by the Government.
Chancellor Philip Hammond’s first, and last, Spring Budget was delivered at a pivotal moment for the UK as it readies itself to begin the process of leaving the EU. The Chancellor will announce a second Budget in the Autumn as the Treasury changes to the new financial cycle from 2018.
To help you understand the Budget announcement, we have published our comprehensive presentation slides from our Budget events.
On Wednesday 23 November, the Chancellor of the Exchequer, Philip Hammond, will deliver the first Autumn Statement since the Brexit vote. He will set out the Government's taxation and spending plans based on the economic projections provided by the Office for Budget Responsibility (OBR).
Payroll legislation is constantly changing and keeping fully up to date can be challenging. Our Taunton payroll and auto enrolment manager, Kirsty Small, will present a comprehensive update and will guide you through all the recent legislative changes and those that will be coming up in the near future. She will also draw your attention to common problems and pitfalls that clients regularly need help and advice with.
Topics covered will include:
• Legislation changes – recent and to come
• GDPR
• Auto Enrolment – triennial review and update
• General update
• Apprenticeship levy
Payroll is a constantly changing system and keeping up to date with legislation and how this affects you and your staff can be difficult. Kirsty Small, Payroll & Auto Enrolment Services Manager, will guide you through the finer points of the changes and other topical issues.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Regulations, Acts, and everything else you need to know about payroll legisla...Softworld
Karen Thomson, Associate Director of Policy & Research, Institute of Payroll Professionals
Legislation now and for the future including: Heyday challenge and its implications for payroll; Scottish Arrestment Orders; agency workers; pension reforms.
The document announces that, according to statements from Brendan Howlin T.D. and James Reilly, Minister for Children, free childcare will be provided from three years of age up until children are five and a half years old or start primary school, and that this new policy will take effect from September 1, 2016.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Payroll Alliance Spring Payroll Update 2016 - Linda Pullan, Payroll AllianceCedar Consulting
The Spring Payroll Update is a must for payroll. An essential guide for the new Tax Year on the changes to tax, National Insurance, statutory payments etc and the new Living Wage.
In association with Devon and Somerset Law Society, PKF Francis Clark has recently completed the LMS DASLS survey for 2015 and we felt it timely to update you on the results of this, alongside a more general regulatory and taxation update.
PKF Francis Clark’s legal sector team is a leader in its field, with adept experience and skill. Acknowledged for its professionalism, integrity and depth of expertise, PKF Francis Clark advise over 100 law firms nationwide – from top 100 firms to sole practitioners.
This document provides a summary of UK tax rates and allowances for the 2016/17 tax year. It includes income tax bands and rates, personal allowances, national insurance contribution rates, corporation tax rate, capital gains tax rates, inheritance tax thresholds, stamp duty land tax rates, VAT rates and more. The rates and allowances are based on information from Budget 2016 and are subject to confirmation in the Finance Act 2016.
Linda Pullan from Payroll Alliance presented on what's new for payroll in 2015. Key changes included an increase to the personal allowance and tax thresholds for 2015/16. National insurance thresholds also increased for 2015/16. Statutory payment rates such as SSP and SMP increased by 1%. The student loan threshold increased by 3.6% to £17,335. New regulations for shared parental leave and pay took effect from April 5, allowing eligible parents to share leave and pay.
The document summarizes key points from the UK Chancellor's 2015 budget, including increases to personal tax allowances over the next few years, changes to income tax bands, increases to ISA and pension contribution limits, and new incentives for savings and first-time home buyers. It also outlines reductions to corporation tax rates, increases to the annual investment allowance, and proposals to replace tax returns with online tax accounts pre-populated with employment and pension income data.
Our Budget Presentation slides from June 2010. Given David Smith\'s comments in the Sunday Times on 10 July 2011 I thought it was worth uploading this.
PKF Francis Clark - Torquay Property Seminar - October 2016PKF Francis Clark
The document summarizes a property seminar held by PKF Francis Clark on 19 October 2016 in Torquay. It provides information on:
1) Recent mergers within PKF Francis Clark and details about the PKF network globally.
2) An overview of topics to be presented including coping with non-resident capital gains tax (NRCGT), annual tax on enveloped dwellings (ATED), and the additional 3% stamp duty land tax (SDLT) rate.
3) A brief introduction to each topic with highlights about ATED reliefs and filing deadlines, the SDLT 3% surcharge and applicable reliefs, and NRCGT compliance requirements and transfers between connected persons.
The seminar agenda included presentations on the 2017 Budget Briefing covering personal tax, property tax, business tax, Making Tax Digital (MTD), and tax administration. Key points included increases to tax allowances and limits, relief for first-time home buyers, changes to R&D tax credits and venture capital schemes, the delay of MTD for businesses, and consultation on late payment sanctions. Presenters Dale Simpson and Michael Marsh took questions at the end.
This document provides information for newly self-employed individuals on registering their business, paying taxes, keeping records, and getting help. It outlines that you must register immediately by phone, form, or online. It describes paying Class 2 and Class 4 National Insurance and income tax, as well as completing a tax return annually showing all income sources. Record keeping includes setting up and maintaining a system and retaining records for five years. Help is available from HMRC websites, helplines, and workshops.
The document summarizes key announcements from the UK Chancellor George Osborne's Summer Budget 2015 that could impact financial planning decisions. Some of the major announcements include:
1) Increasing the personal tax allowance to £11,000 and pledging to raise it to £12,500 by 2020.
2) Introducing a new "National Living Wage" of over £9/hour by 2020 that starts at £7.20/hour in 2016.
3) Reforming inheritance tax by introducing a new transferable main residence nil-band to allow families to pass homes to descendants tax-free up to £1 million for some couples by 2020/21.
4) Restricting tax relief on
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
The budget aims to continue austerity measures with borrowing expected to be £1 billion below previous forecasts. Personal tax allowances will increase in 2012/13 and 2013/14 but higher rate taxpayers will receive less benefit. Child benefit will be lost if income is over £50,000 and fully lost over £60,000. Tax credits will be reduced and lost at lower income thresholds. Pension annual allowance and lifetime allowance will be reduced. Corporation tax will decrease to 22% by 2014. Several tax reliefs and exemptions will be abolished to simplify the tax system.
Creaseys Budget Breakfast main presentationsCreaseys LLP
The document summarizes changes to UK business and personal taxes announced in Budget 2010. It discusses reductions to the main corporate tax rate to 24% over 4 years and changes to capital gains tax rates and reliefs. It also addresses opportunities and uncertainties around business structures, non-domiciled taxpayers, holiday property letting, value-added tax rates increasing to 20%, and anti-forestalling provisions around the VAT rate change.
This document provides a summary of tax rates and allowances for the 2015/16 tax year in the UK, including:
- Personal income tax allowances and rates for earned and unearned income.
- Capital gains tax exemptions and rates for individuals and trusts.
- Inheritance tax nil rate band and tapered relief on gifts made within 7 years of death.
- Corporation tax rates applied in stages to company profits.
- Annual investment allowance and other capital allowances for plant and machinery.
- Value added tax registration thresholds and standard/reduced rates.
The Summer Budget 2015 document provides an overview and analysis of the key announcements from the UK Summer Budget 2015. It discusses changes to personal taxes including increases to the personal tax allowance and higher rate tax threshold. It also covers reforms to inheritance tax, including a new main residence nil rate band. Business tax measures are analyzed such as reductions to the corporation tax rate and changes to dividend taxation and annual investment allowance limits.
This document contains a summary of a budget presentation and survey results from last year. It discusses key points from the UK budget such as reductions to corporation tax and capital allowance changes to support business investment. It also outlines planned increases to personal income tax allowances and the lifetime pension allowance. Survey results are provided on economic forecasts and views on the economy from last year along with a new survey on business confidence after this budget.
Regulations, Acts, and everything else you need to know about payroll legisla...Softworld
Karen Thomson, Associate Director of Policy & Research, Institute of Payroll Professionals
Legislation now and for the future including: Heyday challenge and its implications for payroll; Scottish Arrestment Orders; agency workers; pension reforms.
The document announces that, according to statements from Brendan Howlin T.D. and James Reilly, Minister for Children, free childcare will be provided from three years of age up until children are five and a half years old or start primary school, and that this new policy will take effect from September 1, 2016.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Payroll Alliance Spring Payroll Update 2016 - Linda Pullan, Payroll AllianceCedar Consulting
The Spring Payroll Update is a must for payroll. An essential guide for the new Tax Year on the changes to tax, National Insurance, statutory payments etc and the new Living Wage.
In association with Devon and Somerset Law Society, PKF Francis Clark has recently completed the LMS DASLS survey for 2015 and we felt it timely to update you on the results of this, alongside a more general regulatory and taxation update.
PKF Francis Clark’s legal sector team is a leader in its field, with adept experience and skill. Acknowledged for its professionalism, integrity and depth of expertise, PKF Francis Clark advise over 100 law firms nationwide – from top 100 firms to sole practitioners.
This document provides a summary of UK tax rates and allowances for the 2016/17 tax year. It includes income tax bands and rates, personal allowances, national insurance contribution rates, corporation tax rate, capital gains tax rates, inheritance tax thresholds, stamp duty land tax rates, VAT rates and more. The rates and allowances are based on information from Budget 2016 and are subject to confirmation in the Finance Act 2016.
Linda Pullan from Payroll Alliance presented on what's new for payroll in 2015. Key changes included an increase to the personal allowance and tax thresholds for 2015/16. National insurance thresholds also increased for 2015/16. Statutory payment rates such as SSP and SMP increased by 1%. The student loan threshold increased by 3.6% to £17,335. New regulations for shared parental leave and pay took effect from April 5, allowing eligible parents to share leave and pay.
The document summarizes key points from the UK Chancellor's 2015 budget, including increases to personal tax allowances over the next few years, changes to income tax bands, increases to ISA and pension contribution limits, and new incentives for savings and first-time home buyers. It also outlines reductions to corporation tax rates, increases to the annual investment allowance, and proposals to replace tax returns with online tax accounts pre-populated with employment and pension income data.
Our Budget Presentation slides from June 2010. Given David Smith\'s comments in the Sunday Times on 10 July 2011 I thought it was worth uploading this.
PKF Francis Clark - Torquay Property Seminar - October 2016PKF Francis Clark
The document summarizes a property seminar held by PKF Francis Clark on 19 October 2016 in Torquay. It provides information on:
1) Recent mergers within PKF Francis Clark and details about the PKF network globally.
2) An overview of topics to be presented including coping with non-resident capital gains tax (NRCGT), annual tax on enveloped dwellings (ATED), and the additional 3% stamp duty land tax (SDLT) rate.
3) A brief introduction to each topic with highlights about ATED reliefs and filing deadlines, the SDLT 3% surcharge and applicable reliefs, and NRCGT compliance requirements and transfers between connected persons.
The seminar agenda included presentations on the 2017 Budget Briefing covering personal tax, property tax, business tax, Making Tax Digital (MTD), and tax administration. Key points included increases to tax allowances and limits, relief for first-time home buyers, changes to R&D tax credits and venture capital schemes, the delay of MTD for businesses, and consultation on late payment sanctions. Presenters Dale Simpson and Michael Marsh took questions at the end.
This document provides information for newly self-employed individuals on registering their business, paying taxes, keeping records, and getting help. It outlines that you must register immediately by phone, form, or online. It describes paying Class 2 and Class 4 National Insurance and income tax, as well as completing a tax return annually showing all income sources. Record keeping includes setting up and maintaining a system and retaining records for five years. Help is available from HMRC websites, helplines, and workshops.
The document summarizes key announcements from the UK Chancellor George Osborne's Summer Budget 2015 that could impact financial planning decisions. Some of the major announcements include:
1) Increasing the personal tax allowance to £11,000 and pledging to raise it to £12,500 by 2020.
2) Introducing a new "National Living Wage" of over £9/hour by 2020 that starts at £7.20/hour in 2016.
3) Reforming inheritance tax by introducing a new transferable main residence nil-band to allow families to pass homes to descendants tax-free up to £1 million for some couples by 2020/21.
4) Restricting tax relief on
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
The budget aims to continue austerity measures with borrowing expected to be £1 billion below previous forecasts. Personal tax allowances will increase in 2012/13 and 2013/14 but higher rate taxpayers will receive less benefit. Child benefit will be lost if income is over £50,000 and fully lost over £60,000. Tax credits will be reduced and lost at lower income thresholds. Pension annual allowance and lifetime allowance will be reduced. Corporation tax will decrease to 22% by 2014. Several tax reliefs and exemptions will be abolished to simplify the tax system.
Creaseys Budget Breakfast main presentationsCreaseys LLP
The document summarizes changes to UK business and personal taxes announced in Budget 2010. It discusses reductions to the main corporate tax rate to 24% over 4 years and changes to capital gains tax rates and reliefs. It also addresses opportunities and uncertainties around business structures, non-domiciled taxpayers, holiday property letting, value-added tax rates increasing to 20%, and anti-forestalling provisions around the VAT rate change.
This document provides a summary of tax rates and allowances for the 2015/16 tax year in the UK, including:
- Personal income tax allowances and rates for earned and unearned income.
- Capital gains tax exemptions and rates for individuals and trusts.
- Inheritance tax nil rate band and tapered relief on gifts made within 7 years of death.
- Corporation tax rates applied in stages to company profits.
- Annual investment allowance and other capital allowances for plant and machinery.
- Value added tax registration thresholds and standard/reduced rates.
The Summer Budget 2015 document provides an overview and analysis of the key announcements from the UK Summer Budget 2015. It discusses changes to personal taxes including increases to the personal tax allowance and higher rate tax threshold. It also covers reforms to inheritance tax, including a new main residence nil rate band. Business tax measures are analyzed such as reductions to the corporation tax rate and changes to dividend taxation and annual investment allowance limits.
This document contains a summary of a budget presentation and survey results from last year. It discusses key points from the UK budget such as reductions to corporation tax and capital allowance changes to support business investment. It also outlines planned increases to personal income tax allowances and the lifetime pension allowance. Survey results are provided on economic forecasts and views on the economy from last year along with a new survey on business confidence after this budget.
This document summarizes a presentation given by PKF Francis Clark in Plymouth in November 2016. It discusses the Autumn Statement and its implications for businesses and individuals. Key points include increased funding for infrastructure, productivity, and housing, as well as tax changes such as the reduction of corporation tax and increases to tax-free allowances. The South West is expected to receive funding but remains concerned about imbalance compared to other UK regions.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
The document announces that, according to statements from Brendan Howlin T.D. and James Reilly, Minister for Children, free childcare will be provided from three years of age up until children are five and a half years old or start primary school, and that this new policy will take effect from September 1, 2016.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
This document summarizes key points from the UK Budget 2015, including changes to personal and business taxes. Personal tax allowances will increase annually through 2017/18. The higher rate tax threshold will also rise each year. The government plans to phase out tax returns by 2016, replacing them with digital tax accounts. Business tax measures include reducing the corporation tax rate to 20% and raising the annual investment allowance.
Autumn Statement 2013 Briefing - Active OutcomesActive Outcomes
Watch this super-brief briefing by Active Outcomes for an at a glance overview of the main points raised in the Autumn Statement.
Like what you see? Active Outcomes are policy specialists and can draft briefings to cover any legislation changes in the UK. Contact us at www.activeoutcomes.co.uk for more information.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Francis Clark are hosting an event on the changes to the NHS pension scheme and how they could affect you.
Overview of current position
•Reminder of the differences between 1995, 2008 and 2015 schemes
•Difference between officer and practitioner posts
•Pension flexibilities - making sure you are receiving the maximum pension
Allowances - taxation risks and options for protection
•Tax impact if annual allowance is exceeded - is ‘Scheme Pays’ a good idea?
•Tax impact if lifetime allowance is exceeded
•Interaction with personal pension funds
•Protections available for lifetime allowance
How to decide whether to…
•Carry on contributing
•Continue with added years
•Become a deferred member
•Take 24hr retirement
Francis Clark are hosting an event on the changes to the NHS pension scheme and how they could affect you.
Overview of current position
•Reminder of the differences between 1995, 2008 and 2015 schemes
•Difference between officer and practitioner posts
•Pension flexibilities - making sure you are receiving the maximum pension
Allowances - taxation risks and options for protection
•Tax impact if annual allowance is exceeded - is ‘Scheme Pays’ a good idea?
•Tax impact if lifetime allowance is exceeded
•Interaction with personal pension funds
•Protections available for lifetime allowance
How to decide whether to…
•Carry on contributing
•Continue with added years
•Become a deferred member
•Take 24hr retirement
Peer Meet Up - Apprenticeship levy-and-the-digital-serviceThe Pathway Group
The UK government is introducing an apprenticeship levy to fund a significant increase in apprenticeship programs. The levy will be 0.5% of an employer's paybill, with an allowance of £15,000. Employers with paybills over £3 million will pay the levy. Employers who pay the levy will receive a 10% top-up on funds in their digital accounts, allowing them to spend more than they contribute on approved apprenticeship training. The levy is intended to support the government's goal of 3 million apprenticeship starts by 2020 and improve skills training.
This document summarizes key UK personal and business tax measures from the 2012 Budget. For individuals, it outlines increases to the personal tax allowance and adjustments to income tax thresholds. It discusses the end of the 50p tax rate and measures related to capital gains tax, inheritance tax, and taxes on alcohol, tobacco and fuel. For businesses, it outlines reductions to the main corporation tax rate and changes to capital allowances, R&D tax credits, the patent box, and relief for video games and animation. It also discusses measures around SDLT avoidance, employee ownership, IR35 rules, and international tax issues.
This document summarizes the key tax policies of various UK political parties ahead of the 2015 general election. It outlines each party's stances on personal and business taxes, including income tax rates, corporation tax rates, capital gains tax rates, inheritance tax, and proposed new taxes such as a mansion tax or wealth tax. The Conservative, Liberal Democrat, Labour, UKIP, Green, and SNP parties' tax plans are compared.
We continue to see a considerable increase in activity in the property sector in the South West and the property market continues to grow with a 5% increase in prices in the year to June 2015. The construction industry is forecast to expand at an average of 2.2% per year in the South West, substantially higher than the 1.4% growth across the UK as a whole. With the government pledging £7.2 billion to improve the transport links to the region and the continuing strength of our universities and colleges, the South West, and its regional hubs in particular, look to consolidate and build upon the more positive picture that has been emerging over the last 18 months or so.
On Wednesday 23 November, the Chancellor of the Exchequer, Philip Hammond, will deliver the first Autumn Statement since the Brexit vote. He will set out the Government's taxation and spending plans based on the economic projections provided by the Office for Budget Responsibility (OBR).
Similar to Francis Clark Budget Seminar March 2015 (20)
This document summarizes a breakfast briefing on green business and green Cornwall held on March 5th, 2020. It provides an agenda for the event including introductions to Fourth Element and Cornwall Council's Climate Change team, as well as examples of assistance provided to local businesses to address sustainability. The briefing covered PKF Francis Clark's work in areas like energy reporting and sustainable investment mandates. Upcoming events on topics like the circular economy, construction, and sustainable finance were also announced.
The document summarizes key changes to the Solicitors Regulation Authority (SRA) Accounts Rules, which came into effect in November 2019. It provides examples of setting up and maintaining client ledgers in accordance with the new rules. Key points include: client money must be paid promptly into a client account; costs can only be transferred from the account after issuing a bill; and withdrawals require client authorization or prescribed circumstances.
This document provides an overview of grant funding opportunities and the BIG Productivity program. It summarizes a presentation given by representatives from PKF Francis Clark and the Cornwall Development Company. The presentation covered various types of grants available including the RDPE Growth Program and Innovate UK funding. It also provided details about the BIG Productivity program goals of supporting 175 businesses, creating 175 jobs, and improving business productivity. Tips were given on the grant application process including understanding eligibility, project planning, and responding to scoring criteria.
Truro December Breakfast briefing - Grants - a last hurrah!PKF Francis Clark
This document provides an overview and agenda for an event on EU grants, specifically focusing on the RDPE Growth Programme. The agenda includes presentations on an overview of the RDPE Growth Programme, key legal aspects like state aid, tips for making successful grant applications, and implications of Brexit. Special guests will also speak. The RDPE Growth Programme provides grants to rural businesses and food processors to help them grow and create jobs. Eligibility requirements and maximum grant amounts depend on the type of project and location. Post-Brexit, businesses may face rapid regulatory and market changes, so preparing for uncertainty is important. The event aims to help businesses understand funding opportunities and readiness for potential Brexit impacts.
Exeter - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Plymouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bristol - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
For innovative businesses it is vital to take advantage of support that can enable a business to grow. This includes tax reliefs aimed at the different stages in a business’s life cycle and the various avenues that are available for raising finance to take the business to the next level of its development. In this session we will look at the early stage of R&D claims and funding opportunities, through to share schemes, EIS and international expansion and the correlation with raising finance, both equity and debt, culminating in the final stage of the business being sold, what this can look like and how to be prepared.
Bodmin - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Taunton - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bournemouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This document provides a directors' update for Bournemouth Essential covering the 6-month period of November 2019. It discusses navigating turbulent times amid political and economic uncertainty. The document announces new appointments to the firm and provides an agenda for an upcoming seminar covering various financial and tax topics, including property tax matters, financial reporting, VAT updates, and risks to businesses. It aims to help clients make sense of the current chaotic environment.
Breakfast briefing F&D 'waste not want not' October 2019PKF Francis Clark
The document provides information on waste reduction in the food and drink sector, including practical advice and innovative solutions. It discusses the large amount of food and plastic waste produced globally each year and the environmental impacts. Various initiatives from governments and organizations to tackle waste are outlined, from targets and funding to industry partnerships. Businesses taking action to reduce plastic and food waste through packaging changes and recycling programs are highlighted. Practical examples of innovating companies developing new products from waste are also presented.
The document provides an overview of the draft Cornwall and Isles of Scilly Local Industrial Strategy. It identifies key strengths and challenges in the "place," "people," "infrastructure," and foundations of productivity. The strategy seeks to build on regional strengths like natural assets, renewable energy production, and devolved powers to address challenges like economic productivity lagging the UK average and an aging population. The goal is for the carbon neutral regional economy to create business and quality of life opportunities by 2030.
This document discusses business valuations at different stages of a company's lifecycle, including start-up, growth, and established phases. It addresses valuation methods like net asset value, discounted cash flow, and comparative multiples. Key factors discussed for each phase include shareholder agreements, intellectual property, growth capital, management incentives, and exit strategies. Legal considerations are also outlined regarding shareholders' agreements, leaver provisions, and deferred vs earn out structures.
Whilst uncertainty is unhelpful to many in the sector, the delay to Brexit has seen a continuing boom in the commercial property market in the South West, with 1.7m square feet of space coming on stream over the last 12 months – concentrated in the industrial and logistic sectors. What is clear is that those in the property sector, whether developer, landlord, investor or landowner need to concentrate on exploiting opportunities and managing costs wherever possible.
Property is still a key asset, giving strong income returns and means of capital preservation for the investor and wider family. Our highly knowledgeable and experienced advisers will offer practical, constructive insights and advice
With over 300 debt finance options currently available to businesses, we thought it timely to have a look at that market.
Presenters include:
. Michael Cass (Capitalise)
. Rachel Taylor (SWIG Finance)
. Andrew James (PKF Francis Clark)
In addition to an overview of the debt market, presentations will include tips on how to access the finance that matches your business’ requirements.
This month’s Breakfast Briefing is based on the hottest topic in company ownership – Employee Ownership Trusts.
South West firm, Paradigm Norton is the latest business to make headlines by becoming employee owned. It follows hot on the heels of Richer Sounds joining the most well-known employee owned company, John Lewis. High street staple Lush has also started the journey.
PKF Francis Clark will be joined by Christian Wilson from Stephens Scown to look at the Employee Ownership Trust model from a legal and tax perspective. We will also hear some of the factors that are stimulating increasing interest in the model, including the results of research showing that the greater staff engagement and lower staff turnover associated with this model helps to employee owned companies to achieve:
- Sales increase of 4.6% per year
- EBITDA increase of 25.5% per year
- Productivity increase of 4.5% per year
We will also consider some of the practical issues to be considered in deciding whether this is an option to pursue and in implementation. There will be a brief mention of some other related (i.e., employee engagement) issues.
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
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This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
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3. www.francisclark.co.uk
Timetable – where are we?
• Autumn Statement – some measures with immediate effect from
December; some for Finance Bill
• Finance Bill to be published Tuesday 24 March
• Parliament dissolved Monday 30 March
• Which measures will be passed by then?
• Election and second Budget
• …and a third?
4. www.francisclark.co.uk
Osborne’s promises to 2020…
• Raise starting point for HRT to £50k
• Increase IHT nil rate band
• Raise the personal allowance to £12,500
• £10,800 for 2016/17
• £11,000 for 2017/18
• HR taxpayers will benefit from 2016/17
• What is left for the Tory election manifesto…?
5. www.francisclark.co.uk
Since May 2010
• Rich have gained from a 10% cut (50% - 45%)
• Millions escape tax completely
• Meanwhile ‘middle England’…
• means tested child benefit (£50k)
• lowering of start point for higher rate tax (£42k)
6. www.francisclark.co.uk
Rates and allowances – income tax
Allowances – 2015/16 tax year
£
Personal allowance 10,600
Higher rate band 31,785
Additional rate band 150,000
Personal allowance abated £1 for £2 at 100,000
Personal allowance lost at 121,200
(60% effective tax rate)
8. www.francisclark.co.uk
Rates and allowances – income tax
Rates – 2015/16 tax year
Basic rate 20%
Higher rate 40%
Additional rate 45%
Rate for trusts 45%
Effective dividend rate (HR) 25%
Effective dividend rate (AR) 30.6%
No rate
changes
9. www.francisclark.co.uk
Rates and allowances – NIC
Lower earnings limit (LEL) 112
Primary threshold (PT) 155
Upper earnings limit (UEL) 815
Upper profits limit 42,385
Under 21s lower threshold/secondary threshold (ST) 156
Under 21s upper threshold 815
Lower profits limit 8,060
Small profits threshold/small earnings exemption (SPT) 5,965
Employees - PT to UEL 12%
Employees - Above UEL 2%
Employer - Above ST 13.8%
Class 4 LPL - UPL 9%
Class 4 above UPL 2%
Class 2 £2.80 per week
10. www.francisclark.co.uk
NIC update
Class 2 NIC
• Move to collection via Self Assessment in 2015/16
• Plan to abolish class 2 NIC by end of next Parliament
Class 4 NIC
• Consultation on reforms in next Parliament
11. www.francisclark.co.uk
High income child benefit charge
• Earnings > £50k
• At £60k - 100% claw-back
• Election not to receive
• Consider income planning
• Pension/Gift Aid contributions pre-5 April?
• 2014/15 charge is £1,770 for a two child family
12. www.francisclark.co.uk
Savings rate – changes
• Currently 10% on £2,880
• April 2015 – 0% on £5,000
• Linda, who is 65, has pension income of £9,800 and savings
income of £4,600 in 2015/16. She will have no tax liability. The
liability in 2014/15 would have been £592.
• Budget announcement – from April 2016 – “personal savings
allowance”
• no tax on first £1,000 of interest (basic rate taxpayers)
• £500 allowance for 40% taxpayers
• Banks & building societies will stop automatically deducting interest
13. www.francisclark.co.uk
Married couples transferable allowance –
“marriage allowance”
• From April 2015
• “Transferable personal allowance” – sort of
• But only where neither is a HR taxpayer
• Can transfer up to £1,100
• Tax reducer of 20% of amount transferred
• Worth a maximum of … £220
• Value v administration?
14. www.francisclark.co.uk
“The death of annual tax returns”
• Plan = to replace with “digital tax accounts”
• Automatic receipt of information from various sources – increased
risk of errors?
• Will still need to input accounts and other tax information
• Expected to be in place by 2020
15. www.francisclark.co.uk
Rates and allowances – CGT
• Annual exemption 2015/16 £11,100
• Capital gain treated as top slice of income
• 18% if basic rate
• 28% if higher or additional rate
• Entrepreneurs’ relief taxes first £10m of ‘business’ gains at 10%
• Some ‘tweaks’ in Autumn Statement - incorporation
• Changes in Budget yesterday – joint ventures & associated disposals
• Post election changes?
16. www.francisclark.co.uk
Entrepreneurs Relief – future changes?
• Mr X and his wife Mrs Y looking to retire.
• Disposal in 31 March 2015. CGT payable at 10% on proceeds.
• If ER limit slashed by next government and/or CGT rates increased then tax
payable could increase substantially.
• Consider planning to ‘bank’ the £10m lifetime limit.
17. www.francisclark.co.uk
Non-residents CGT
• From 6 April 2015
• Disposal of UK residential property
• Individuals, trust and close companies
• To be paid with 30 days (or by normal self assessment if relevant)
18. www.francisclark.co.uk
PPR – main residence relief
• Consultation over summer suggested loss of ability to elect for all
taxpayers – now dropped
• From 6 April 2015 non-residents cannot claim PPR relief unless 90
midnights spent at the property
• UK residents cannot claim PPR relief on overseas property unless
spent 90 midnights there
19. www.francisclark.co.uk
SDLT – residential property
• Changes to SDLT effective 4 December 2014 – marginal system
• For residential purchases only
• Average family home price of £275,000 would save £4,500
• A £2.1m purchase would carry £18,750 more stamp duty
compared with the old system.
Residential £
£0 - £125,000 0%
£125,000 - £250,000 2%
£250000 - £925,000 5%
£925,000 - £1,500,000 10%
£1,500,000+ 12%
20. www.francisclark.co.uk
Remittance basis for non-doms
• Current regime
• Consultation on minimum claim period (3 years?)
• Proposed changes
• Remittance basis charges to increase:
Current From 6 April 2015
7 out of 9 years 30,000 30,000
12 out of 14 years 50,000 60,000
17 out of 20 years 90,000
21. www.francisclark.co.uk
Inheritance tax
• 16,000 estates paid IHT in 2010, now 35,000 +
• NRB frozen until 2019 at £325,000
• Life-time planning might now be easier?
• Use of trusts
• PETs
• Gifts out of income
• £3,000 exemption (!)
• Deeds of variation – under review – per Budget
22. www.francisclark.co.uk
Year End Tax Planning - Individuals
Income Tax and Capital Gains Tax (CGT)
• Pension Contributions/Gift Aid
• Utilise CGT Annual Exemption
• Equalising income between spouses
• Taxable gains – accelerate or postpone?
• SEIS / EIS / VCT investments
• Utilise ISA allowance
24. www.francisclark.co.uk
Corporation Tax
• Relatively quiet Budget
• Corporation tax rate 20% (regardless of associates)
• Associated companies still applicable under certain circumstances
• E.g. quarterly instalment payments
• Corporate partner arrangements have been attacked - unless
commercial
• Diverted profits tax (“Google tax”) – 25% from 1 April 2015
25. www.francisclark.co.uk
Goodwill – Entrepreneurs’ Relief
• Where a business is transferred from a sole trade/partnership to
company
• Goodwill transferred as part of the disposal
• Taxpayer would pay 10% tax on the gain
• Blocked for transfers to related company from 3 December 2014
• Deduction for the amortisation of the acquired goodwill?
• Not where transfer is to a related party from 3 December 2014
26. www.francisclark.co.uk
Budget – Entrepreneurs’ Relief changes
Associated disposals
• “Associated disposal” rules tightened
• Disposal of personally owned asset associated with
• a disposal of shares or
• reduction in partnership share
• In the past – what minimum reduction is acceptable?
• New rule = 5% minimum reduction = “meaningful disposal”
• Rules also tightened for joint ventures
27. www.francisclark.co.uk
Venture capital – EIS, SEIS, VCT & SITR
• Gains on disposals on or after 3 December 2014 eligible for ER
after deferral under EIS or SITR
• SITR to be extended to community energy generation
• 30% Income Tax relief
• No tax on dividends received or disposal of shares
• Energy generation removed from EIS, SEIS and VCT
28. www.francisclark.co.uk
Research & Development
• “Above the line” credit 11% (previously 10%)
• SME R&D rate: 230% deduction (previously 225%)
• Restriction if material used in product that this sold
• Increased access to R&D = aim
• Voluntary advanced assurances
• Raise awareness & guidance for small companies
29. www.francisclark.co.uk
Capital allowances
Annual Investment Allowance
• 100% deduction
• £250k limit until 1/4/2014
• Then £500k!
• Original plan = back to £25k from 1/1/16
• Chancellor has consulted with industry – to be increased to a
‘much more generous amount’
30. www.francisclark.co.uk
Farmers – changes to averaging
• Currently allowed to “average” profits over 2 tax years
• Assist where substantial fluctuations in profits – often out of control
of the farmer (e.g. weather)
• Consultation re extending from 2 years to 5 years from April 2016
31. www.francisclark.co.uk
NIC & employing staff
• Abolition of employer contributions for apprentices under 25 up to
UEL from 6 April 2016
• No employers NIC for under 21s from 6 April 2015
• Employment allowance of £2,000 to reduce employers NIC liability
• extended to staff for personal family or household affairs e.g. nannies,
gardeners, housekeepers from 6 April 2015
• National Minimum Wage - £6.70 from October 2015
32. www.francisclark.co.uk
Changes to benefits in kind
From April 2016
• Abolition of £8,500 threshold for benefits in kind
• Dispensations will be removed – replaced with exemption or
alternatively a scale rate
• Employers can voluntarily payroll car, fuel, medical insurance and
subscriptions
From April 2015
• Statutory exemption for trivial BIKs (worth <£50 in the tax year)
33. www.francisclark.co.uk
Budget 2015 – VAT
• VAT registration threshold £82,000 from 1 April 2015
(currently £81,000)
• Deregistration threshold £80,000 from 1 April 2015
(currently £79,000)
• No changes to Fuel Scale Charges
34. www.francisclark.co.uk
Budget 2015 – VAT
• VAT Refund Scheme from 1 April 2015 for Charities
• Hospices
• Search and Rescue and Air Ambulance
• Blood Bikes
• Prompt Payment Discount – changes from 1 April 2015
• Reminder – MOSS introduced from 1 January 2015
• No VAT on Severn River Toll from 2018
35. www.francisclark.co.uk
Budget 2015 – Other Indirect Taxes
• 2% reduction in alcohol duty rates from 23 March for spirits, sparkling cider,
perry, beer, wine (for each for certain ABVs)
• 2% increase all tobacco products from 6pm on 18 March 2015
• Gaming duty – new (increased) bandings for accounting periods starting on or
after 1 April 2015
• Landfill tax – increase in rates from 1 April 2016
• Vehicle Excise Duty – increase in rates in line with RPI - April 2015
• VED for HGVs frozen for 2015/16
• Fuel duty - planned increase for September 2015 has been cancelled
36. www.francisclark.co.uk
Miscellaneous
• Business rates review on-going
• Bad debt relief on peer to peer lending to allow offset of bad debts
against interest on loans made from 6 April 2015
• Charities – small donations gift aid (without needing paperwork) –
increase from £5,000 to £8,000 a year
39. www.fcfp.co.uk Twitter.com/francisclarkifa
What Changed
Anything we weren’t expecting? – (the headlines)
• Yes!
• Annuity buy-backs introduced
(with a few days notice, thanks George)
• Pension Lifetime allowance cut to £1m
• Help-to-buy ISAs
• More flexible-ISAs
• Pension reforms
Plus the things we already knew come in to force
40. www.fcfp.co.uk Twitter.com/francisclarkifa
What Changed
Investments
• ISAs
Help-to-buy ISAs introduced: £50 top up for every £200 saved
Re-contribution of ISA withdrawals now possible
• Premium Bonds
Max holding rose from £30,000 to £40,000 from June 2014
And now to £50,000 from 2015
41. www.fcfp.co.uk Twitter.com/francisclarkifa
What Changed
Investments
• Pensioner Bonds
Enhanced saving bonds for over 65s from January 2015 – sold
out in 3 weeks!
Cap scrapped – pensioners have until 15 May 2015
• SEIS/EIS/VCT
No changes
• Investment Bonds (onshore & offshore)
No changes
42. www.fcfp.co.uk Twitter.com/francisclarkifa
What Changed
Pensions
• Lifetime Allowance
Reduced to £1m from £1.25m
(Was £1.8m as recently as 2011/12)
• Annuity buy-backs
Pensioners now have the ability to exchange their guaranteed
annuity income for a lump sum.
• Other changes
As already announced.
48. www.fcfp.co.uk Twitter.com/francisclarkifa
What does it all mean?
Annuity buy-backs
Specifics to be determined…..
• How will buy-back values be determined?
• Can annuities be re-purchased? On enhanced
terms?
• Joint life annuities in payment after first death?
• Investment-linked annuities?
Even greater need for advice.
Who will help you?
50. www.fcfp.co.uk Twitter.com/francisclarkifa
What does it all mean?
Pensions; Right to advice
• “Guidance”
• Citizens advice bureau to provide face-to-face
guidance
• TPAS offering telephone service
• The Money Advice Service will be building the
online part of the service and developing material
after Treasury Select Committee “concerns”1
1 - FTAdviser 20/10/2014
51. www.fcfp.co.uk Twitter.com/francisclarkifa
What does it all mean?
• Displeased with your annuity?
• Situation changed?
• This is an unexpected second chance
• Don’t get it wrong twice (definition of madness, anyone?)
• Seek independent advice before taking action
Annuity buy-backs
54. www.fcfp.co.uk Twitter.com/francisclarkifa
What does it all mean?
• Will not affect the majority of savers
• Individual Protection 2014 still available
• However, will catch those with large(ish) defined benefit
entitlement
• Those in control of their pension funding – business
owners – can manage their position with proper planning.
…….and advice?
What about the reduced lifetime allowance?
56. www.fcfp.co.uk Twitter.com/francisclarkifa
Case Study
• Aged 60
• Business owner, higher rate tax payer
• Wants to phase retirement…go PT…wind down slowly
• Never liked pensions – has no provision
• Except an old works pension from years ago; worth £2.50
Background
57. www.fcfp.co.uk Twitter.com/francisclarkifa
Case Study
Never liked pensions…..
• “Can’t get my hands on the money”
• “Forced to buy a meaningless annuity”
• “Can’t control my investment”
• “Can’t pass it on to my family”
• “Taxed unfairly on my death”
58. www.fcfp.co.uk Twitter.com/francisclarkifa
Case Study
Now I do like Pensions. I changed my mind. OK.
• Entire pension pot available as a lump sum
• Punitive 55% tax charge removed
• First 25% of pension pot still tax-free
• On death, pensions can be passed on as a lump
sum without charge (pre-age 75)
• Or at recipient's marginal rate (post age 75)
59. www.fcfp.co.uk Twitter.com/francisclarkifa
Case Study
Pension funding
• Anthony pays £90,000 in to a pension this year –
using his allowance for 2014/15 and 2011/12
• Further funding of £90,000 next year (2015/16 and
2012/13)
• And £90,000 the year after (2016/17 and 2012/13)
• £270,000 in. Tax saving £108,000. Net cost £162,000
64. www.fcfp.co.uk
No responsibility can be accepted for any action taken as a result of information contained in this
presentation. We therefore strongly recommend that no action should be taken before obtaining
detailed professional advice.
Past performance is not a guide to future returns and the value of investments and income from
them may go down as well as up and an investor may not get back the amount invested.
Francis Clark Financial Planning is a trading style for Francis Clark Financial Planning Limited,
which is authorised and regulated by the Financial Services Authority.
Registered Office: Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.
Registered in England No. 05413603
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This PowerPoint presentation is for general information only and is not intended to constitute professional advice.
Though Francis Clark Financial Planning Ltd is confident on its accuracy, no duty of care is assumed to any direct Recipient of this presentation and no liability is accepted for any
omission or inaccuracy.
Important Statement
Twitter.com/francisclarkifa
67. www.francisclark.co.uk
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Disclaimer & copyright
Editor's Notes
The Money Advice Service will be building the online part of the service and developing guidance material
“free, impartial, face to face advice” – now “guidance”