Citrica LLP is a London-based company registered in England, with wholly owned subsidiaries Citrica Group Ltd, Citrica Solutions Ltd, Citrica Lifestyle Ltd, and 21st Century Commercial Cleaning Services Ltd trading as Citrica. The registered office for all entities is located in Erith, England. A list of LLP members is available for inspection at Citrica LLP's London address.
Responding to the latest economic forecasts from the office for Budget Responsibility, Mr Hammond revealed that the economy is expected to grow at the slightly faster rate of 1.5% in 2018, compared with the 1.4% forecast in the Autumn Budget.
The Chancellor presented his first Spring Statement, announcing that:
1) Economic growth is expected to be 1.5% in 2018, up slightly from previous forecasts. Debt and borrowing have also been revised downwards.
2) While maintaining fiscal discipline, the Chancellor signaled potential increases in public spending from 2020.
3) On business measures, the next business rates revaluation was brought forward to 2021 and over £1 billion was allocated for Brexit preparations.
The Chancellor announced tax cuts and increased departmental spending in his Autumn Budget. Key measures included raising the personal tax allowance to £12,500 and higher-rate threshold to £50,000 in April 2019, increasing funding for the NHS, schools and social care, and boosting the annual investment allowance for businesses to £1 million for two years. The Chancellor also set aside over £4 billion for Brexit preparations and warned that next year's Spring Statement could become a full fiscal event if Brexit negotiations adversely impact the financial forecast.
What does the Summer 2015 Budget mean for you? Rajani and Co
On Wednesday 8th July 2015, George Osborne delivered the first conservative budget in 19 years. In his Summer Budget speech the chancellor declared it as a “Big Budget for a country with Big Ambitions”.
As business owners and entrepreneurs, today’s announcements will impact on you and your business, key topics include:
• A new National Living Wage.
• Increases to the Personal Allowance and higher earners tax thresholds.
• Reduction in Corporation Tax.
• Changes to dividend tax.
www.rajaniandco.com
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
The UKIP Manifesto 2015 - Believe in BritainMiqui Mel
The document summarizes UKIP's economic policies, which include cutting taxes for low and middle income earners, abolishing inheritance tax, replacing the Barnett Formula with a needs-based system of funding the devolved administrations, and cutting costs in Westminster. UKIP estimates their policies can be funded by reducing the UK's net contribution to the EU budget after leaving, cutting overseas aid, scrapping HS2, and replacing Barnett. Their goal is eliminating the budget deficit, reducing the national debt, and prioritizing spending on services like the NHS and defense over international priorities.
HMRC has issued two Revenue & Customs Briefs on recent indirect tax issues:
1. Brief 18/2015 provides guidance on VAT treatment of supplies between establishments in different EU countries in light of the Skandia case. Supplies between a UK entity and an establishment in an EU country with Swedish-style VAT groups will be subject to the reverse charge in the UK or EU country.
2. Brief 19/2015 announces that HMRC will make partial VAT refunds to qualifying golf clubs that overpaid VAT on green fees, refunding 33-50% of valid claims depending on green fee prices. This is an interim measure pending the outcome of ongoing litigation.
3. The Upper Tribunal ruled
This newsletter from Singapore Customs provides information on customs guidelines, contraband cigarette enforcement, customs violations and penalties, and TradeNet statistics. It discusses tax relief and duty-free concessions for travelers, Singapore Customs' efforts to reduce the contraband cigarette market through enforcement actions, penalties for customs offenses ranging from composition sums to prosecution, and how TradeNet has facilitated trade by processing around 9 million permits annually in a paperless manner.
Responding to the latest economic forecasts from the office for Budget Responsibility, Mr Hammond revealed that the economy is expected to grow at the slightly faster rate of 1.5% in 2018, compared with the 1.4% forecast in the Autumn Budget.
The Chancellor presented his first Spring Statement, announcing that:
1) Economic growth is expected to be 1.5% in 2018, up slightly from previous forecasts. Debt and borrowing have also been revised downwards.
2) While maintaining fiscal discipline, the Chancellor signaled potential increases in public spending from 2020.
3) On business measures, the next business rates revaluation was brought forward to 2021 and over £1 billion was allocated for Brexit preparations.
The Chancellor announced tax cuts and increased departmental spending in his Autumn Budget. Key measures included raising the personal tax allowance to £12,500 and higher-rate threshold to £50,000 in April 2019, increasing funding for the NHS, schools and social care, and boosting the annual investment allowance for businesses to £1 million for two years. The Chancellor also set aside over £4 billion for Brexit preparations and warned that next year's Spring Statement could become a full fiscal event if Brexit negotiations adversely impact the financial forecast.
What does the Summer 2015 Budget mean for you? Rajani and Co
On Wednesday 8th July 2015, George Osborne delivered the first conservative budget in 19 years. In his Summer Budget speech the chancellor declared it as a “Big Budget for a country with Big Ambitions”.
As business owners and entrepreneurs, today’s announcements will impact on you and your business, key topics include:
• A new National Living Wage.
• Increases to the Personal Allowance and higher earners tax thresholds.
• Reduction in Corporation Tax.
• Changes to dividend tax.
www.rajaniandco.com
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
The UKIP Manifesto 2015 - Believe in BritainMiqui Mel
The document summarizes UKIP's economic policies, which include cutting taxes for low and middle income earners, abolishing inheritance tax, replacing the Barnett Formula with a needs-based system of funding the devolved administrations, and cutting costs in Westminster. UKIP estimates their policies can be funded by reducing the UK's net contribution to the EU budget after leaving, cutting overseas aid, scrapping HS2, and replacing Barnett. Their goal is eliminating the budget deficit, reducing the national debt, and prioritizing spending on services like the NHS and defense over international priorities.
HMRC has issued two Revenue & Customs Briefs on recent indirect tax issues:
1. Brief 18/2015 provides guidance on VAT treatment of supplies between establishments in different EU countries in light of the Skandia case. Supplies between a UK entity and an establishment in an EU country with Swedish-style VAT groups will be subject to the reverse charge in the UK or EU country.
2. Brief 19/2015 announces that HMRC will make partial VAT refunds to qualifying golf clubs that overpaid VAT on green fees, refunding 33-50% of valid claims depending on green fee prices. This is an interim measure pending the outcome of ongoing litigation.
3. The Upper Tribunal ruled
This newsletter from Singapore Customs provides information on customs guidelines, contraband cigarette enforcement, customs violations and penalties, and TradeNet statistics. It discusses tax relief and duty-free concessions for travelers, Singapore Customs' efforts to reduce the contraband cigarette market through enforcement actions, penalties for customs offenses ranging from composition sums to prosecution, and how TradeNet has facilitated trade by processing around 9 million permits annually in a paperless manner.
This newsletter from Anthony Lawlor TD provides information on several topics:
- Budget 2014 highlights from the Irish government including maintaining certain social welfare rates and taxes.
- Lawlor's activities representing constituents in the Dáil and constituency since his election.
- Plans to recommence Garda recruitment to address shortages in County Kildare.
- Changes to electoral boundaries and new school enrollment rules in Ireland.
- Updates on local issues in County Kildare such as new postal codes, traffic restrictions, and markets.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Increase to the personal allowance for income tax to £10,800 in 2016/17 and £11,000 in 2017/18.
3) Reduction in the lifetime pension allowance to £1 million from April 2016 and above-inflation increases to income tax thresholds in 2016/17 and 2017/18.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Investors will be able to withdraw and replace money from cash ISAs in the same tax year without affecting annual limits.
3) The pension lifetime allowance will be cut to £1 million from April 2016 and transitional protection rules will apply.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Increase to the personal allowance for income tax to £10,800 in 2016/17 and £11,000 in 2017/18.
3) Cut to the pension lifetime allowance to £1 million from April 2016 and above-inflation increases to income tax thresholds in 2016/17 and 2017/18.
Getting the Deal Through Private Client 2019, IrelandMatheson Law Firm
Private Client partner, John Gill and Private Client senior associate, Lydia McCormack co-author the 2019 Ireland chapter of Getting the Deal Through Private Client.
This document summarizes the key tax changes in Ireland's 2017 budget. Some of the main points include:
- Personal tax rates and bands remain unchanged, but USC bands were adjusted downwards by 0.5% resulting in tax cuts for low and middle income earners.
- Tax credits for home carers and the self-employed were increased. Reliefs for foreign workers were extended.
- Reliefs for landlords, homeowners, farmers and businesses were also extended including help for the agri-food sector.
- Corporate tax rates remain at 12.5% and the knowledge development box relief was expanded for small companies.
The Malta Budget Highlights 2017 document outlines key points from Malta's 2017 budget, including:
- The 2017 deficit is forecast to decrease to 0.5% of GDP, down from 1.1% in 2016.
- Construction of three new primary schools and increases to pensions over two years.
- Tax relief measures like reduced stamp duty on property transfers in Gozo and a phase out of tax on pensions.
- Increased social spending including doubling the number of families receiving rent subsidies.
- Incentives for businesses engaging in digital games development and a new Development Bank.
- Infrastructure investments in energy, environment and transportation.
UK government massive earning includes Personal income tax, a substantial amount of national insurance contribution, Limited company for contractors, value-added tax (VAT) and from the corporation tax.
Business Predictions for The Autumn Budget 2021The IMCs Ltd
The second Budget in will be announced alongside a spending review on October 27. With the UK still recovering, what could be in this announcement for small businesses? The government will be looking at where to spend and invest – and also where to plug its financial gaps. The Chancellor has already announced a £500 million Plan for Jobs extension to help people back into work.
The document summarizes two key developments from the past week:
1) A Court of Justice ruling found that claims handling services provided to an insurer are not exempt from VAT as insurance transactions or related services. UK law will need to change and businesses providing these services should review their VAT position.
2) The UK budget announced new powers for HMRC to make online marketplaces jointly liable for VAT debts of overseas sellers on their platforms. This aims to reduce the estimated £365 million annual VAT loss from non-compliant foreign traders. Online portals will need to strengthen due diligence of sellers.
Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services. GTIL and each of its member firms are separate legal entities not bound as partners. This publication is intended as guidance only and Grant Thornton assumes no liability for any actions taken based on its content.
The Upper Tribunal considered two cases related to VAT. In the first case, Zipvit lost its appeal in claiming VAT reimbursement from Royal Mail. The Upper Tribunal determined that without a valid VAT invoice, Zipvit had no right to reclaim input tax, even though VAT may have been properly chargeable. In the second case, the First-Tier Tribunal ruled that denying the same VAT exemption for welfare services to a for-profit organization as granted to charities violated the EU principle of fiscal neutrality. Additionally, the Upper Tribunal dismissed HMRC's appeal in the Imperial College case, requiring HMRC to abide by the terms of its original special VAT reimbursement agreement with universities.
This document summarizes several topics from a newsletter:
1) It introduces Investors' Relief, which provides a 10% capital gains tax rate for investments in unlisted trading companies held for at least 3 years, similar to Entrepreneurs' Relief. Investors' Relief may benefit non-working investors and companies seeking capital as an alternative to EIS/SEIS.
2) It outlines the key eligibility criteria for Investors' Relief, including requirements for the shares, holding period, and that the shares must be newly issued.
3) It notes that while Investors' Relief and Entrepreneurs' Relief are similar, Investors' Relief is designed for non-working investors rather than shareholders
UHY's 2011 Global Tax Outlook provides an overview of tax changes for 2011 across various countries. Key points include:
- Corporate tax rates remained the same or decreased slightly in many countries such as Canada, Hungary, Israel and the UK.
- Several countries tightened tax laws by increasing penalties for non-compliance or restricting certain deductions.
- Many countries reduced personal income or capital gains tax rates to stimulate economic growth.
- Value-added or consumption tax rates increased in some jurisdictions like Canada, the UK and Isle of Man.
The document outlines the key aspects of Estonia's tax system, including no corporate income tax on retained profits, a 14-20% tax rate on distributed profits, and most taxes being declared electronically. It also discusses Estonia's taxes on income, VAT, social security contributions, and employment, as well as how the tax system applies to e-residents and digital nomads. E-residency allows foreign companies and digital nomads to benefit from Estonia's business-friendly tax system and conduct business online through the e-Tax electronic filing system.
The budget document provides an overview of the key announcements from the UK Chancellor's 2016 Budget, including measures related to business taxes, personal taxes, and other economic areas. Some of the high-level points included reductions to corporation tax rates, a new Lifetime ISA for under-40s, increases to the income tax personal allowance, and a sugar tax on soft drinks beginning in 2018. The document also outlines timing and thresholds for various tax changes and incentives.
This document is the 2014 local election manifesto of Fine Gael. It outlines Fine Gael's priorities for local government which include supporting small businesses and job creation through the establishment of Local Enterprise Offices, keeping property taxes low, selling social housing to tenants at a discount to invest in communities, and ensuring the benefits of economic recovery are felt locally. Fine Gael believes the local elections are an opportunity to spread the benefits of recovery across Ireland and make it more tangible at the community level.
Mercredi 18 mars, le ministre britannique des Finances, George Osborne, présentait le budget pour l’exercice 2015-16. FTI Consulting revient sur les principales annonces du dernier budget du Gouvernement de David Cameron avant les élections. Analyse en anglais.
The document summarizes three cases from the First-tier Tax Tribunal and Upper Tribunal:
1) The First-tier Tribunal upheld a £59,000 civil evasion penalty against a fish importer for failing to declare imports from Norway and avoiding £300,000 in customs duties. The Tribunal found the failure was deliberate and dishonest.
2) The First-tier Tribunal upheld a 60% civil evasion penalty against a taxpayer who claimed £34,000 in input VAT but provided no records to substantiate the claims during an HMRC inquiry.
3) The Upper Tribunal dismissed HMRC's appeal involving a Scottish farmer who purchased farm subsidy entitlement units. The Tribunal found the units were purchased for business purposes,
The document summarizes key points from the UK Autumn Statement of 2014. It outlines increases in funding for healthcare and education, reductions in the deficit and national debt, tax cuts and increases in tax allowances for individuals and families, reforms to stamp duty on residential property to benefit most home buyers, and measures to support businesses and economic growth.
Melvyn Mangion on the Malta Budget 2023.docxMelvyn Mangion
Melvyn Mangion lists the main highlights of the Malta Government budget for 2023. Melvyn Mangion includes details of the salient points announced by the Finance Minister.
The document discusses upcoming changes to the tax treatment of termination payments in the UK. Specifically:
1) From April 2018, payments in lieu of notice (PILONs) will be treated as earnings rather than termination payments, making them subject to income tax and national insurance contributions.
2) The £30,000 income tax exemption for termination payments will remain, as will the unlimited NICs exemption for certain termination-related payments like redundancy. However, PILONs and payments over £30,000 will be subject to employer NICs.
3) Changes to make employers liable for Class 1A NICs on termination payments over £30,000 were delayed by one year and will now take
This newsletter from Anthony Lawlor TD provides information on several topics:
- Budget 2014 highlights from the Irish government including maintaining certain social welfare rates and taxes.
- Lawlor's activities representing constituents in the Dáil and constituency since his election.
- Plans to recommence Garda recruitment to address shortages in County Kildare.
- Changes to electoral boundaries and new school enrollment rules in Ireland.
- Updates on local issues in County Kildare such as new postal codes, traffic restrictions, and markets.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Increase to the personal allowance for income tax to £10,800 in 2016/17 and £11,000 in 2017/18.
3) Reduction in the lifetime pension allowance to £1 million from April 2016 and above-inflation increases to income tax thresholds in 2016/17 and 2017/18.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Investors will be able to withdraw and replace money from cash ISAs in the same tax year without affecting annual limits.
3) The pension lifetime allowance will be cut to £1 million from April 2016 and transitional protection rules will apply.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Increase to the personal allowance for income tax to £10,800 in 2016/17 and £11,000 in 2017/18.
3) Cut to the pension lifetime allowance to £1 million from April 2016 and above-inflation increases to income tax thresholds in 2016/17 and 2017/18.
Getting the Deal Through Private Client 2019, IrelandMatheson Law Firm
Private Client partner, John Gill and Private Client senior associate, Lydia McCormack co-author the 2019 Ireland chapter of Getting the Deal Through Private Client.
This document summarizes the key tax changes in Ireland's 2017 budget. Some of the main points include:
- Personal tax rates and bands remain unchanged, but USC bands were adjusted downwards by 0.5% resulting in tax cuts for low and middle income earners.
- Tax credits for home carers and the self-employed were increased. Reliefs for foreign workers were extended.
- Reliefs for landlords, homeowners, farmers and businesses were also extended including help for the agri-food sector.
- Corporate tax rates remain at 12.5% and the knowledge development box relief was expanded for small companies.
The Malta Budget Highlights 2017 document outlines key points from Malta's 2017 budget, including:
- The 2017 deficit is forecast to decrease to 0.5% of GDP, down from 1.1% in 2016.
- Construction of three new primary schools and increases to pensions over two years.
- Tax relief measures like reduced stamp duty on property transfers in Gozo and a phase out of tax on pensions.
- Increased social spending including doubling the number of families receiving rent subsidies.
- Incentives for businesses engaging in digital games development and a new Development Bank.
- Infrastructure investments in energy, environment and transportation.
UK government massive earning includes Personal income tax, a substantial amount of national insurance contribution, Limited company for contractors, value-added tax (VAT) and from the corporation tax.
Business Predictions for The Autumn Budget 2021The IMCs Ltd
The second Budget in will be announced alongside a spending review on October 27. With the UK still recovering, what could be in this announcement for small businesses? The government will be looking at where to spend and invest – and also where to plug its financial gaps. The Chancellor has already announced a £500 million Plan for Jobs extension to help people back into work.
The document summarizes two key developments from the past week:
1) A Court of Justice ruling found that claims handling services provided to an insurer are not exempt from VAT as insurance transactions or related services. UK law will need to change and businesses providing these services should review their VAT position.
2) The UK budget announced new powers for HMRC to make online marketplaces jointly liable for VAT debts of overseas sellers on their platforms. This aims to reduce the estimated £365 million annual VAT loss from non-compliant foreign traders. Online portals will need to strengthen due diligence of sellers.
Grant Thornton UK LLP is a member firm of Grant Thornton International Ltd (GTIL) that provides assurance, tax, and advisory services. GTIL and each of its member firms are separate legal entities not bound as partners. This publication is intended as guidance only and Grant Thornton assumes no liability for any actions taken based on its content.
The Upper Tribunal considered two cases related to VAT. In the first case, Zipvit lost its appeal in claiming VAT reimbursement from Royal Mail. The Upper Tribunal determined that without a valid VAT invoice, Zipvit had no right to reclaim input tax, even though VAT may have been properly chargeable. In the second case, the First-Tier Tribunal ruled that denying the same VAT exemption for welfare services to a for-profit organization as granted to charities violated the EU principle of fiscal neutrality. Additionally, the Upper Tribunal dismissed HMRC's appeal in the Imperial College case, requiring HMRC to abide by the terms of its original special VAT reimbursement agreement with universities.
This document summarizes several topics from a newsletter:
1) It introduces Investors' Relief, which provides a 10% capital gains tax rate for investments in unlisted trading companies held for at least 3 years, similar to Entrepreneurs' Relief. Investors' Relief may benefit non-working investors and companies seeking capital as an alternative to EIS/SEIS.
2) It outlines the key eligibility criteria for Investors' Relief, including requirements for the shares, holding period, and that the shares must be newly issued.
3) It notes that while Investors' Relief and Entrepreneurs' Relief are similar, Investors' Relief is designed for non-working investors rather than shareholders
UHY's 2011 Global Tax Outlook provides an overview of tax changes for 2011 across various countries. Key points include:
- Corporate tax rates remained the same or decreased slightly in many countries such as Canada, Hungary, Israel and the UK.
- Several countries tightened tax laws by increasing penalties for non-compliance or restricting certain deductions.
- Many countries reduced personal income or capital gains tax rates to stimulate economic growth.
- Value-added or consumption tax rates increased in some jurisdictions like Canada, the UK and Isle of Man.
The document outlines the key aspects of Estonia's tax system, including no corporate income tax on retained profits, a 14-20% tax rate on distributed profits, and most taxes being declared electronically. It also discusses Estonia's taxes on income, VAT, social security contributions, and employment, as well as how the tax system applies to e-residents and digital nomads. E-residency allows foreign companies and digital nomads to benefit from Estonia's business-friendly tax system and conduct business online through the e-Tax electronic filing system.
The budget document provides an overview of the key announcements from the UK Chancellor's 2016 Budget, including measures related to business taxes, personal taxes, and other economic areas. Some of the high-level points included reductions to corporation tax rates, a new Lifetime ISA for under-40s, increases to the income tax personal allowance, and a sugar tax on soft drinks beginning in 2018. The document also outlines timing and thresholds for various tax changes and incentives.
This document is the 2014 local election manifesto of Fine Gael. It outlines Fine Gael's priorities for local government which include supporting small businesses and job creation through the establishment of Local Enterprise Offices, keeping property taxes low, selling social housing to tenants at a discount to invest in communities, and ensuring the benefits of economic recovery are felt locally. Fine Gael believes the local elections are an opportunity to spread the benefits of recovery across Ireland and make it more tangible at the community level.
Mercredi 18 mars, le ministre britannique des Finances, George Osborne, présentait le budget pour l’exercice 2015-16. FTI Consulting revient sur les principales annonces du dernier budget du Gouvernement de David Cameron avant les élections. Analyse en anglais.
The document summarizes three cases from the First-tier Tax Tribunal and Upper Tribunal:
1) The First-tier Tribunal upheld a £59,000 civil evasion penalty against a fish importer for failing to declare imports from Norway and avoiding £300,000 in customs duties. The Tribunal found the failure was deliberate and dishonest.
2) The First-tier Tribunal upheld a 60% civil evasion penalty against a taxpayer who claimed £34,000 in input VAT but provided no records to substantiate the claims during an HMRC inquiry.
3) The Upper Tribunal dismissed HMRC's appeal involving a Scottish farmer who purchased farm subsidy entitlement units. The Tribunal found the units were purchased for business purposes,
The document summarizes key points from the UK Autumn Statement of 2014. It outlines increases in funding for healthcare and education, reductions in the deficit and national debt, tax cuts and increases in tax allowances for individuals and families, reforms to stamp duty on residential property to benefit most home buyers, and measures to support businesses and economic growth.
Melvyn Mangion on the Malta Budget 2023.docxMelvyn Mangion
Melvyn Mangion lists the main highlights of the Malta Government budget for 2023. Melvyn Mangion includes details of the salient points announced by the Finance Minister.
The document discusses upcoming changes to the tax treatment of termination payments in the UK. Specifically:
1) From April 2018, payments in lieu of notice (PILONs) will be treated as earnings rather than termination payments, making them subject to income tax and national insurance contributions.
2) The £30,000 income tax exemption for termination payments will remain, as will the unlimited NICs exemption for certain termination-related payments like redundancy. However, PILONs and payments over £30,000 will be subject to employer NICs.
3) Changes to make employers liable for Class 1A NICs on termination payments over £30,000 were delayed by one year and will now take
The document provides information about the UK budget presented by the Chancellor of the Exchequer George Osborne. Key points include that the budget outlines taxation changes and government spending priorities. It also allows the public to hear about economic indicators and matters affecting personal finances. Traditions like the Chancellor carrying a red briefcase and being allowed to drink alcohol during the speech are explained. Specific policy changes announced include abolishing annual tax returns, increasing tax bands and allowances, and cracking down on tax avoidance.
The document provides economic data from 2005-2015 under Labour and Conservative governments including revenue, spending, deficits, and debt levels. It then projects revenue, spending, deficit, and debt levels from 2015-2020 under Conservative and UKIP policies. Key points include:
- Current deficit is £93bn and tax avoidance is over £100bn annually
- Unemployment is below 5.8% while migrant workers are over 8% of population
- UKIP plans to eliminate deficit through measures like collecting taxes on profits made in UK and reducing foreign employment to train British workers until unemployment is 0%.
The document summarizes key announcements from the UK's Autumn Statement 2016. It highlights that growth forecasts were revised down slightly but employment is still expected to rise. Public borrowing is forecast to be higher than previously estimated but will return to balance as soon as possible. Among the announcements are increasing infrastructure spending, raising the personal tax allowance, fuel duty freeze, increased funding for housing, broadband and research, and changes to salary sacrifice schemes and insurance premium tax.
The document summarizes the key points from Budget 2017 including reductions to the DIRT rate, lower USC rates, an increase to the State Pension, and increases to the Capital Acquisitions Tax thresholds. No changes were announced to income tax rates, PRSI rates, or supports for private pension provision. The DIRT rate will be reduced in stages to 33% by 2020 and lower USC rates will provide tax savings up to €353 for high earners. The State Pension will increase by €5 per week and the CAT Class A threshold will rise to €310,000.
The document outlines the Conservative, Labour, and Liberal Democrats' plans on various business and economic issues for small businesses. The Conservatives pledge to keep business rates low and cut corporation tax to 20% to support businesses. Labour aims to cut business rates for small firms and increase the minimum wage. The Liberal Democrats propose an additional 8% corporation tax on banks to raise funds and increase the personal tax allowance.
Budget 2020 summary for workers and businessLaura Comben
#CountOnCardens
https://cardensaccountants.com/
Budget 2020 was packed with reliefs, funds and initiatives for business and workers but no ‘revolutions’ in the world of #VAT, Paye, income tax NI and corporation tax.
Contents:
Intro
Fiscal Projection
Protections for workers
Business measures
Private sector
Pay
Personal benefits
VAT
Research & Development
Drinks industry
Fuel
Summary
A review of the 2017 Spring Budget and the impact it may have on individuals and businesses in the South West. Plus, an insight into HMRC's Making Tax Digital initiative.
The 2015 budget document outlines key points of the UK budget, including:
1) Introduction of a new Help to Buy ISA that provides a £50 bonus for every £200 saved up to £3,000 for a first home.
2) Increase in the personal tax allowance to £10,800 in 2016/17 and £11,000 in 2017/18.
3) Cut in the pension lifetime allowance to £1 million from April 2016 and above-inflation increases to income tax thresholds in 2016/17 and 2017/18.
The Chancellor announced key measures in the Autumn Statement including increasing infrastructure spending through a new £23 billion National Productivity Investment Fund. This will be spent on transport, housing, research and development, and digital infrastructure. The personal income tax allowance will also increase to £12,500 by 2020 and the higher rate threshold will rise to £50,000. Public finances are forecast to return to balance as soon as practicable, rather than targeting a surplus by 2019.
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 about different tax systems. It discusses direct and indirect taxes, and provides examples of different types of taxes like income tax, value added tax, customs duty, and inheritance tax. It also provides examples of tax rates and calculations in countries like Canada, Libya, and the UK. Key taxes discussed include income tax, sales tax, value added tax, corporation tax, inheritance tax, and capital gains tax.
Horner Downey & Company Ltd Newsletter- Tax-Saving StrategiesJenny Ferguson
Utilize tax-efficient savings and investment strategies before the 5 April tax year end, such as fully using your annual ISA allowance of £15,240. Consider capital gains and R&D tax reliefs for business investments. Make sure to take advantage of personal tax allowances and exemptions like transferring income to a spouse. Review company car arrangements and estate planning to minimize inheritance tax liabilities using exemptions.
Our summer newsletter's cover articles look at planning for the reduction in the dividend allowance and highlight that another tax rise will be with us soon. Check out these articles and lots more!
The Chancellor delivered his second Autumn Budget, announcing several tax and spending measures. Key points include temporarily doubling the Annual Investment Allowance to £1 million, increasing the income tax personal allowance to £12,500 and higher rate threshold to £50,000 in 2019-20. A new tax will be introduced on the UK revenues of digital services companies from 2020. Additional funding was provided for the NHS, welfare, Scotland, Wales and Northern Ireland.
The newsletter summarizes key points from Budget 2012 that could affect businesses and individuals. For businesses, measures include reducing the main corporation tax rate, simplifying accounting for small businesses, and increasing flexibility for enterprise investment schemes. HMRC also launched 30 new taskforces targeting various industries like textiles and motor trades. For individuals, the personal allowance will increase in 2013 and the 50% income tax rate will decrease, though some controversial changes were made to age-related allowances.
The document provides a summary of key measures from the UK Budget 2015, including changes to income tax rates and allowances, corporation tax, employment allowance, annual investment allowance, research and development tax credits, trivial benefits-in-kind, self-employed national insurance contributions, farmers averaging, construction industry scheme, VAT rates, capital gains tax for non-UK residents, seed enterprise investment scheme, pensions, business rates, and the annual tax on enveloped dwellings. The summary is intended as a basic guide and specific advice should be obtained for individual circumstances.
The budget made few notable changes from a financial planning perspective, as the government remains focused on Brexit negotiations. Income tax allowances and thresholds were increased for the 2019/20 tax year. The pension lifetime allowance will also increase in line with inflation. The digital services tax and changes to enterprise investment schemes were new measures introduced. Most other allowances remained unchanged, including the individual savings account limit and inheritance tax nil-rate bands. An emergency budget may be called in the event of a no-deal Brexit outcome.
Similar to More than a Budget, it’s the launch of a national productivity plan! (20)
More than a Budget, it’s the launch of a national productivity plan!
1. Citrica LLP | 50 Broadway | St James’s Park | London SW1A 0RG | www.citrica.co.uk | 020 8320 1400
A list of the LLP Members is available for inspection at the above address. Citrica LLP is registered in England (No OC400702).
Citrica Group Ltd (No 08133659), Citrica Solutions Ltd (No 02897289), Citrica Lifestyle Ltd (No 09331054) and 21st Century Commercial Cleaning Services Ltd
trading as “Citrica” (No 06476576) are wholly owned subsidiaries of Citrica LLP. The registered office for all entities is at Thames Innovation Centre, 2 Veridion
Way, Veridion Park, Erith DA18 4AL.
More than a Budget, it’s the launch of a national productivity plan!
The most impactful budget for working people in the real estate sector for a generation, the
chancellors budget delivered game changing reforms for the UK; businesses saw a 1% reduction in
corporation tax, falling to 2% by 2018, working people will see a secure hourly wage of £7.20 by April
2016 rising to £9.00 by 2020 (one of the most powerful pay guarantees in the world) and the tax free
threshold will increase to £1,000,000 on inheritance from 2017.
Development Further relaxation of planning restrictions and mechanisms for by-passing
obstructing local authorities will enable house building and change of use on
commercial schemes, stimulating development in and around London and Green
Belt. But at what cost? It could be argued that the increase in Affordable Housing
will ‘tax’ residential developments, and or, mean builds will cut costs on other
products to accommodate the burden.
Infrastructure Taxation and benefit reforms will free-up much
needed capital for the further development, repair
and maintenance of our streets and highways, a big
push for the regeneration of our rail transport links
will create public sector jobs and stimulate further
growth of the public sector.
Fair pay A seriously significant chance of our country’s people both learning and re-
learning transferable skills and trades through the creation of an hourly wage
rate that pays; a significant transformation which will prove that work pays and
hopefully, that the gap between the employed and unemployed is closing.
Included in this is:
£12 billion by 2019-20 through welfare
reforms
£5 billion by 2019-20 from measures to tackle
tax avoidance, planning, evasion, compliance,
and imbalances in the tax system
Corporation Tax cut to 19% in 2017 & 18% in 2020
The main rate of Corporation Tax has already been
cut from 28% in 2010 to 20%, in order to boost UK
competitiveness. It will now fall further, from 20%
to 19% in 2017, and then to 18% in 2020,
benefiting over a million businesses.
Annual investment allowance will be set at its
highest ever permanent level at £200,000
The annual investment allowance, which has
previously been increased temporarily, will be set
permanently at £200,000 from January 2016.
Key Budget points:
National Living Wage over £9 an hour by 2020
From April 2016, a new National Living Wage of
£7.20 an hour for the over 25s will be introduced.
This will rise to over £9 an hour by 2020.
The Government will run a surplus in 2019-20
The deficit will be reduced by around 1% of GDP
on average in each year, which is the same pace as
over the last 5 years. This means a surplus will be
achieved in 2019-20, and debt will fall in every
year.
2. Citrica LLP | 50 Broadway | St James’s Park | London SW1A 0RG | www.citrica.co.uk | 020 8320 1400
A list of the LLP Members is available for inspection at the above address. Citrica LLP is registered in England (No OC400702).
Citrica Group Ltd (No 08133659), Citrica Solutions Ltd (No 02897289), Citrica Lifestyle Ltd (No 09331054) and 21st Century Commercial Cleaning Services Ltd
trading as “Citrica” (No 06476576) are wholly owned subsidiaries of Citrica LLP. The registered office for all entities is at Thames Innovation Centre, 2 Veridion
Way, Veridion Park, Erith DA18 4AL.
The allowance means businesses can deduct the
full value of certain items, including equipment
and machinery, up to a total value of £200,000
from their profits before tax. This helps them with
cash flow because it means the full tax relief is
given in the year items are purchased, rather than
over several years.
This permanent increase will help businesses plan
their spending on longer-term investments.
Employment Allowance will increase by a further
£1,000 to £3,000
Businesses will have their employer National
Insurance bill cut by another £1,000 from April
2016, as the Employment Allowance rises from
£2,000 to £3,000. The Employment Allowance
gives businesses and charities a cut in the
employer National Insurance they pay.
HMRC resources
The Government will continue to clamp down on
tax avoidance and evasion, as well as increasing
resources for HMRC. The measures include:
making sure international companies pay tax
on profits diverted from the UK
introducing a ‘general anti-abuse rule’ penalty
and tough new measures for serial avoiders,
including publishing the names of people who
repeatedly use failed tax avoidance schemes
stopping investment fund managers from
using tax loopholes to avoid paying the correct
amount of Capital Gains Tax on their profits
from the fund (this is known as carried
interest)
extra investment between now and 2020 for
HMRC’s work on evasion and non-compliance
tripling the number of criminal investigations
HMRC can undertake into complex tax crime,
concentrating on wealthy individuals and
companies
allowing HMRC to access more data to identify
businesses that aren’t declaring or paying tax
clamping down on the organised crime gangs
behind the illicit trade in tobacco and alcohol
Tax-free Personal Allowance will be increased
from £10,600 in 2015-16 to £11,000 in April 2016
The tax-free Personal Allowance will increase to
£11,000 in 2016-17.
Increases to the Personal Allowance since 2010,
when it was £6,475, mean that a typical taxpayer
will be £905 a year better off in 2016-17.
The Government signalled its ambition to increase
the Personal Allowance to £12,500 by 2020, so
people working 30 hours a week on the National
Minimum Wage won’t pay Income Tax at all.
Protecting defence spending
The defence budget will rise by 0.5% above
inflation each year to 2020-21. Up to an additional
£1.5 billion a year will also be available by 2020-21
to fund increased spending on the military and
intelligence agencies.
The Government will meet the NATO pledge to
spend 2% of national income on defence every
year of this decade.
Reforming the welfare system
The welfare system will be reformed, the changes
include:
working-age benefits, including tax credits and
Local Housing Allowance, will be frozen for 4
years from 2016-17 (this doesn’t include
Maternity Allowance, maternity pay, paternity
pay and sick pay)
the household benefit cap will be reduced to
£20,000 (£23,000 in London)
3. Citrica LLP | 50 Broadway | St James’s Park | London SW1A 0RG | www.citrica.co.uk | 020 8320 1400
A list of the LLP Members is available for inspection at the above address. Citrica LLP is registered in England (No OC400702).
Citrica Group Ltd (No 08133659), Citrica Solutions Ltd (No 02897289), Citrica Lifestyle Ltd (No 09331054) and 21st Century Commercial Cleaning Services Ltd
trading as “Citrica” (No 06476576) are wholly owned subsidiaries of Citrica LLP. The registered office for all entities is at Thames Innovation Centre, 2 Veridion
Way, Veridion Park, Erith DA18 4AL.
support through Child Tax Credit will be
limited to 2 children for children born from
April 2017
those aged 18 to 21 who are on Universal
Credit will have to apply for an apprenticeship
or traineeship, gain work-based skills, or go on
a work placement 6 months after the start of
their claim
rents for social housing will be reduced by 1%
a year for 4 years, and tenants on higher
incomes (over £40,000 in London and over
£30,000 outside London) will be required to
pay market rate, or near market rate, rents
Reforming dividend tax
The dividend tax credit (which reduces the amount
of tax paid on income from shares) will be
replaced by a new £5,000 tax-free dividend
allowance for all taxpayers from April 2016. Tax
rates on dividend income will be increased.
This simpler system will mean that only those with
significant dividend income will pay more tax.
Investors with modest income from shares will see
either a tax cut or no change in the amount of tax
they pay.
Reducing Inheritance Tax liability on family
homes
Currently, Inheritance Tax is charged at 40% on
estates over the tax-free allowance of £325,000
per person. Married couples and civil partners can
pass any unused allowance on to one another.
From April 2017, each individual will be offered a
family home allowance so they can pass their
home on to their children or grandchildren tax-
free after their death. This will be phased in from
2017-18.
The family home allowance will be added to the
existing £325,000 Inheritance Tax threshold,
meaning the total tax-free allowance for a
surviving spouse or civil partner will be up to £1
million in 2020-21.
The allowance will be gradually withdrawn for
estates worth more than £2 million.
The amount people with an income of more than
£150,000 can pay tax-free into a pension will be
reduced
Most people can contribute up to £40,000 a year
to their pension tax-free. From April 2016, this
amount will be reduced for individuals with
incomes of over £150,000, including pension
contributions.
The higher rate threshold will increase from
£42,385 in 2015-16 to £43,000 in 2016-17
The amount people will have to earn before they
pay tax at 40% will increase from £42,385 in 2015-
16 to £43,000 in 2016-17.
The standard rate of Insurance Premium Tax will
increase to 9.5%
From November 2015 the standard rate of
Insurance Premium Tax will be increased from 6%
to 9.5%. Households’ insurance prices are falling
and the standard rate remains lower than that of
many other EU countries.
Restricting tax relief for wealthier landlords
Currently, individual landlords can deduct their
costs – including mortgage interest – from their
profits before they pay tax, giving them an
advantage over other home buyers. Wealthier
landlords receive tax relief at 40% and 45%. This
will be
reduced to
20% for all
by April
2020.
In addition,
from April
2016, the
‘wear and tear allowance’, which allows landlords
to reduce the tax they pay (regardless of whether
they replace furnishings in their property) will also
be replaced by a new system that only allows them
to get tax relief when they replace furnishings.
Ending permanent ‘non-dom’ status
Permanent ‘non-dom’ status will be abolished
from April 2017. From that date, anyone who’s
4. Citrica LLP | 50 Broadway | St James’s Park | London SW1A 0RG | www.citrica.co.uk | 020 8320 1400
A list of the LLP Members is available for inspection at the above address. Citrica LLP is registered in England (No OC400702).
Citrica Group Ltd (No 08133659), Citrica Solutions Ltd (No 02897289), Citrica Lifestyle Ltd (No 09331054) and 21st Century Commercial Cleaning Services Ltd
trading as “Citrica” (No 06476576) are wholly owned subsidiaries of Citrica LLP. The registered office for all entities is at Thames Innovation Centre, 2 Veridion
Way, Veridion Park, Erith DA18 4AL.
been resident in the UK for 15 of the past 20 years
will be considered UK-domiciled for tax purposes.
This headline grabbing change only impacts those
few individuals who live in the UK but consider
their permanent home to be elsewhere. The UK
rules allow ‘non-doms’ to pay UK tax on their
offshore income only when they bring it into the
UK.
Changing the way banks are taxed
Following increasing bank profits, and to reflect
changes in bank regulation, the government is:
introducing a new 8% tax on banking sector
profits from January 2016
introducing a phased reduction in the rate of
the Bank Levy (which is charged on banks’
balance sheets) from 0.21% to 0.1% between
2016 and 2021
excluding UK banks’ overseas subsidiaries
from the Bank Levy from January 2021
New apprenticeships
3 million new apprenticeships will be created by
2020, funded by a levy on large employers. Firms
that are committed to training will be able to get
back more than they put in.
£30 million of funding for Transport for the North
Cities and counties in the North will be given even
more control over local transport. ‘Transport for
the North’ (TfN) will be supported by £30 million in
funding over 3 years, and will have more
responsibility for setting out policy and
investments.
This is the only real measure in this budget
designed to promote economic activity in the
regions.
30 hours of free childcare for 3 & 4 year olds
From September 2017, working families with 3 and
4 year olds will receive 30 hours of free childcare –
an increase from the 15 hours they’re currently
offered.
Student maintenance grants will be replaced with
loans
From the 2016-17 academic year, cash support for
new students will increase by £766 to £8,200 a
year, the highest level ever for students from low-
income households. New maintenance loan
support will replace student grants. Loans will be
paid back only when graduates earn above
£21,000 a year.
This measure is good for students from low
income families, but still doesn’t address the issue
of many students starting courses ill equipped for
the academic rigour or whether their career
prospects actually need a university degree.
Road tax will be reformed and the money raised
spent on the road network
The road tax system will be revised to make it
fairer and sustainable. From 2017, there will be a
flat rate of £140 for most cars, except in the first year
when tax will remain linked to the CO2 emissions that
cars produce. Electric cars won’t pay any road tax at all
and the most expensive cars will pay more.
Existing cars won’t be affected – no one will pay more
for a car that they already own. The money brought in
from road tax in England will be spent on England’s
roads from 2020.
The government will extend the deadline for the first
MOT of new cars and motorcycles from 3 years to 4
years.
Public sector pay will increase by 1%
Public sector pay will increase by 1% a year for 4 years
from 2016-17.