More than 500m cheques were written in 2015, confounding expectations that the payment method is disappearing.However, Payments UK, which represents the industry, said that still represented a 13% decline on the previous year.
Anyone buying a house that includes a “granny flat” or annex will no longer qualify for the 3% surcharge on Stamp Duty if the annex is worth less than one third of the total property value.
In some countries the tax year coincides with the calendar year, however for us brits this is not the case. To understand the reasoning behind the UK’s tax year start date of 6thApril you have to go back to medieval times.
The introduction of the Marriage Allowance for lower income couples is struggling because of the difficulties taxpayers are experiencing when making a claim.
Details of the new tax-free childcare scheme have now begun to be provided by the Government, the scheme will be available to an estimated two million families in 2017.
Companies house aims to become a 100% digital organisation by the end of 2018/2019. Currently 80% of companies file their documents digitally.
According to a review commissioned by the government led by business woman Julie Deane, self-employed workers should get more support in running their businesses.
Filing deadlines are quite generous which can lead to directors thinking companies house are unlikely to take action against them failing to file tax returns and accounts. However this is not the case according to an analysis by law firm Nockolds showing that there has been a rise in convictions against directors by companies’ house of over 16% from 2013/2014. On top of these convictions companies house collected over £81m in late filing penalties in 2014/2015.
Under the EU’s Audit Regulation and Directive (ARD) the government is to raise the audit exemption threshold to a maximum of £10.2m.
From 6 April 2016 a new single tier state pension is to be introduced for those reaching state pension age. Many pensioners will receive a boost according to research by the Department for work and pensions (DWP) following this introduction.