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Significant changes to the taxation of dividends come into effect from 6 April 2016

Significant changes to the taxation of dividends come into effect from 6 April 2016, which can be summarised as follows:

Love is in the air…..but how does that impact your tax affairs?

With Valentines Day having just passed and whilst romance is still in the air I thought this was an ideal time to talk about marriage - more specifically the tax implications of being married or entering into a civil partnership. You may or may not be surprise to hear that as a Tax Adviser clients often ask 'are there any advantages to being married?' and the answer is yes there can be. Here are five (quite unromantic!) ways you could be better off by saying ‘I do’:

HM Revenue & Customs campaigns and enquiries

In recent times HM Revenue & Customs (HMRC) have introduced a number of ‘disclosure campaigns’ to allow individuals and businesses to register with HMRC of their intention to disclose income which they have earned without suffering tax.

Campaigns in the past have targeted plumbers, electricians and individuals with offshore interests and the most recent press release clearly shows why HMRC favour such campaigns with over £610 million being raised from voluntary disclosures and a further £395 million from follow up activity.

An uncertain end

When a company comes to the end of its useful life - a standalone project completed, the owner retiring - it may be closed down. Where the company still has assets these need to be transferred out to the shareholders. This can be done by voting dividends or winding the company up as a voluntary liquidation. In the former the shareholders will pay income tax on receipts, in the latter Capital Gains Tax (CGT). For a trading company, the CGT route is often more tax efficient thanks to reliefs such as Entrepreneurs’ Relief.   

Should the ISA be more popular?

The humble ISA can be more than just a simple savings account. With taxation changes imminent, it could be your new flexible friend.

Are you overpaying tax?

As we near the end of another tax year, it’s not just self employed individuals who need to be considering their tax positions.

If you are an employee that has incurred certain expenses over the course of the last tax year, the end of the tax year provides you with an opportunity to reclaim some of the tax you have paid because of incurring these expenses.

Commodity Malaise continues…….

The last year has been difficult for the world economy, and it has affected all of us, and particularly our agricultural clients. What began as an oversupply in the Milk Sector quickly became apparent as one part of a sudden collapse in global commodity prices, in every sector, from oil to metals to food.

FRS102 – top five points for first-time adoption

FRS102 is replacing current accounting standards. So what? This will mean your accounts will look different, profits could change, your remuneration packages and bonus schemes may also change as well as your tax position. Are you ready?

Seven key performance indicators retailers should measure to be more profitable

As an advisor to independent retail businesses across Cumbria, I’m often asked if there are ways to be more profitable in an industry savaged by the online world. There is no magic solution to this but what successful retailers have in common is that they use the information they have within their business to help them make better more informed decisions. This in turn helps them make a better return on their business.

Support for the victims of flooding

Just weeks after the devastating storms battered various counties across the country, many individuals and businesses will be well under way with the process of trying to return their lives and businesses to something like normality. Unfortunately there are all too many people already well versed in dealing with such devastation and will have already made use of the support on offer, but it’s certainly worth re-iterating some of those lines of support available to individuals, voluntary and community groups and businesses affected by the floods.