Newsletter - In Practice - March 2016 (Budget)

In Practice

Hello ACCA Member

March 2016

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TECHNICAL AND INSIGHT

The Chancellor is finally thinking small first

ACCA gives its view on the Chancellor’s eighth budget.

Download and share two key guides to this year's Budget

ACCA's Guide To... Budget 2016 and Guide To... Tax Rates and Allowances 2016 summarise the key information you need from this year's Budget.

The measures impacting landlords are significant, affecting the purchase price and allowable deductions.

Directors’ overdrawn loan account tax increase

Rate of tax charged on loans to participators will increase.

Capital gains tax reduction

Legislation will be introduced to reduce the 18% and 28% rates of CGT.

Coming soon – new tax on dividends

Tax free allowance of £5000 to be introduced next month.

Treatment of tax interest changing

From April interest will be paid to savings accounts gross.

Lifetime ISA for first home purchases

Young savers can save £4,000 per annum and get 25% bonus from the government.

Entrepreneurs’ relief on goodwill on incorporation

Entrepreneurs’ relief amended to allow increased relief in joint ventures and partnerships.

Making tax digital

Comments on ‘making tax digital’ were vague. Find out the latest, plus the thoughts of one ACCA practitioner.

IR35 – the end of the flexible workforce

Are the changes announced just the first phase and what more can we expect?

Capital Gains Tax: Entrepreneurs' relief for a long term investor

Good news! Entrepreneurs’ relief (ER) will be extended to external investors in unlisted trading companies.

ISAs and the next year

Savers will be able to re-invest withdrawals into ISAs.

State pension - and the over 50s

The government is advising that ‘if you’re 50 or over, you should apply for your pension statement’.

Pension Input Period (PIP) changes

PIP to be aligned with tax year from April.

Residence nil-rate band

Changes to the nil-rate band when an individual downsizes their property.

Employment allowance

The employment allowance is increased. But by how much?

Increased pension flexibility

The great pension revolution has been put on hold, but for how long?

Scottish income tax

From 6 April 2016, taxpayers pay the Scottish rate of income tax if they live in Scotland.

Company cars and benefits in kind

Purchasing a company car – check the benefits in kind increases.

Salary sacrifice arrangements

Find out which benefits will remain untouched.

Companies carrying forward losses

Loses can be offset against profits from April 2017.

New limit for GASDS payments

Changes to benefits in kind for zero-emission vehicles

Van benefit charge for zero-emission vehicles remains at 20% rate.

Farmers’ averaging profits

The essential features of new averaging requirements.

Member News

New BPP online CPD centre

Following the launch of the new BPP online CPD centre take advantage of 20% off the entire course catalogue.

CPD skills webinar programme

Through our research and insights, we have identified core business skills recognised throughout the profession as the fundamental skillset for the future accountant.

CPD

Saturday CPD Conferences 2016

Have you booked your next Saturday CPD Conference yet?

CPD events for practitioners

Book now for workshops on audit compliance for partners and managers as well as events in East Kent.

Practice News

Register now for Accountex 2016

Register today for Accountex - the essential event for accountants.

accountingcpd.net’s 2 for 1 offer

Get 2 for 1 on any of accountingcpd.net’s 4-unit CPD courses from now until 31 March 2016!

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