The following tax changes came into effect Monday 6 April 2015

Following on from our previous blog posting: tax changes that were effective from 1 April 2015 (and that mainly affected Companies), we have included below tax changes that affect individuals from 6 April 2015, the start of the 2015-16 tax year. Individuals over the age of 55 have flexible access to their defined contribution pension […]

The following tax changes came into effect Wednesday 1 April 2015

The Corporation Tax rate has been reduced to 20% The new Diverted Profits Tax has been introduced The bank levy has increased from 0.156% to 0.21% Air Passenger Duty has been restructured – abolishing bands C and D Hospice charities, blood bikes, search and rescue, and air ambulance charities will be eligible for VAT refunds […]

Goodbye tax returns, hello digital accounts

In an effort to streamline and simplify the administration of the Self Assessment tax system HMRC is planning to open digital accounts for fifty million taxpayers by 2020. When completed, these taxpayers will no longer be required to submit Self Assessment tax returns to HMRC. Instead, HMRC will gather information from employers, pension providers, banks […]

HMRC campaign targets offshore account holders in fresh clamp-down on tax evasion

Chancellor George Osborne launches the campaign as G20 ministers agree next steps in global fight against tax avoidance and evasion. As G20 ministers welcome a new global standard to automatic tax information exchange and call on the governments of financial centres to sign up to new international tax information sharing agreements, the Chancellor of the […]