Chancellor of Exchequer George Osborne presented us with the Summer Budget today, voicing the Governments plans for the up and coming years, now we are in a new parliamentary term. Tax evasion, avoidance and aggressive Tax planning were all in the spotlight as Osborne promised to continue to fight against non-compliant Tax avoidance schemes as they have done meeting the target of £5 billion over the past year. "I turn now to combatting tax evasion, avoidance and aggressive tax planning. We’re … [Read more...]
Archives for July 2015
BREAKING NEWS!!! LATEST UPDATE – SUMMER BUDGET – TAX FREE ALLOWANCE
BREAKING NEWS!!! LATEST UPDATE - SUMMER BUDGET - TAX FREE ALLOWANCE "Here it is. The headline grabber. "Britain deserves a pay rise," says the chancellor, announcing a new national living wage. It'll be £9 per hour by 2020 for people 25 and older. And it'll start at £7.20 an hour from next April." - BBC.CO.UK … [Read more...]
LATEST UPDATE – SUMMER BUDGET – TAX FREE ALLOWANCE
LATEST UPDATE - SUMMER BUDGET - TAX FREE ALLOWANCE "Rates of income tax remain unchanged but the thresholds do not. The personal allowance goes up to £11,000 from next year. The threshold at which the higher rate kicks in will go up to £43,000. 29m people will pay less tax, he says." - BBC.CO.UK … [Read more...]
LATEST UPDATE – SUMMER BUDGET – YOUTH OBLIGATION
LATEST UPDATE - SUMMER BUDGET - YOUTH OBLIGATION "The chancellor says those aged 18 to 21 must either earn or learn, so he is abolishing automatic entitlement to housing benefit for that age group. This, he says, this will be new "youth obligation"." - BBC.CO.UK … [Read more...]
LATEST UPDATE – SUMMER BUDGET – DIVIDEND TAX SYSTEM
LATEST UPDATE - SUMMER BUDGET - DIVIDEND TAX SYSTEM "Mr Osborne says the dividend tax system is "complex and archaic". He's replacing dividend tax credit with a tax-free allowance of £5,000 of dividend income for all taxpayers. The rates of dividend tax will be set at 7.5%, 32.5% and 38.1%." - BBC.CO.UK … [Read more...]
LATEST UPDATE – SUMMER BUDGET – INHERITANCE TAX
LATEST UPDATE - SUMMER BUDGET - INHERITANCE TAX "The new allowance will be on top of the existing £325,000 threshold which will be fixed until the end of 2020-21, Mr Osborne says. Both allowances can be transferred to your spouse or partner. The government will "taper the relief" away for estates worth more than £2 million. He says the cut in inheritance tax will be paid for by changes to the pensions tax relief to the highest earners. "No more inheritance tax on family homes. Aspiration … [Read more...]
LATEST UPDATE – SUMMER BUDGET – NON-DOM
LATEST UPDATE - SUMMER BUDGET - NON-DOM "An extra £750m will be set aside for HMRC to raise £2bn of extra tax combating tax evaders. The onto non-domicile tax rules, in place since 1914. He says they have an "important place" and won't be dumped outright, but "it is not fair for people to be born in the UK" to non-dom parents and then claim to be non-doms themselves. Putting homes in offshore companies is not fair either, nor is permanent use of the status, he says. From 2017, non-doms who've … [Read more...]
LATEST UPDATE – SUMMER BUDGET
LATEST UPDATE - SUMMER BUDGET "Business investment was 31.9% higher than 2010 and revised up again this year. OBR forecast: more than two million more people in work since start of last Parliament. One million more expected in next five years. George Osborne says living standards are rising "strongly", but "Britain still spends too much, borrows too much." - BBC.CO.UK … [Read more...]
Are you ready for the Summer Budget?
Are you ready for the Summer Budget? Make sure you follow the Budget with ePayMe! https://www.epayme.co.uk/blog/ … [Read more...]
Director of Payroll Company Work Legal-E disqualified as Director
Director of Payroll Company Work Legal-E disqualified as Director After an Insolvency Service Investigation, David Charles Allen, of payroll company ‘Work Legal-E’ , has been disqualified from acting as director, after under-declaring VAT to the value of £5million. The sole director of Work legal-E knowingly instructed the submission of a VAT return, with the companies VAT liability at £8,417,468, but an amount of £3,417,648 was paid leaving a shortfall of £5million, though bank statements … [Read more...]