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February 2016 Articles
CONSULTATION ON 3% SDLT SUPPLEMENT ON SECOND HOMES FROM APRIL 2016
HMRC are consulting on the details of the higher rates of stamp duty land tax (SDLT) on purchases of additional residential properties announced in the 2015 Autumn Statement.
CONTRACTING OUT OF ADDITIONAL STATE PENSION ENDS 5 APRIL 2016
From 6 April 2016 employees of contracted-out defined benefit (DB) schemes will automatically be brought back into the State Pension scheme and will no longer be able to use a contracted-out salary related (COSR) occupational pension scheme to contract out of the State Scheme.
DOES YOUR COMPANY OPERATE IN AN ENTERPRISE ZONE?
If your company is located in one of the 30 or so enterprise zones, there are significant Government incentives to encourage investment. HMRC have added maps to their online guidance, showing sites within enterprise zones that offer 100% first-year allowances for companies investing in new plant or machinery until 31 March 2020.
END OF YEAR PAYE RETURN REMINDER
Under RTI the end of year form P35 was replaced by the Final Full Payment (FPS) submission. Send your final FPS on or before your employees’ last payday of the tax year (5 April) instead of the old 19 April deadline.
RTI CONCESSIONS FOR SMALL EMPLOYERS TO END FROM 6 APRIL 2016
The Government announced at Autumn Statement 2015 that the current two year temporary reporting relaxation will end as planned on 5 April 2016.
SINGLE DIRECTOR COMPANIES EXCLUDED FROM £3,000 NIC EMPLOYMENT ALLOWANCE
From 6 April 2016 the Employment Allowance increases from £2,000 to £3,000, but if you’re the only employee in a company, and also the director, your company will no longer be eligible for the NICs Employment Allowance.
TAX CHARGE ON ANNUITY SALES TO BE REDUCED FROM APRIL 2017
The Government has confirmed that from 6 April 2017, tax restrictions for people looking to sell annuities will be removed, giving those with existing annuity, and anyone who purchases an annuity in the future, the freedom to sell their right to future income streams for an upfront cash sum.