Two EU backed property development funds set to create £40m infrastructure boost for West Wales and the Valleys
Two new property development funds launched with £14m of EU funds are projected to result in an overall investment of £40m in new and refurbished high quality commercial premises to support business growth and job creation in the North, West Wales and the South Wales Valleys. (more…)
Charity Finance Group is a membership organisation especially for finance professionals.
More information about membership and events can be found on the CFG website.
A common business structure for a professional practice is a traditional partnership or an LLP. This is the case even though using a company typically reduces the tax payable on the income of the practice.
The 2017 Spring Budget has brought in increases to the rate of Class 4 National insurance contributions (NIC’s) from 9% to 10% from April 2018 and then to 11% from April 2019, which swings the pendulum further towards incorporation. This is balanced to some extent by the reduction in the 0% dividend allowance from £5,000 to £2,000, meaning that more tax will be payable on dividends from a company. (more…)
With the vast majority of measures already being announced, and with very few sector specific announcements, there were no real surprises for the Not for Profit (NFP) sector in the 2017 Spring Budget. (more…)
The last Spring Budget was forecast to be a dull affair as the Government confirmed no major giveaways, a further clampdown on tax avoidance and increased stability in order to prepare for our eventual exit from the EU. In view of the annual £50bn Government interest cost on borrowed funds, the Chancellor’s focus was expected to be on debt reduction either by increasing taxes or by reducing Government spending. In actual fact there were a few surprises as he did a bit of both. (more…)
The tax year-end is fast approaching and time is running out for considering ways of minimising your tax liability. The Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) offer entrepreneurs generous income tax and capital gains tax relief. Qualifying investors of a SEIS company may receive 50% income tax relief on amounts invested up to a maximum of £100,000 and qualifying investors of an EIS company may receive 30% income tax relief on amounts invested up to a maximum of £1,000,000 in 2016/17. Furthermore, provided all conditions are met throughout the minimum holding period of three years any capital gains made from investments in a SEIS or EIS company are exempt from capital gains tax on disposal. It is also possible to exempt or defer capital gains tax realised on the disposal of an asset by investing in a SEIS or EIS company. (more…)
The Annual Tax on Enveloped Dwellings was brought in on 1 April 2013 and basically applies to companies that own a “high value” residential property, which is currently taken as a property worth in excess of £500k. Initially this test was applied to the value of the property as at 1 April 2012 or on acquisition if later. Property valuations are however, expected to be updated every 5 years, making the next valuation date 1 April 2017. (more…)
A challenge in the agriculture sector has always been fluctuating profits with reasons including the weather or other challenges such as movement restrictions as a result of foot and mouth. Farmers who make losses are able to relieve those losses against other income, called “sideways loss relief”. However, HMRC will not permit indefinite relief of losses in this way and consider a fixed number of consecutive years for which losses can be relieved, with 5 years being the period set out in the legislation.
Category of worker
|Aged 25 and above (national living wage rate)||£7.50|
|Aged 21 to 24 inclusive||£7.05|
|Aged 18 to 20 inclusive||£5.60|
|Aged under 18 (but above compulsory school leaving age)||£4.05|
|Apprentices aged under 19||£3.50|
|Apprentices aged 19 and over, but in the first year of their apprenticeship||£3.50|
As an employer you must ensure you are paying the correct minimum wage to your employees; it is a criminal offence not too. HMRC officers have the right to carry out checks at any time and request to see records.
1. Unauthorised Personnel Submitting Claims
All charities have an authorised individual who can submit Gift Aid claims on their behalf. These will be rejected by HMRC if someone other than the authorised individual submits a claim. A ChV1 form should be completed to notify HMRC if there has been a change in personnel. (more…)