Office for Rent
We have available for rent a office next to our premises with internet connection, new kitchen and bathroom. This is available at £1200 a month and is fully inclusive of heating costs, electricity, waste disposal & business rates. Please contact Paul Whitmell if you are interested.
Tax changes with regards to Mortgate Interest Relief for Landlords
Mortgage interest being restricted for higher rate tax payers from 2017/18 onwards. The amount will be reduced each year – 75% allowed this year, 50% next year, 25% the year after and then nothing.
However Holiday Lets (which meet the Holiday Let criteria) are not affected by this change.
Brian Christian’s Retirement Lunch
PWA would like to wish a very happy retirement to Brian Christian. We wish all the best to his successor and was honoured to attend his retirement celebration at The Crown House Hotel, Great Chesterford on Friday 14th October 2016.
PWA client wins Anglia Ruskin prize of £10,000 for coming first in a business competition which attracted over 1,000 entries
The coalition Government are restricting yet further the annual and lifetime limits for pension investment. The annual limit is being reduced to a maximum of £40,000 gross per annum down from £50,000 gross per annum. The lifetime limit, currently £1,500,000, is being reduced to £1,250,000 from the same date.
Benefits and cars:
In future, changes to these benefits will be announced three years in advance giving fleet managers and others the opportunity to consider the future effect of the changes. From 6 April 2014 benefits increase by 1% across the board. From 6 April 2015 there will be a new band of emission from 0-50 g/km with a benefit of 5%. 51-75 g/km will be set at 9% and, as announced in 2012 there will be a general 2% increase in BIK across the board, however this one will also increase the maximum benefit from 35% to 37%. From April 2016 onwards there will be a further 2% increase but the diesel surcharge of 3% will come to an end as all new diesels will meet EU emission targets.
The car and van fuel benefits and the van provision benefit will all increase by reference to the increase in RPI from 2014/15 onwards – these changes will be made by delegated legislation.
If you would like to see which cars (makes and models) fall within the emission brackets above you can do this on:
National Insurance Reliefs
Two very important National Insurance reliefs are about to be introduced. From April 2015 onwards employers will no longer be liable to secondary contributions where employees are under the age of 21 and it is possible that the Treasury may make further relief by order for older employees, where employees may become subject to an ‘age related secondary percentage’ creating an incentive to employ school leavers and perhaps other young people as well.
Secondly, from 6 April 2014 every business, charity and community amateur sports club will become entitled to a general relief for employers’ secondary contributions of up to £2,000 per annum, called the ‘Employment Allowance’. The relief will be able to be deducted, in chronological sequence, against the employers’ contributions as they become due.
Research & Development Relief
- Small and medium sized companies are able to deduct 225 per cent of qualifying R&D expenditure from taxable profits. This used to be only 200 per cent. Large companies, however, can only deduct 130 per cent.
- At PW Accountants Ltd we are very knowledgeable on this subject and if you would like advice on the topic it is worth calling a member of our team today.
The Patent Box enables companies to apply a lower rate of Corporation Tax to profits earned after 1 April 2013, from its patented inventions and certain other innovations. The relief will be phased in from 1 April 2013 and the lower Corporation Tax to be applied will be 10 per cent.
You can benefit from the Patent Box if your company owns or exclusively licenses in patents granted by:
- UK Intellectual Property Office
- European Patent Office
- Following countries in the European Economic Area: Austria, Bulgaria, Czech Republic, Denmark, Hungary, Poland, Portugal, Romania, Slovakia, and Sweden.
Your company or another company must also have undertaken qualifying development for the patent by making a significant contribution to either:
- The creation or development of the patented invention
- A product incorporating the patented invention.
UK Resident Rules Defined
With effect from 6 April 2013 the UK introduces a Statutory Residence Test (SRT) for the first time.
The revised draft legislation (issued on 11 December 2012 and open to comment until 6th February 2013) retains the originally proposed three part test to determine UK residence with a number of additions. <Read more>
Child Benefit Changes
Important change if you or your partner have an individual income of more than £50,000 a year
From 7 January 201 3 if either you or your partner have an individual income of more than £50,000 a year, then the partner with the higher income will have to pay a High Income Child Benefit Charge on some, or all, of the Child Benefit you receive. If these changes apply to you or your partner you should jointly decide whether to stop getting Child Benefit payments,and not have to pay a tax charge, or continue getting Child Benefit payments and declare them for tax purposes. Filling in the Child Benefit claim form also ensures that you are registered to receive National Insurance credits which can help to protect your State Pension. It is therefore really important to fill, in the form if you have a new child in your family even if you do not wish to receive the Child Benefit payments. Part 4 of this claim form lets you tell, us if you want to be paid Child Benefit. <Read More>
Social Events at PWA
At PWA we like to get out and enjoy ourselves from time to time. <Read More>