Summer 2015

For those of you who are company car drivers we advise on why you may have seen a large increase in the estimated car benefit in your notice of coding. We also consider the further changes which are planned and what this will mean in terms of future car benefits.

If you are self-employed you need to be aware that the system for determining the liability and ways of collecting Class 2 national insurance contributions, generally by direct debit, is about to change. Also there are plans to abolish this class of national insurance contribution altogether.

We also consider the tax reliefs available for those businesses planning for capital expenditure on plant and machinery in the next few months. With the amount of the available Annual Investment Allowance (AIA) uncertain we consider whether it may be beneficial to bring forward capital expenditure.

Changes to charity audit exemption thresholds mean that some charities may now be audit exempt and will instead fall under the independent examination regime. We consider the scope of the changes to the rules and the options available.

With significant changes to the rules which apply where an individual has not bought an annuity with their pensions savings we look at what happens if their pension fund remains available to pass on to beneficiaries on their death. We summarise the changes and consider the implications of this change on inheritance tax planning.

The issue of determining if someone is employed or self-employed is not a new one and the risks to any business paying for the freelance services of an individual are significant. Those who are found to be paying a person as if they are self-employed in error can result in large arrears of PAYE and NIC being payable by the employer. The Office of Tax Simplification (OTS) has some suggestions on this issue.

If you offer customers prompt payment discounts or you take up the prompt payment discount offered by your suppliers you should read our article which considers changes to the VAT charge in these situations.

With many of us about to set off on our summer holidays, we consider the issues which may affect an employee's holiday pay entitlement. This needs careful consideration following some cases held before the Employment Appeal Tribunal and the Court of Justice of the European Union.

Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we would welcome your feedback.

Changes to charity audit exemption thresholds
Go Karting For Charity!
Has inheritance tax planning been turned on its head?
Have you noticed a large increase in the car benefit in your notice of coding?
Planning for capital expenditure in the next few months
Prompt payment discounts and VAT
Reform of Class 2 NI contributions
Take care with the calculation of holiday pay
What is an employee?

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