March Livewire – Spring into action with our top tax tips

Budget analysis, property tax changes and last minute year-end tax tips

Put a spring in your step with top tax advice

This month, the Budget has brought a wide range of changes, some of which have already taken effect. Others will commence from 6th April – the start of the new 2016/17 tax year. Our analysis of George Osborne’s announcements below explains most of the most pertinent changes which affect our clients.

There are also a number of payroll management changes for employers to be aware of, including the Payrolling of Benefits in Kind (PBIK) and start of automatic statutory exemptions, which replaces the P11D system.

If you have not undertaken any final tax planning to take advantage of tax relief opportunities remaining this tax year, there is still some time left. We have included some ideas below.

Lastly, we’re delighted to be unveiling the new RJP website which goes live at the weekend. Please take a look, we hope you like it and would welcome any feedback.

#20taxtips from @taxtalkrjp

Probate fees set for a sharp increase

The government’s consultation process to review the way probate fees are calculated is closing on 1 April 2016. It could mean significantly higher fees for obtaining a grant of probate, especially for property owners in London and the South East.

Read the article

£500K property subject to ATED from 1^stApril

Originally introduced for £2m+ property to reduce the use of companies for stamp duty avoidance purposes in relation to high value property purchases, ATED has now been extended to company-owned UK residential property worth over £500,000. An ATED return must be filed by 30th April to avoid penalty charges.

Our blog explains

SMEs got lucky in Budget 2016

The UK’s 5.4m SMEs had a good budget overall with a number of generous tax breaks including a reduction in the rate of corporation tax, tax relief on small business property rates and stamp duty reforms for commercial property.

W hat was our verdict?

Last minute tax planning tips

The tax year runs until 5th April and if you haven’t already taken advantage of tax relief opportunities, here are 8 tips to consider.R ead our tips

Automatic payrolling of benefits in kind from April 2016

The new payrolling of benefits in kind (PBIK) is due to become effective after it was formally written into the Finance Act 2015. This allows HMRC to collect tax due from employees on benefits in kind directly through the payroll.

R ead the article

Automatic statutory exemption replaces P11D dispensations

The P11D dispensation system is being phased out, and from 6th April 2016 it will be replaced with an automatic statutory exemption for all paid and reimbursed expenses. Employers need to ensure that their employees are entitled to the payments they may receive for expenses incurred based on guidelines issued by HMRC.

Read our blog

That’s it from us for Livewire this month but there are lots more useful tax articles on the blog.

From all the team at RJP LLP

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Chancellor unveils business tax roadmap plan

Business Services, Business Tax

IHT forms get long overdue update

Personal tax

RTI reporting changes for business payroll to be postponed

Business Services, Business Tax

Here’s what our clients have to say

Hear directly from our clients about how RJP's personal, straightforward approach has made all the difference in their business and personal success.

"I just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office."

"I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team."

"I would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone."

"Just a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks."

"RJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable."

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FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

We love seeing your business flourish! Growth and improvement are at the heart of our practical advice. From the ins and outs of everyday operations to big-picture strategic moves, we're here to offer clear, actionable steps that can propel your business forward.

We know dealing with the issue of compliance and auditing can be less than thrilling. That's exactly why we're here—to handle the complex stuff so you don't have to. We offer comprehensive compliance services, ensuring everything is up-to-date without you having to wade through a sea of regulations.

Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

When you need us, we're just a call or an email away—no question is too small or too large. We're known for our quick responses and our fixed fees mean you can reach out without worrying about unexpected costs. Plus, we always keep things simple and straight to the point. We're not just your accountants; we're part of your team, ready to support both your business and personal needs.