The following articles are basic guides prepared by ACCA UK’s Technical Advisory Service for members and their clients. It should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary. The following are PDF downloads: A Guide to Budget Tax Rates (Allowances 2015) A Guide to…
Overview Inheritance tax (IHT) is regarded as one of the most loathed of taxes. At a flat rate of 40% on everything owned by the deceased, at the date of death in excess of the nil rate band, IHT can be a sizeable bill. This nil rate band is currently £325,000 (2014/15) or £650,000 for…
Salaried Members on Payroll from 6 April 2014 Legislation will be introduced in the Finance Bill 2014 to change the treatment of a salaried member of a Limited Liability Partnership (LLP), from that of a partner to that of an employee for both income and corporation tax purposes. The new rules take effect from 6…
Reduced Rate of VAT for the Renovation or Alteration of Empty Residential Properties If you are a VAT registered builder or contractor, and carry out work to an existing building you will normally have to charge VAT at the standard rate. You may, however, be able to charge VAT at the reduced rate of 5…
HMRC have published guidance on the operation of the employment allowance. From 6 April 2014 employers can claim the employment allowance of £2,000 and reduce employer’s class 1 NI contributions. An employer can claim the employment allowance if it is a business or charity that pays employer Class 1 NI on employees’ or Directors’ earnings….