Buy-to-let market faces tough new rules

Last year’s Autumn Statement saw the introduction of a number of new measures, which could have a significant effect on the booming buy-to-let property market. The Chancellor announced during his speech to the Commons a number of new measures that could affect property investors. Chief among these proposals is the introduction of a three per…

BIKs review means tax exemption

The Government is set to implement a statutory tax exemption from income tax and National Insurance Contributions for low-value benefits in kind (BIK). As part of the Finance Bill 2016, it will be set at a £50 limit from 6 April this year. Furthermore, qualifying ‘trivial’ BIKs that are given to directors or other office…

Getting digital with online Personal Tax Accounts

Many UK taxpayers are now able to manage their tax affairs following the launch of Personal Tax Accounts. More than a million taxpayers completing their self-assessment have been provided with an online Personal Tax Account (PTA) that is intended to provide a clear view of the tax paid and benefit entitlement, and which will enable…

Government to raise auto-enrolment upper limit

From April 2016, the Department for Work and Pensions (DWP) is raising the qualifying earnings upper limit for auto-enrolment from its 2015/16 value of £42,385 to £43,000 in 2016/17. The lower limit qualifying earnings band will remain at £5,824 and the earnings trigger will be frozen at £10,000 for 2016/17. The qualifying earnings band sets…