National insurance contributions and working overseas

Michael Morter

There are proposed changes to the national insurance system which will impact on a number of people, and in particular those who have left the UK to work overseas.

The proposal is that Class 2 national insurance contributions (NIC) will be abolished. Class 2 is £2.85 per week from 5 April 2017 and for UK residents it is normally paid by self-employed people, together with Class 4 NIC, which is charged as a percentage of profits made.

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Dividend Surprise

Hayley Stockwell

There has been much commentary in the last week or so concerning the reduction in the Dividend Allowance. This follows the Chancellor’s surprise announcement in the Spring Budget that this would be reduced to £2,000 from April 2018. It would seem an appropriate time to remind individuals that significant changes took place to the taxation of dividends at the start of this current tax year when the £5,000 Dividend Allowance commenced.

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Tying the knot with your business

Glenn Matthews

I have been working with new businesses for the best part of five years at Larking Gowen, and having married last year, it struck me how similar the two things can be.

Taking the leap

From the moment I proposed, it seemed that every free hour was consumed with making plans. Having your own business can feel the same; it will take a lot of time, but it really is worth taking that time at the start, as this will mean that everything that follows is likely to be smoother.

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Charities’ management accounts: what do they need to show?

Jo Fox

Consider a charity which delivers services that are funded through a blend of contracts and grant income. To comply with the Charity Statement of Recommended Practice (SORP), the year end accounts need to recognise income from service contracts to the extent that the service had been delivered, whereas grant income would generally be recognised at the point that the grant was receivable.

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National Minimum Wage – risk areas

Tessa Brown

With the forthcoming change in rates for the National Minimum wage (NMW) I wanted to take the opportunity to highlight a number of risks that may arise for employers.

Paying the incorrect rate

With every NMW increase there is the risk that the increase is not applied in a timely manner to your employees’ pay.

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Budget 2017 – What it means for the Not for Profit Sector

Giles Kerkham

With the vast majority of measures already being announced, and with very few sector specific announcements, there were no real surprises for the Not for Profit (NFP) sector in the 2017 Spring Budget.

Items with a NFP focus which were previously made public and will come into effect shortly include:

Amendments to Social Investment Tax Relief (SITR) – whilst the government has increased the amount of investment which can be raised under this scheme to £1.

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Big Brother is watching you

Peter Glading

Big Brother is watching, and I am not referring to the Channel 5 programme! The term originated from a warning that appears on posters throughout Oceania, the fictional dictatorship described by George Orwell in his book ‘Nineteen Eighty-Four’. Now, in 2017, the tools are available to allow all sorts of organisations to correlate information about us.

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New ‘Transactions in Land’ legislation

Jordan Brown

After months of waiting and a lot of speculation, HMRC have finally published their guidance on property development tax and the new ‘transactions in land’ legislation that was introduced in the Finance Act 2016.

The new Property Development tax rules can apply where land or relevant property in the United Kingdom is sold at a profit.

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