Monthly Archives: May 2016

State benefits that are taxable

Many newly retired pensioners may not be aware that the State Pension they receive is taxable income. Also, the amount paid is not taxed at source. Although a pensioner’s State Pension may be covered by their annual tax-free personal allowance (£11,000 for 2016-17) and therefore potentially no tax would be payable, the situation is more […]

UK tax to be simplified

The UK has one of the most detailed tax codes in the developed economies. Readers might be amused, bemused, that the so-called Office of Tax Simplification (OTS) has launched a high level strategy consultation that aims to move its tax simplification agenda forwards. The aim is to make our tax system easier to understand and […]

Two thirds of large UK businesses experience computer hacking

Nearly seven out of ten attacks on all firms involved viruses, spyware or malware. Record £1.9bn government investment to protect UK but industry must act to help protect themselves New National Cyber Security Centre will launch in the autumn 2016 Britain’s businesses are being urged to increase protection from cyber criminals after government research into […]

International tax transparency makes progress

Chancellor of the Exchequer, George Osborne hailed the international expansion of a UK-led deal to automatically share information on the ultimate owners of companies as over 20 jurisdictions, including British crown dependencies, overseas territories and EU member states sign up. Gibraltar, Isle of Man and Montserrat are amongst those joining the initiative led by the […]

Good news for farmers

Under new rules, initially announced in the 2015 Budget, farmers will be able to average their profits for Income Tax purposes from two years to five years. This change will help farmers with fluctuating profits better manage risk and level out the impact of tax on their farming profits. For example, they may avoid paying […]