Welcome to our June Newswire...
Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.
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Key Dates |
22 June 2017 – Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.
5 July 2017 – Deadline for PAYE Settlement Agreement (PSA) for 2016-17.
6 July 2017 – Deadline for filing forms P9D, P11 D, P11 D(b) for previous tax year and giving copies to employees.
6 July 2017 – Deadline for submitting form 42 or other relevant forms to report share-related benefits provided to employees. |
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| Key dates for the month ahead |
June is typically a quiet month for sorting out tax matters, but there are a number of key dates in July which you need to be aware of.
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Tax News |
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| Can you benefit from capital allowances on your business premises? |
If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building.
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| Receipts rise as Corporation Tax rates fall |
Corporation Tax receipts reached a record high in the 2016-17 financial year, with a total of £56 billion collected, a 21 per cent year-on-year increase.
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| The Inheritance Tax main residence additional nil-rate band |
A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017.
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Business News |
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| Britain faces ‘a business support black hole’ post-Brexit, according to the FSB |
A new study from the Federation of Small Businesses (FSB) has indicated that the UK’s army of small firms will face a funding shortfall of around £3.6 billion by 2021 as a result of the UK’s withdrawal from the EU.
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| The Big Squeeze – Pay and consumer spending to slow down |
With inflation hovering around 2.7 per cent, many businesses are facing a period of higher costs and reduced consumer spending – a trend which could see average pay rises this year hit just one per cent, according to the Chartered Institute of Personnel and Development (CIPD).
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| Software that makes you WannaCry – The importance of cyber security |
Last month more than 200,000 computers in 150 countries were infected during the WannaCry ransomware attack, including the systems of a number of NHS trusts.
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Finance News |
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| Brexit stock market boost creates record numbers of ISA millionaires |
A growing number of savers who have stocks and shares ISAs are finding that they are becoming ISA millionaires, boosted by a quickly rising stock market.
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| Mortgage market responds to ‘Bank of Mum and Dad’ phenomenon |
Research from the Centre for Economics and Business Research think tank predicts that UK parents will contribute as much as £6.5 billion to their children’s property purchases this year, representing more than a quarter of new home purchases.
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| Rule changes could hit pensioners in the pocket |
Pensioners with ‘capped drawdown’ pensions could find that they are hit hard in the pocket this summer as a consequence of a little-known change.
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Scams News |
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| Fraudulent fundraising sites growing increasingly common online |
Police crime watchdog Action Fraud has issued a warning urging people to be on the lookout for ‘fraudulent fundraising’ websites, after complaints were received that cyber criminals are using topical tragedies to manipulate people into making bogus charitable donations.
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