Changes To The Way We Pay Interest
The Government announced in the 2015 Budget Statement, the introduction of a Personal Savings Allowance and the ending of the Tax Deducted Scheme for interest. This scheme required banks/ building societies to deduct tax from interest paid on deposits, for certain business and personal accounts.
This means that from 6 April 2016 all credit interest will be paid as a gross amounts and you will be responsible for tax reporting to HMRC of the credit interest you earn and for paying any tax that you owe.
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One of the controversial measures included in the draft Financial Bill 2016 was the proposed restriction of the deduction for travel subsistence expenses incurred by certain workers caught by the IR35 rules. This proposed change was consulted on during summer 2015 and, if enacted, will significantly restrict the tax relief available for those affected.
View article about Proposal to Restrict Tax Relief for Travel Expenses for IR35 WorkersNot everyone managed to file their tax return to HMRC by the 31st January deadline and HMRC have revealed some of the excuses that were used for not meeting the deadline:
View article about Late Tax Return ExcusesWhat our clients say






