2016 was an eventful year and we’ve now safely made it into 2017. It’s been a busy time but it’s worth taking the opportunity to catch up on some of the developments at the end of last year. In November the Chancellor delivered his first – and last – Autumn Statement, announcing he intends to do away with them from 2017 and revert to Autumn Budgets. We explore some of these developments in the latest edition of our newsletter.
Our feature this edition is Tax allowances: use them or lose them. Tax year end planning is looming. You can be late with a return or tax payment, although there will be a penalty. However, sometimes just being a day late can cost you in terms of exemptions and reliefs.
Our other stories include:
The last Autumn Statement
What were the main takeaways from the new Chancellor’s first – and last – Autumn Statement?
A round-up of payroll
If you aren’t using HM Revenue & Customs’ payrolling benefits in kind service for 2016/17, you need to register online before 5 April 2017 if you want to use it for 2017/18.
Limits on pension contributions
Higher earners are now subject to tight limits on how much they can pay into tax-relieved pension schemes. It’s essential to take care to avoid a substantial extra tax charge.
The year is already moving quickly with only a few weeks until the Spring Budget in March. We hope you will find the topics covered in our newsletter of interest. Please do let us know if you’d like any more information – we’d love to hear from you.