Autumn Statement 2015 – further detail

Following draft legislation published on 9th December 2015, we have produced the attached document Autumn Statement 2015 - update - December 2015to provide you with more detail on specific areas included in the summary.

The further details cover the following areas:

  • Dividend allowance
  • Personal savings allowance
  • Employment taxes – trivial benefits
  • Employment taxes – intermediaries and travel and subsistence
  • Replacement of wear and tear allowance
  • Non UK domiciles
  • Simple assessment

Download our further information summary here.


Read more about the Autumn Statement 2015

Read Hart Shaw’s newsletters

Follow Hart Shaw on Twitter


Research & Development – making claims easier for smaller and medium companies

The government views investment in research & development (R&D) as a key to economic

Download the 'Research & Development' briefing here

Download the ‘Research & Development’ briefing here

success. It is therefore committed to encouraging more smaller and medium sized (SME) companies to claim R&D tax relief. Claims by SMEs for enhanced tax deductions have more than doubled over the last five years and claims for cash repayments have increased by 126% in 2014/14 from 2012/13.

The recently published government plan to improve access to R&D highlights the need for more SME companies to understand what relief is available and how the process of claiming tax relief works. Recent changes to R&D scheme rates have increased the relief available so a clear understanding is needed to ensure that companies are aware of how the tax rules work.


Download our latest briefing on R&D to read more

Read Hart Shaw’s other newsletters

Follow Hart Shaw on Twitter


Changes and choices for micro company financial accounts

Over the next year or so the statutory accounts that small companies have to prepare and send to Companies House are changing because of revision to the Companies Act and some connected changes

Download the 'Changes and choices' briefing here.

Download the ‘Changes and choices’ briefing here.

to UK Accounting Standards, often referred to as UKGAAP.

Smaller limited companies (known as ‘micro-entities’) will often be able to choose between two version of UKGAAP, one of which is considerably simpler than the other. However, companies which are ‘small’ but not small enough to be micro-entities will not be able to take advantage of this option.

To find out more download our latest briefing.

Read Hart Shaw’s newsletters

Download Hart Shaw’s mobile app


Sage software updates

There have been a number of updates which our Sage clients need to be aware of:

v2011 & Below

Clients, using these versions, are no longer able to purchase a like for like upgrade.  If any of our clients would like to get up to date, they will need to take out a Sage Cover Extra contract.


v2012 & v2013 – End Of Life

These versions, were announced as end of life, from the 1st April 2015.

This means customers, using either of these versions, should upgrade by the 31st March 2016.


Windows 10 & Sage Software

Sage 50 Accounts v22, and future versions, are fully tested and supported on Windows 10.

  • Sage Accounts 2013 (v19), 2014 (v20) and v21

Sage Accounts 2013 (v19), 2014 (v20) and v21 were released before Windows 10, and have had limited testing on this new operating system.

We can support you processing in your software, however we can’t support issues with installing or accessing Sage Accounts on Windows 10. In this situation you should upgrade to Sage 50 Accounts v22.

  • Sage Accounts v18 and below

Sage Accounts 2012 (v18) and below aren’t supported on Windows 10.

For further information about how any of these updates affect your software please contact Julian Wilkinson, Outsourcing Manager & Sage Software at Hart Shaw on 0114 251 8850 or julian.wilkinson@hartshaw.co.uk.


Read more about Hart Shaw’s Sage software services

Follow Hart Shaw on Twitter

Download Hart Shaw’s mobile app


Autumn Statement 2015

On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review.

His speech and the supporting documentation set out both tax and economic measures. Our summary

Download our Autumn Statement summary here

Download our Autumn Statement summary here

concentrates on the tax measures which include:

  • changes to the prospective Tax-Free Childcare scheme
  • reversal of most of the tax credit proposals
  • retaining the 3% diesel supplement for company cars which was to be abolished
  • the introduction of an apprenticeship levy
  • proposals to restrict tax relief for travel and subsistence expenses for workers engaged through employment intermediaries
  • the introduction of a payment on account of any capital gains tax due on the disposal of residential property
  • the introduction of higher rates of Stamp Duty Land Tax on purchases of additional residential properties.

In the Budgets in March and July the government announced various proposals many of which have been subject to consultation with interested parties. Some of these proposals are summarised here. Draft legislation relating to many of these areas will be published on 9 December and some of the details may change as a result.

Our summary also provides a reminder of other key developments which are to take place from April 2016.


Read our Autumn Statement 2015 summary here

Download a PDF booklet of our Autumn Statement summary

Follow Hart Shaw on Twitter


Businesses and home owners need to consider capital gains tax when selling up

Sheffield based accountancy firm Hart Shaw is encouraging business and home owners to give greater consideration to capital gains tax (CGT) when selling.

The message comes after new figures show that the amount of CGT being collected by the government is growing at a rate of 43 per cent per year; one of the fastest areas of revenue growth for the Treasury.

According to the latest government figures, in 2013-14 the total amount of CGT collected rose to £5.5 billion; up from £3.4 billion in 2012-13.

The increase is believed to be due to further rises in the value of shares and property, as well as an increase in turnover for investments subject to CGT. In recent years HM Revenue & Customs (HMRC) has also become more vigilant in identifying those who have a liability through various targeted campaigns.

Basic-rate taxpayers pay CGT at a rate of 18 per cent, while higher and additional-rate taxpayers pay a rate of 28 per cent, which is offset by an annual CGT allowance. This is currently £11,100 for individuals and £5,500 for trusts.

Steve Vickers, Tax Partner at Hart Shaw, said: “The increase in CGT is not surprising considering the increase in the value of property and shares, stricter monitoring by HMRC and a number of other changes that have contributed to a larger tax take.

“However, there are still options available to individuals and businesses who wish to reduce their CGT tax bill, including reliefs such as entrepreneur’s tax relief which is available to many business and company owners.”

Steve added that it was important that individuals and businesses sought professional advice to reduce their tax liabilities, as there could be savings to be made.

For more information Steve can be contacted on 0114 251 8850 or steve.vickers@hartshaw.co.uk.


Connect with Steve Vickers on LinkedIn

Read more about Hart Shaw taxation services

Download the Hart Shaw mobile app


Are your legacy affairs in order?

Hart Shaw is warning people that they could face higher inheritance tax (IHT) bills than they expected, after new research shows a significant increase in payments to the Treasury.

Recent analysis of HM Revenue and Customs’ (HMRC’s) tax figures for 2012/2013 has revealed that the cost of passing on wealth to the next generation had increased by three per cent in one year.

During this period – the latest for which figures are available – the British population paid more than £3 billion to the Treasury in IHT, while the average death tax bill rose almost £5,000 in a year to £170,000, despite the fact that only 17,900 (six per cent) of the 280,000 estates reviewed, actually ended up paying IHT.

Steve Vickers, Tax partner at Hart Shaw, a founder member of the UK200 Group of professional accountants said: “As house prices continue to rise, more and more people are finding themselves liable to IHT, particularly those with more than one property or a property in a high-value area.

“However, all of this could be set to change following new IHT rules due to be introduced from April 2017.”

Under the new rules, announced in the Chancellor’s Summer Budget, individuals will be entitled to a family home allowance, in addition to their existing individual £325,000 IHT allowance.

This new allowance will be phased in over the coming years and will allow married couples or those in civil partnerships to pass on a property worth up to £1m tax free by 2020/21.

“People need to start thinking now about how this new allowance will affect their legacy planning and they should consult a professional to ensure that they are able to make the most of the upcoming changes,” added Steve.

For more information please contact Steve Vickers on 0114 251 8850 or steve.vickers@hartshaw.co.uk, or watch our video on Inheritance Tax Planning.


Connect with Steve on LinkedIn

Follow Hart Shaw on Twitter

Read more about Hart Shaw’s IHT services

Read more about the UK200 Group 


May 2017
« Dec