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Welcome to the Latest Edition of Whiting & Partners Newsletter


This month's newsletter is not surprisingly dominated by the Budget.  Some of the key announcements are set out in the articles below together with a round up of other news. 
 
Please contact us if you would like any further details on any of the issues covered.

Budget 2014


The Chancellor delivered his Budget Speech on Wednesday 19 March and set the scene for the announcements stating that:

"If you're a maker, a doer or a saver: this Budget is for you",

You should have received our summary, however if you didn't and wish to then please click here.
PAYE Penalties
HMRC are to introduce further interest and penalties for the late submission of PAYE RTI returns and for late payment of PAYE liabilities. The penalties will be introduced as attached.
Advisory Fuel Rates for Company Cars
New company car advisory fuel rates have been published to take effect from 1 March 2014.  HMRC's website states:

"These rates apply to all journeys on or after 1 March 2014 until further notice.  For one month from the date of change, employers may use either the previous or new current rates, as they choose.  Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either."
Research & Development (R&D) Relief
R&D relief gives additional tax relief to companies for expenditure incurred on R&D projects that seek to achieve an advance in science or technology.
Changes to the ISA Regime
From 6 April 2014 the overall ISA savings limit will be increased from £11,520 to £11,880 of which £5,940 can be invested in cash.  From 1 July 2014 ISAs will be reformed into a simpler product, the 'New ISA' (NISA) and all existing ISAs will become NISAs.
Savings Band and Rate for 2014/15
The Chancellor announced changes to the maximum amount of an eligible individual's savings income that can qualify for the starting rate of tax for savings.
HMRC Issue Guidance on Bitcoin
HMRC have issued guidance on the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies.
 
Pensions - Changes to Come
The Government plans to bring even greater flexibility into the pension system from April 2015.  In effect an individual will be able to choose what they want to do with their defined contribution pension fund.
Pension Changes
The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes.
New Tax-Free Childcare Scheme
The Government has announced details of the new Tax-Free Childcare scheme which is to be launched this autumn.

The relief will be 20% of the costs of childcare up to a total of childcare costs of £10,000 per child per year.  The scheme will therefore be worth a maximum of £2,000 per child.  The original proposal had a cap of 20% of £6,000 per child.
Doubling of the Annual Investment Allowance
The Annual Investment Allowance (AIA) provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit and is available to most businesses.  Where businesses spend more than the annual limit, any additional qualifying expenditure generally attracts an annual writing down allowance of only 18% or 8% depending on the type of asset.
Shared Parental Leave and Pay
The Government has issued the draft regulations for Shared Parental Leave and Pay which are expected to become law from 1 October 2014 and will apply to babies due from April 2015.
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