Automatic Information Exchange Agreed for Offshore Disclosure Facilities

Disclosure-Offshore_TaxAgility-Accountants-LondonEarlier this year, Offshore Disclosure Facilities (ODF) were agreed between the UK government and the governments of Jersey, Guernsey, and the Isle of Man, designed to last between April of this year and 30 September 2016.  During this period Financial Intermediaries in these three dependent territories are to be contacting people who they believe may be eligible to participate in the facility.

In the latest update to these agreements in October this year, the governments have now agreed to an automatic and spontaneous exchange of information between the UK and the relevant offshore government, from 2016 onwards.
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SEIS Investment Injects £82m Into Start-Ups

Start Up_TaxAgility Accountants LondonThe SEIS (Seed Enterprise Investment Scheme), put forward by Chancellor George Osborne in 2011 and formally launched in April 2012, is designed to help small, early-stage or start up companies raise equity finance by encouraging individual investors with the prospect of receiving 50% of their investment back as income tax relief.

In the eighteen months since its introduction, over 1,100 companies across the UK have raised over £82 million in funding through SEIS investment, with the average amount of investment being raised currently at £72,000, according to HMRC.
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How The Cap on Income Tax Reliefs Affects You

Coins_TaxAgility-Accountants-LondonLast year the Chancellor announced the government was intending to introduce a cap on currently unlimited income tax reliefs, due to take effect from the tax year 2013-14. This cap has now been put into place, with HMRC having since published guidance on the new rules.

The cap has been set at either £50,000, or 25% of your adjusted total income for the current tax year (whichever is the greater number).
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What The New Flat Rate State Pension Means for You

TaxAgility Accountants London_PensionThe government has proposed the introduction of a simple, single-tier flat rate state pension in the hope of removing complex elements out of the current State Pension system and encouraging a greater number of people to save for retirement.

According to The Department for Work and Pensions, in the new system – which incorporates a merger of the basic state pension with the state second pension – the single-tier pension is expected to be worth approximately £145.40 per week for a single pensioner, compared to the current state pension of £110.00 per week (alongside means-tested top-ups).

The Pensions Bill, which contains the provisions to bring forward the flat rate state pension as part of the State Pension system, was introduced to the House of Commons in May of this year, and is currently going through parliament.

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