Philip Hammond, the new Chancellor, presented his first major fiscal statement to the House of Commons on 23 November 2016. This newsletter summarises the main announcements that may affect you and your business.
Please follow the link to view/download the Autumn Statement as PDF:
View Autumn Statement 2016
For further advice, please contact us.
Dear Member,
The Chancellor’s 2016 Budget contained some important announcements and confirmed a number of changes planned for the new tax year.
Following this, we have put together a report which contains the latest tax and financial information, which we trust you will find useful. The report can be found here. Below are some points to summarise some of the important changes.
Please also note there are significant changes to pension contributions and the way dividend income will be taxed from 6th April 2016 which were discussed in earlier budget reports. If you would like any more information on these changes please let us know.
For more information on how the changes in this year’s budget may affect you, please contact us.
Kind regards,
Frontier Fiscal Services
Dear Member,
We have pleasure in attaching our guide to the Chancellor’s Autumn Statement 2015 which can be accessed via this link.
Our special Autumn Statement 2015 provides a summary of the key announcements with some of the main points being:
At Frontier, we are always happy to help you. As well as ensuring that your accounts are accurate and compliant, we can offer advice to help you maximize your profitability and minimize your tax liability.
If you would like more detailed, one-to-one advice on any of the issues raised by the Statement, please contact your Advisor here at Frontier or call 020 7090 7770.
We look forward to hearing from you.
Many Thanks
Frontier Fiscal Services
Numerous changes to pension rules have been introduced in the 2014 Budget, allowing you greater flexibility in your pension plans. Please find here Frontier Group’s ‘A New Era for Pensions’ factsheet to gain an understanding of these new reforms in order to efficiently manage your retirement life.
As a saver taking benefits from your defined contribution pension for the first time you now have four options designed to offer you the maximum freedom. In addition to this, there are also changes to small pension pots, death benefits, and anti-avoidance measures. Our guide offers useful tips to capitalize on your pension and also provides information on the new flat-rate state pension being introduced from 6 April 2016.
Do not hesitate to contact us on 020 7090 7770 for more information and advice.
It is official! The French Tax administration has confirmed in a press release on 20th October 2015 the requirements for a refund of the French social charges.
The “Conseil d’Etat” (CE), in a decision dated 27th July 2015, drew the consequences of the European Court of Justice (ECJ) judgment of 26th February 2015 (Case C-623/13, Mr de Ruyter). It has been confirmed that it is contrary to European Law to levy social charges on French income-generating assets of individuals affiliated to a social security system of another Member State of the European Union (EU), European Economic Area (EEA), or Switzerland.
You must be registered with a non-French social security scheme located within the EU, EEA or Switzerland.
If you are not residing in France you can reclaim the social charges that you have paid on your French property rental income or the social charges that you have paid on the gains made during the disposal of your French property.
If you are residing in France, you can reclaim the social charges you paid on your assets income as well as your investment products.
The total rate of social charges is 15.5%.
The French Tax administration confirmed that the 2% solidarity levy (“prélèvement de solidarité”) paid before the 1st January 2015 is not affected by the Ruyter case as this tax does not finance the French social security system.
Under French law, any tax claim must be issued by 31st December of the second year following the year in which the tax was paid.
Therefore it is important to note that non-residents who have paid social charges in 2013 on their 2012 income have until 31st December 2015 to submit a claim to receive their refund. Similarly, non-residents who sold a French property in 2013 and have been subjected to social charges also have until 31st December 2015 to claim the corresponding tax.
Individuals who have paid undue social charges in 2014 or have recently received their tax assessment are recommended to issue a claim at the soonest convenience.
Non-residents can issue tax claims to the French tax office or to your registered tax office. The claims must be legally motivated and include all supporting documents establishing the right to claim for a refund of the French social charges.
We recommend that you seek legal advice in order to ensure your claim has been correctly drafted and supplemented with the necessary supportive documents.
At Frontier Fiscal Services, we are happy to assist you in claiming back the social charges you have paid. You will be represented by a French tax lawyer, who will submit and assess any potential claim.
Please contact us if you would like further information regarding this matter or would like to pursue such a claim.
Many Thanks
Frontier Fiscal Services
The first conservative Budget in 19 years has brought about various important announcements and confirmed a number of changes planned for the forthcoming tax years.
The significant changes are as follows:
Following this, we have put together a report which contains the latest tax and financial information, which we trust you will find useful. For more information on how the changes may affect you, please contact us.
We have pleasure in attaching our guide to the Chancellor’s 2015 Budget which can be viewed and downloaded as PDF from the link below:
With less than two months to go before a General Election and with the global economy experiencing ongoing challenges, the Chancellor faced something of a delicate balancing act when presenting his speech to the House of Commons.
Our special Budget Report provides a summary of the key announcements – including not just the headline measures, but also the less-publicized changes that are most likely to affect your business and your personal finances. Some of the key points are:
Throughout the Report, you will also find tips and ideas for effective tax and financial planning, as well as a useful 2015/16 Tax Calendar.
Finally, remember that we are here to help you. As well as ensuring that your accounts are accurate and compliant, we can offer advice to help you maximize your profitability and minimize your tax liability.
If you would like more detailed, one-to-one advice on any of the issues raised by the Budget, please contact an Advisor here at Frontier or call 0207 090 7770.
We look forward to hearing from you.
Find out what the Autumn Statement means for you.
We are pleased to link our guide to the Chancellor’s 2014 Autumn Statement.
Download 2014 Autumn Statement
Chancellor George Osborne made a number of significant announcements in this year’s statement and we have put together a summary of the key personal tax, business tax and financial measures which could affect you or your business.
Some of the highlights are:
For tailored advice on any issues that arise from the announcement of the Autumn Statement and to discuss how they may affect you please call Frontier on 0207 090 7770.
We are able to offer you’re more than the traditional tax and compliance requirements. We can advise you on strategies designed specifically to minimize your tax bill, improve your profits and make the most of your personal wealth.
We look forward to hearing from you.
Being the lesser of i) net investment income or ii) the excess (if any) of the “modified adjusted gross income” (MAGI) over $250,000
Net investment income includes (a) capital gains (including gain on disposition of interests in partnerships or S corporations attributed to the entity’s non-business property), (b) income from partnerships, LLCs and S corporations if a taxpayer does not materially participate, (c) dividends, royalties, interest and rental income, and (d) gain from sale of residence exceeding the $500,000 exclusion for married filing joint ($250,000 exclusion for other individuals).
Thus, the 3.8% Medicare tax does not apply if the taxpayer’s MAGI does not exceed the threshold (e.g., $250,000 for married filing joint).
The 3.8% tax does not apply to (w) tax-exempt interest, (x) distributions from qualified retirement plan accounts, (y) self-employment income, and (z) tax-free build-up in certain life insurance plans.
From 1 January 2013 Long Term Capital Gains for taxpayers with Adjusted Gross Income in excess of certain levels will increase from 15% to 20% and the top rate of federal tax will increase from 35% to 39.6%.
