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:

Download Budget Report – 2014

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:

• Personal allowance increased from £10,000 to £10,600 for the tax year 2015/16. This is set to rise again in 2017
• The pension lifetime allowance to fall from £1.25m to £1m with effect from 6th April 2015
• Increased flexibility in Cash ISA’s from Autumn 2015
• Digital tax account to replace the annual tax returns

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:

• Changes to the remittance basis charge introducing a new £90,000 charge for those who have been resident in the UK for more than 17 out of the last 20 years
• Major reform of stamp duty land tax for residential property. The new rules are effective from 4th December 2014. This will have a significant effect on stamp duty due when purchasing a property valued at over £1,000,000
• You will still be able to claim Entrepreneur’s relief on qualified gains even if the gains have been deferred into investments which qualify for the Enterprise Investment Scheme

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%.