Budget 2016: Live panel

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On Wednesday (16 March) AccountingWEB and BusinessZone will be hosting a live online chat throughout the Chancellor's 2016 Budget speech.

Join us from 12.15pm and add your thoughts to our tax, accounting and business panellists.

Our expert panel for Budget 2016 includes:

TaxCalc is the proud sponsor of the Budget 2016 in association with AccountingWEB.

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Don’t forget to register for Rebecca Benneyworth’s updated guide to the key tax measures. Benneyworth will analyse the Budget in depth and report on how key tax announcements will affect you and your small business clients.

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To participate in the live chat, type your comments in the box at the bottom of the panel below:

Live Blog Budget 2016
 

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The Budget in numbers...

Thanks (2)
By 0098087
16th Mar 2016 14:07

Isa

Lifetime ISA, so auto enrollement for nothing. Cost to small business phonemal for nothing. Disgraceful incometence

Thanks (1)
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16th Mar 2016 14:13

Disagree

how else are you going to get employers contributions in etc

Thanks (0)
By 0098087
16th Mar 2016 14:35

employees not interested. It was only going to be any good if it was compulsory

Thanks (0)
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16th Mar 2016 14:56

well employees need a better understanding of why its good

for them especially as employer contributions increase over the years 

Thanks (0)
By 0098087
16th Mar 2016 15:03

the people who need it most are not interested

Thanks (0)
By 0098087
16th Mar 2016 15:04

Compulsory through PAYE system was solution. Pension companies makingt tons for doing nothing

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By mabzden
16th Mar 2016 15:05

Loans to Participators in Small Cos

I notice the rate used to calculate S455 tax is rising from 25% to 32.5%. It's coming in for any loans made on or after 6 April 2016.

That's not a typo - it applies in three weeks time. So someone doing a set of accounts for the year ended 30 April may have to incorporate this new rule.

Three weeks? That's plenty of time for HMRC to change their CT system and for software developers to update, test and distribute their new CT600 programs. No problem whatsover.

Thanks (0)
By JimH
16th Mar 2016 15:25

Loans to Participators
Been pondering this too. I think it means new loans, so take them today! And we'll see plenty of disputing when the loan/overdrawn account actually arose ...

@Mabzden, if new loans taken say 10 April for a 30 April yearend and are fully repaid before 31 January 2017, there is no s455 tax.

Waiting to see if a loan taken 28 February 2016 and outstanding 9 months after balance sheet date is still at 25% rate for s455 tax.

Thanks (0)
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By mabzden
16th Mar 2016 15:39

@ JimH

JimH wrote:
Waiting to see if a loan taken 28 February 2016 and outstanding 9 months after balance sheet date is still at 25% rate for s455 tax.

I assume a loan originally taken in Feb 2016 will still be taxed at 25%. From the wording the rate seems to depend on when the loan was "made" rather than when it becomes taxable.

Thanks (0)
16th Mar 2016 15:39

Loans to Participators

No surprise.  It needs to match the tax on a dividend.

Thanks (0)
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By trucker
16th Mar 2016 15:54

OOTLAR


Can anyone direct me to it please?

Thanks (0)
By JimH
16th Mar 2016 19:13

Finally...

trucker wrote:


Can anyone direct me to it please?

OOTLAR https://www.gov.uk/government/uploads/system/uploads/attachment_data/fil...

Thanks (0)
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By mabzden
16th Mar 2016 16:07
Thanks (0)