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Welcome to our February Newswire...

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

We operate a responsible email policy at Fish Partnership, so if you do not wish to receive further copies of this newswire, click here to unsubscribe.

Famers need to look at diversification for alternative forms of income

Buckinghamshire-based accountants The Fish Partnership have said that farmers need to look at alternative ways of making money from their land in the years to come.

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UK families facing inheritance tax hits 35-year peak

The Office for Budget Responsibility (OBR) has released new figures that show the number of UK families paying inheritance tax (IHT) is at a 35-year high.

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Buy-to-let mortgage applications from limited companies more than double as landlords strive to beat tax hikes

The number of buy-to-let loan applications from limited companies has surged in recent months as landlords prepare for tax hikes starting in April, say mortgage brokers.

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Small firms struggle with workplace pensions

A survey by the Federation of Small Businesses (FSB) has found that nearly half of the employers who must set up a workplace pension scheme for their staff in the next two years are confused about their responsibilities.

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Excuses, excuses

HM Revenue & Customs (HMRC) has revealed the worst excuses it has heard over the previous year from people filing late tax returns.

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Employment Allowance set to rise

The Employment Allowance that enables employers to reduce their NI bill by £2,000 is being extended from 6 April 2016 to £3,000.

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MPs say the UK is not ready for digital tax

During the Chancellor’s 2015 Autumn Statement, the Government announced its plans to reform tax legislation to require small businesses, the self-employed and landlords to update HMRC quarterly, rather than completing an annual tax return.

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Audit exemption for small companies

The Government has considered responses to questions posed on the audit exemption threshold in its discussion paper on the implementation of the Audit Directive (2014/56/EU) and the Audit Regulation (Regulation 537/2014) and raised the audit exemption threshold.

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Key Dates

19 January 2016 – Quarterly payment PAYE Tax and NIC for year ended 1 January 2016. Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC.

22 January 2016 – Quarterly payment PAYE Tax and NIC for year ended 1 January 2016. Deadline for electronic remittance of PAYE, NICs and CIS to HMRC for month ended 5 January 2015.

31 January 2016 – Deadline for paying Self Assessment balancing payment and capital gains Tax for tax year ended 5 April 2015. Deadline for 1st payment on Self Assessment account for 2015/16.

Corporation Tax payments are due nine months and one day following your financial year end. For example, if year end is 31 December 2015, any Corporation Tax owed must be paid by 1 October 2016

Payments of PAYE and NI must reach HMRC by the 19th of the month following the tax month in which the salary payment was made if paying by cheque, or by the 22nd of the month if paying electronically. Please note that if the 19th or 22nd falls on a weekend or bank holiday, payment must reach HMRC on the last working day before the weekend or holiday.