News

Inheritance tax changes to the family home

Question. My motivation is to build up assets with the aim of passing them on to my children and my grandchildren without needing to worry about inheritance tax. I heard that there is an increased nil-rate band when my family home is passed on to my children on my death. What is the impact of these changes? Answer. Currently, Inheritance Tax (IHT) is charged at a rate ...

PKF-FPM Negative Equity Seminar

Do you have Clients among the 68,000 homeowners in Negative Equity?? Join the PKF-FPM team to discover how your clients can achieve Full & Final Settlement

Changes to make national insurance payments for self employed easier

Question. I’ve just gone self-employed. How do I go about paying my stamp?  Answer. The self-employed pay 2 types of National Insurance Contributions (NIC): Class 4 which is dependent upon the level of profits and is collected via the tax return Class 2 which is a fixed amount Currently Class 2 NIC are billed six monthly or taken via a monthly direct debit. From April 2015, both of these methods will ...

Reporting standards for small firms simplified

The Financial Reporting Council (FRC) has introduced new accounting standards designed to simplify reporting for small and micro businesses. Micro businesses will now have to report to a different standard than small businesses under the new FRS 105, while small businesses will also have to adjust to a new set of standards. The FRC’s changes are largely a response to the EU Accounting Directive which significantly increased ...

Summer Budget Report 2015

‘A BIG BUDGET FOR A COUNTRY WITH BIG AMBITIONS’ The first Conservative budget in 18 years has been delivered by the Chancellor George Osborne. Figures from the Office for Budget Responsibility (OBR) provided a positive backdrop to the second Budget Statement in 4 months. Economic growth in 2014 was revised upwards from 2.6 percent to 3 percent and the OBR now predicts output to grow 2.4 percent ...

Help with employer’s expenses form

Question. I became an employer during 2014 and recently received notification from HM Revenue & Customs that before 6 July I am required to complete a P11D(b) Return of Expenses and Benefits form for the year 2014-15.  What is the purpose of this return and what benefits and expenses do I need to declare on it ?  Answer. The P11d(b) is used to declare the amount of Class ...

President of The Irish Business Organisation of New York (IBO) welcomes PKF-FPM Managing Director Feargal McCormack

PKF-FPM Managing Director Feargal McCormack was a guest of the President of The Irish Business Organisation of New York (IBO) Sean McNeill at the IBO Summer Party held at the Manhattan Club at Rosie O’Grady’s in Seventh Avenue New York. The Guest of Honour at the event was the Irish Consul General for New York, Barbara Jones. The IBO is the premier networking organisation for Irish ...

Tax exemptions to consider when selling property

Question. I own a number of properties in Northern Ireland and plan to sell some of these properties in the coming months. In the past I was always able to sell my investment properties free from UK tax due to the fact that I am resident in Dublin. Is this tax exemption still available?  Answer. Prior to 5 April 2015 most non-UK resident individuals paid no CGT in ...

Don Patterson Open Juvenile Golf Competition 2015

This year’s Don Patterson Open Juvenile Golf Competition 2015 will take place at Warrenpoint Golf Club, Co. Down on Thursday 6th August 2015. There are 3 age categories for Boys and Girls Competitions. (gross competition, no handicap required) Under 9 years on 31st December 2014 (ie born in 2006 or later) Under 11 years on 31st December 2014 (ie born in 2004 or later) Under 13 years on 31st December ...

Chancellor may have some tricks up sleeve for July Budget

Question. There is quite a lot of speculation about some of the tax changes which are likely to be announced in the Chancellors July budget, particularly associated with possible changes to the tax relief available on pension payments.  Should I be doing anything now to secure my current year pension tax relief before the changes are announced? Answer. When there is a change of Government it is normal ...