Rent a Room Relief
Do you rent a room out in your home or run a Bed & Breakfast? Jo explains your options if you earn over the £7,500 tax free allowance set by HMRC. Read Jo’s blog here.
Does the income from my buy-to-let properties trigger Class 2 and Class 4 NIC liabilities?
Jo sets out, in her blog, a series of questions you should ask yourself to determine whether you should be paying Class 2 and Class 4 National Insurance Contributions if you have buy-to-let properties.
Making Tax Digital – Update
The Government recently announced a new timetable for Making Tax Digital (MTD). For more details click here.
Auto Enrolment – changes and rate increases
There will be changes to workplace pension rates from April 2018 and new employer obligations come into effect from October 2017 . More info can be found on Jo and Tracy’s blogs.
IR35 Employment Status
If you are a limited company contractor, it is important that you have considered the possibility that your company may be subject to IR35 legislation. Read more in Corrine’s blog.
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Company Directors and the National Living Wage?
Are you a company director, without a contract of employment, taking a salary for tax efficiency of between £8,200 and £11,500 per year (and the remainder in Dividends)? Do you need to comply with the National Living Wage? Tracy explains in her blog.
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Thinking about taking on an Apprentice?
If your organisation has fewer than 50 employees, the government will pay 100% of your training and assessment costs for apprentices aged 16-18 and for those aged 19-24 formerly in care or with a local authority education, health and care plan.
If you are a non-levy paying employer (see our blog of February 2017), you should start planning your apprenticeship programme now so that you make the most of the funding available from May 2017.
Government U-turn on Self-Employed Class 4 NIC Increases
The Chancellor announced on 15 March that he would not be going ahead with his Budget proposal to increase the National Insurance Contribution rates for self-employed people. Read more here.
Construction Industry Scheme
Changes to the Construction Industry Scheme come into force from April 2017.
Flat Rate Scheme for VAT – changes from April 2017
For businesses using the Flat Rate Scheme for VAT, the rules are changing from April 2017. Jo explains the changes in her blog post.
Gender Pay Gap Reporting
From April 2017, employers with 250 employees or more will have to publish statutory calculations every year showing how large the pay gap is between their male and female employees. For more details about these changes click here.
Tax Free Childcare
Tax Free Childcare begins on 28 April 2017 for parents of the youngest children. For more details about these changes click here.
Can we help review your P800s?
Have you received a P800 from HMRC stating that you owe tax or are due a refund? Read more
Changes to Tax Relief for Residential Landlords
From April 2017 there will be changes to the rules on income tax relief for interest and other finance costs, relating to residential landlords. Read more
Are you a Landlord?
HMRC are giving landlords the opportunity to bring their tax afffairs up-to-date. Read more
The new LISA savings account
From April 2017, if you are between the ages of 18 and 40, you can open a Lifetime ISA (LISA) Read more
Company tax on Directors loans
Companies must pay tax equal to 25% (32.5% for advances after 5 April 2016) of the amount owed to it by each director on the last day of its financial year unless the director replays what they owe within the next nine months.
Dividend Tax
Tax on dividends is usually payable as part of your self-assessment bill on 31 January following the end of the tax year. However, HMRC is making adjustments to some director shareholders’ code numbers to increase the PAYE tax on their salary as an alternative way to get its hands on the extra dividend tax sooner.
HMRC is including adjustments from 2016/17 tax codes. To have adjustments removed write to your tax office, phone HMRC’s helpline (0300 200 3300) or send an email using its secure service.
Accelerated CGT
The Chancellor made another attack on those owning residential property not used as their home. From 6 April 2019, anyone who makes a gain from selling such properties will have to pay an amount on account of their capital gains tax bill within 30 days of completion. The government will consult on how the scheme will work.
Married Couples Transferable Tax Allowance
If your income is less than £11,500 in the 2017/18 tax year, you may be able to reduce your husband, wife or civil partner’s tax by up to £220.
The Marriage Allowance will let you transfer £1,150 of your Personal Allowance to your partner. This is the amount of income people can get before paying tax.
To register your interest in the Married Couples Transferable Allowance with HMRC click here.
Previous blogs you may find of interest…
- AIA Increase
- Apprenticeship Levy
- Audit Exemption
- Budget 2017
- Business Cars Capital Allowances
- Business Travel Expenses
- Capital Gains Tax for Non-Residents – Sales of UK Residential Property
- Child Benefit Opt Out
- Class 2 National Insurance Contributions
- Companies House Filing Dates
- Company Car Advisory Fuel Rates
- Construction Industry Scheme
- Correct Tax Returns
- Dividend Payments and Documentation
- Dividend Tax Rates
- Employment Allowance
- Employment Status Indicator
- Financial Thresholds
- Income Shifting
- Interim or Final Dividend?
- Junior ISAs
- Limited Liability Partnerships
- National Minimum/Living Wage
- Part-time Carers
- Seed Enterprise Investment Scheme
- Should you charge VAT to Overseas Customers?
- Student Loans
- Trading Disclosures
- Useful Figures
- VAT Fuel Scale Charges
- VAT registration and de-registration thresholds