Abolition of Class 2 National Insurance
The Government has delayed the abolition of Class 2 National Insurance until 6 April 2019. Read more here.
Spring Statement 2018
Philip Hammond made clear some while ago that he wanted his Spring Statement to be a short financial briefing rather than a mini-Budget, complete with rabbit-out-of-hat announcements. Although his speech ran to 25 minutes, rather than the 15-20 that had been promised, the Chancellor stuck to a no-frills script. Read more in our blog.
Company Car Advisory Fuel Rates Update
HMRC have updated their Company car fuel rates as of 1st March 2018 – More details in Tracy’s blog.
Posted on March 01, 2018
Payment in Lieu of Notice is changing from April 2018
Payment in Lieu of Notice will be taxable as of April 2018 – More details in Tracy’s blog.
When does a Business need to register for VAT?
In her blog, Jo looks at VAT registration and items you can exclude when deciding if you need to register for VAT.
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.
Posted on
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.
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
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 £11,850 in the 2018/19 tax year, you may be able to reduce your husband, wife or civil partner’s tax by up to £237.
The Marriage Allowance will let you transfer £1,190 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 Directors and the National Minimum Wage
- Construction Industry Scheme
- Dividend Payments and Documentation
- Dividend Tax Rates
- Employment Allowance
- Employment Status Indicator
- Financial Thresholds
- Gender Pay Gap Reporting
- Income Shifting
- Interim or Final Dividend?
- Junior ISAs
- LISA Savings Account
- Limited Liability Partnerships
- National Minimum/Living Wage
- Part-time Carers
- Seed Enterprise Investment Scheme
- Should you charge VAT to Overseas Customers?
- Student Loans
- Tax Free Childcare
- Trading Disclosures
- Useful Figures
- VAT Fuel Scale Charges
- VAT registration and de-registration thresholds