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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.

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. 

Posted on  by Tracy Martin

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.

Posted on  by Joanne Stoneman

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. 

Posted on  by Joanne Stoneman

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.  

Posted on by Joanne Stoneman

 Making Tax Digital – Update

The Government recently announced a new timetable for Making Tax Digital (MTD).  For more details click here.

Posted on by Tracy Martin 

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.

Posted on by Tracy Martin

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 by Corrine Coker

 

 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 £11,850 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. 

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