Tax campaigners have warned that the abolition of Class 2 National Insurance contributions from April 2018 could result in the lowest earners among the self employed being hardest hit.
Parents with children in childcare have an important decision to make in the early part of 2017. The government will launch the new Tax Free Childcare Account (Childcare Account) and for selfemployed parents this will mean that they have access to tax incentivised childcare for the first time.
From April 2017 the way property income is taxed will change and the allowable interest paid to the lender will not be deducted as an expense but instead given as a basic rate tax credit. This will impact on all higher and additional rate taxpayers, in addition it will push some basic rate taxpayers into the higher rates of tax.
The Personal Savings Allowance (PSA) is a new allowance. It allows up to £1,000 of savings income to be paid to a basic rate taxpayer free of tax. For a higher rate taxpayer the allowance falls to £500 but additional rate taxpayers are not entitled to any allowance.
In this newsletter, we examine the following changes: The Savings Starting Rate and the Personal Savings Allowance Explained NEW Investors Relief – In the Budget 2016 a new relief was introduced, Investors Relief (IR) to encourage passive investors to invest in trading businesses. Annual Tax on Enveloped Dwellings (ATED) It’s all change for long-term resident…
The ‘Investors Relief’ has been introduced to encourage passive investors to invest in trading businesses
In the Budget 2016 a new relief was introduced, Investors Relief (IR) to encourage passive investors to invest in trading businesses. The investor subscribes for qualifying shares and when these shares are disposed of the gain in value of the shares attracts a preferential 10% rate of Capital Gains Tax (CGT) up to a lifetime limit of £10 million.
HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative.
A new savings allowance is available to basic and higher rate taxpayers for 2016/17. The amount available depends on the individual’s circumstances: If any of the individual’s income for the year is additional rate income then the individual’s savings allowance for the year will be nil. If any of the individual’s income for the year…
The 2016 budget was a tumultuous event for Chancellor George Osbourne. Our 2016 Budget Guide is a roundup of the implications of some of the measures announced, some of the changes taking effect from 6th April and some areas where we can help you to save tax! Download our guide which includes details on: Personal Tax Allowances Personal…