Pay Less Tax Newsletter – Summer 2018
Read the latest issue of our Pay Less Tax Newsletter – Summer 2018 Edition
Don’t assume you will be able to sell a business asset “Tax Free”
You may be a sole trader, a partnership or run your business through your personal limited company, whatever vehicle is used to run your business there will be a time when you want to take it a little easier or stop all together and at that time having a clear plan in place well in advance will help secure the right tax reliefs for the assets you dispose of.
Disposing of Personal Belongings – Capital Gains Tax (CGT)
Selling or giving away personal belongings can sometimes have tax consequences. When disposing of personal belongings, you should be aware of Capital Gains Tax (CGT) which is a tax on the increase in value of a belonging.
Gifts made within 7 years of death
As we get older it is natural to want to help the younger generations with a financial gift, however here are some things to be aware of if making gifts.
Making Tax Digital – An opportunity for ambitious business owners
The introduction of MTD is the perfect opportunity to completely transform and revolutionise the way you do business and the way you maintain your accounting records. To book a free MTD compliance review, or to find out more, contact Rob Holt or Sara Martin on 01332 242257
ATED (Annual Tax on Enveloped Dwellings) explained
If you have a number of properties and the portfolio is run as a business this may well be a sound idea, however, a 3% Annual Tax on Enveloped Dwellings (ATED) will be charged in addition to the usual tax on profits in certain circumstances.
Dividend Allowance reduced to £2,000 in April 2018
The zero rate on the first tranche of dividend income was confirmed as reducing to £2,000 from April 2018. The reduction will result in an extra £1143 for an additional rate taxpayer with a basic rate taxpayer having an extra £225 to pay.
Abolition of Class 2 National Insurance Contributions (NICs) – Delayed until April 2019
The 2017 Autumn Budget announced the delayed abolition of Class 2 NICs until April 2019.
Salary Sacrifice benefiting employers and employees
As employers now have a duty to make pension contributions for their employees it may be worth employees considering salary sacrifice to make their contributions to the pension.
2017 Autumn Budget Summary
The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017.
His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to create more jobs.The major attention-grabber was aimed at first time buyers who will not have to pay Stamp Duty Land Tax on homes costing up to £300,000.
