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.
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.
The 2017 Autumn Budget announced the delayed abolition of Class 2 NICs until April 2019.
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.
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.
Read the latest issue of our Pay Less Tax Newsletter – Autumn 2017 Edition
New company car advisory fuel rates have been published which take effect from 1 September 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
New company car advisory fuel rates have been published which take effect from 1 June 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare launched at the end of April and is being rolled out to parents, starting with those parents with the youngest children first.
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2017.