HMRC has released its latest list of the most outlandish items which have been claimed as expenses.
The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts will be available from 6 April 2017.
With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider.
The new car tax regulations only affect cars registered after 1 April 2017. Use the flowchart infographic below to see how much you would have to pay. We have set out some worked out examples underneath.
Read the latest issue of our Pay Less Tax Newsletter 2016 / 17 Winter Edition
The government are celebrating the ‘first birthday’ of their award winning Personal Tax Account which recently won Digital Project of the Year at the annual UK IT Industry Awards.
The Apprenticeship Levy is being introduced from 6 April 2017 and will be payable by large employers. The Levy will be 0.5% of the employer’s pay bill but there is an annual allowance of £15,000.The allowance will be given on a pro-rata basis throughout the tax year.
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.