‘Making Tax Digital’ (MTD) is a government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020. Under the MTD scheme, HMRC is aiming to create a single ‘digital account’ for each taxpayer in order to unify their different taxes and make it easier for them to manage their tax affairs. Taxpayers will be able to log into their digital account in order to view all payments made and offset overpayments from one tax against underpayments in others.
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.