Important changes are afoot from April 2017 if you are a contractor undertaking work for public sector clients. And if caught out by them, you could face higher tax bills than you may be used to. Continue reading
The end of one tax year, and beginning of the next is always a time of change when it comes to tax, but this time round it seems more significant than at any time over the last 10 years. Here’s a quick run-through of the major issues for our client base….
Here’s a quick digest of the main announcements relevant to small business from November’s Autumn Statement, plus a recap of previous announcements coming into force early in 2016. Continue reading
If you have an investment property, or are thinking of entering the buy-to-let market at some point, this one is for you! Continue reading
For our initial summary / reaction to the budget, click on this link Issue 36 Budget v2 2015.
The tax-free personal allowance is now £10,600 (was £10,000) but remember employee NICs of 12% start at £8,060.
Higher rate tax starts at £42,385.
At £100,000 the £10,600 personal allowance is gradually reduced and completely taken away at £120,000—marginal tax rate is 60% in this band!
This was the final Budget of this parliament and so whilst many of the measures will no doubt be implemented in full, there are always question-marks over promises which may never come to fruition if the current administration do not manage to get sufficient votes in May.
Nevertheless, please see our own summary of the key measures likely to affect you or your small business by clicking here : Issue 34 Budget 2015
As we draw close to 5th April, it’s worth just highlighting a few sensible tax planning measures that you might be able to take to either reduce, or delay, your personal tax burden. Nothing here is rocket science, nor does it come within the (politically charged) definition of tax evasion / avoidance, but it may just be worth you considering these points, then acting immediately on them (for many of the points the second half of March is already too late to effect any changes) Continue reading
With the tax return filing deadline fast approaching at the end of this month, I thought it would be a good time to explain the whole system of payments on account, which invariably “fox” our clients and which we spend significant time explaining each year. Continue reading