Income Tax Archives - Page 3 of 3

Jun 20 2020

Working at Home Expenses

By admin Covid-19, Expenses, HMRC, Income Tax, National Insurance, Potts & Co Accountancy & Business Advice News

Many workplaces are currently closed and employees are working at home where possible to prevent the spread of COVID-19. This comes with advantages, not least avoiding the daily commute, but may also create costs for the employee such as additional power and water used whilst working. The employer can help…

Mar 27 2020

Income Tax Rates & Allowances

By admin HMRC, Income Tax, Potts & Co Accountancy & Business Advice News

As the Conservative Party manifesto had promised no increase in the rate of income tax it was not surprising that all income tax rates for 2020-21 have been frozen at those in place for the last five years. The main rates are: • 20%, 40% and 45% on earned income…

Mar 22 2020

Easing the Pension Charges

By admin HMRC, Income Tax, Pensions

Doctors have been retiring early and turning down extra shifts because their higher earnings generate pension contributions in excess of the permitted level of their annual allowance, leading to a penal tax charge. This charge can apply to any high-earning taxpayer but members of final salary pension schemes are particularly…

Mar 05 2020

Restricted Employment Allowance

By admin HMRC, Income Tax, National Insurance, Potts & Co Accountancy & Business Advice News, Restricted Employment Allowance

The employment allowance is currently worth up to £3,000 per year but can only be claimed by companies with at least one employee other than the sole director. From April 2020 the allowance will also be restricted to employers whose Class 1 NIC liability was less than £100,000 in 2019-20.…

Mar 04 2020

New NIC Thresholds

By admin HMRC, Income Tax, National Insurance, Potts & Co Accountancy & Business Advice News

The NIC rates and thresholds have been announced in advance of the Budget on 11 March to allow time for software providers to programme this information into their payroll packages for 2020-21. There is no change to the rates of Class 1 NIC as the Conservative Party pledged not to…

Jun 06 2019

Selling a Let Property

By admin Income Tax, Potts & Co Accountancy & Business Advice News, Property, Welsh Land Taxes

Many landlords are deciding to sell their residential properties. From 6 April 2020 none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead the landlord receives a tax credit equal to 20% of the interest to set against their income tax…

Dec 10 2018

Termination Payments

By admin Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

If an employment contract is terminated after 5 April 2018, the £30,000 tax-free cap on a payoff does not necessarily apply in full. Any payment made on termination of the employment needs to be broken down into its elements to test which parts may be covered by the tax-free amount.…

Sep 09 2018

Income Tax Calculations

By admin HMRC, Income Tax, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News

Every year HMRC reconciles taxpayers' tax liabilities to the tax reported as paid for the individual via PAYE. This is happening now for the 2017-18 tax year. If the calculation for your tax position shows tax owing, or a tax repayment due, you should receive a copy of the calculation…

Income Tax

Working at Home Expenses

Income Tax Rates & Allowances

Easing the Pension Charges

Restricted Employment Allowance

New NIC Thresholds

Selling a Let Property

Termination Payments

Income Tax Calculations

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