Potts & Co Accountancy & Business Advice News Archives - Page 46 of 46

Apr 03 2016

Lifetime ISA

By admin ISA, Potts & Co Accountancy & Business Advice News

From April 2017, individuals between the ages of 18 and 40 will be able to open a Lifetime ISA (LISA) and save up to £4,000 a year. For savings made up to the age of 50, the Government will add a bonus of 25% of the amount saved. The savings…

Apr 02 2016

Losses

By admin Corporation Tax, Potts & Co Accountancy & Business Advice News

Companies who make losses may change their trade in order to achieve a profit. In some cases the losses made in early periods can become trapped and unusable, as tax law prevents a loss from being set against profits from a different trade. From 1 April 2017 such restrictions on…

Apr 02 2016

Tax Rate & Thresholds

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

Income tax rates are becoming more complicated as various rates are payable on different types of income. In 2016-17 earnings from employment, pensions or trading are taxed at 20% (the basic rate) up to £32,000, after your personal allowance has been deducted. Taxable earnings above £32,000 less than £150,000 are…

Apr 01 2016

New allowances

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

From 6 April 2017, there will be two new allowances worth £1,000 each to cover small trading profits and income from property, respectively. The aim of these allowances is to allow people to earn relatively small amounts for occasional jobs or letting property without having to worry about submitting a…

Mar 30 2016

Allowances Update

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

The tax-free personal allowance has been set at £11,000 for 2016-17; it will rise to £11,500 for 2017-18. The Government intends to increase the personal allowance to £12,500 by the end of the current Parliament in 2020. The personal allowance is set at the same level for taxpayers of all…

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