Tax Briefings & News - Page 41 of 47

Mar 28 2017

VAT changes

By admin Budget Update, Potts & Co Accountancy & Business Advice News, VAT

The compulsory VAT registration threshold rises to £85,000 and the deregistration threshold to £83,000, both on 1 April 2017. Most businesses which provide services won't find it beneficial to use the VAT flat rate scheme (FRS) from April 2017. HMRC has now stipulated even tighter requirements for FRS users: goods…

Mar 28 2017

Tax Data 2017-18

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

All figures are annual amounts Allowances Personal allowance £11,500 Tapered on income above £100,000 Transferable to spouse/ civil partner taxed at 20% £1,150 Trading income £1,000 Property income £1,000 Rent-a-room £7,500 Tax on earnings Earnings to £33,500 20% £33,501 to £150,000 40% Over £150,000 45% Tax on earnings for Scottish…

Mar 27 2017

The digital tax revolution

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News

Making Tax Digital (MTD) is coming. Businesses and landlords will be required to submit online a regular summary of income and expenses to HMRC, at least quarterly. The annual tax return will be replaced by a personal digital tax account, which will be updated with information HMRC receives from third…

Mar 26 2017

Business rates revision

By admin Budget Update, Potts & Co Accountancy & Business Advice News, Property

The business rates payable for a property are a combination of its rateable value and the applicable multiplier for the area, less any special reliefs. The multipliers that apply in England for 2017-18 have been reduced from the rates in place for 2016-17. This is to offset the effect of…

Mar 25 2017

Allowances for property & trading

By admin Budget Update, Potts & Co Accountancy & Business Advice News, Property

From 6 April 2017, there are two new tax allowances for individuals: £1,000 for trading income and £1,000 for rental income. These allow people who trade to a very small extent or receive small amounts of rent to receive that income free of tax and not worry about declaring it…

Mar 24 2017

Salary sacrifice phased out

By admin Budget Update, Pensions, Potts & Co Accountancy & Business Advice News

Many employers supply a range of benefits such as pension contributions, cars, childcare vouchers or bicycles, with employees permitted to choose between receiving less salary and taking up a benefit, a 'salary sacrifice'. The Government is concerned that it is missing out on tax in such arrangements, as the benefit…

Mar 23 2017

Company car tax becomes complex

By admin Potts & Co Accountancy & Business Advice News

It is always good to look ahead when choosing a company car, as the amount of tax the driver has to pay on their ride generally increases each year. The Government argues that, as the technology for engines improves, the tax system should encourage companies to switch to cars with…

Mar 22 2017

Tax-free dividends restricted

By admin Budget Update, Potts & Co Accountancy & Business Advice News

If you take dividends from your own company, you are likely to be affected by the cut in the dividend allowance from £5,000 to £2,000 from 6 April 2018. Currently, a UK resident individual who receives no more than £5,000 of dividends in the tax year has no tax to…

Mar 20 2017

National insurance changes

By admin Budget Update, National Insurance, Potts & Co Accountancy & Business Advice News

The headlines following the Budget were dominated by the proposed 2% rise in the main rate of Class 4 national insurance (NIC) which is paid by the self-employed. This appeared to break a Conservative Party manifesto pledge not to raise the rate of income tax, national insurance or VAT in…

Mar 19 2017

Levies & charges for employers

By admin Potts & Co Accountancy & Business Advice News

April brings the new Apprenticeship Levy and a new Immigration Skills Charge. Both are potentially payable annually and are designed to encourage employers to train the staff they need, rather than to recruit skilled workers from abroad. Employers with annual payroll costs of £3 million or more will have to…