Tax Briefings & News - Page 48 of 48 - Potts & Co Accountants Ltd

Apr 08 2016

National Insurance – Termination Payments

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

Most people are aware of the 25% of the £30,000 tax exemption for payments made on the termination of an employment contract. This exemption doesn't apply in every case, but where it does the termination payment is also free of NIC without limit. From 6 April 2018, termination payments will…

Apr 07 2016

National Insurance – Self-employed

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

Self-employed individuals currently pay Class 2 NIC at a flat rate of £2.80 per week and Class 4 NIC at the rate of 9% on profits over £8,060 and 2% on profits over £43,000. Class 2 NIC will be abolished from 6 April 2018, but the rates of Class 4…

Apr 06 2016

Fair Bargain Rule

By admin Potts & Co Accountancy & Business Advice News

A benefit in kind tax charge does not generally apply to a transaction that is a 'fair bargain' between the employee and the employer; for example, where an employer provides a service to employees at the same cost and on the same terms as to the public. The law will…

Apr 05 2016

Employees – Zero Emission Vans

By admin Potts & Co Accountancy & Business Advice News

The tax charge for zero emission vans will remain at 20% of the standard charge for 2016-17, rather than increasing to 40% as originally planned. The standard charge for a company van is set at £3,170, meaning that the amount charged to tax on a zero emission van will now…

Apr 04 2016

Employees – Company Car Tax

By admin Potts & Co Accountancy & Business Advice News

The benefit in kind charge for having private use of a company car continues to increase. Figures published in the Budget set out the charges for 2019-20, to inform employees about the future tax cost of using a company car. Even low emission cars in the 0-50g/km band will be…

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…

National Insurance – Termination Payments

National Insurance – Self-employed

Fair Bargain Rule

Employees – Zero Emission Vans

Employees – Company Car Tax

Lifetime ISA

Losses

Tax Rate & Thresholds

New allowances

Allowances Update

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