18 Apr 2018
There has been a lot of discussion in the papers about the new Scottish rates of income tax, which were announced in the Scottish Budget on 14 December 2017, but what does it really mean for you? Our article summaries the new tax rates and gives some guidance on the sources of income/deduction the new rates apply to.
Scottish Tax Rates
The Scottish tax rates will apply if you are a Scottish ...(more)16 Mar 2018
Philip Hammond delivered his Spring Statement on Tuesday 13 March. There was no red briefcase, no red book, and no tax changes as he delivered the statement in a speech lasting less than half the length of any of his previous statements.
The chancellor unveiled the latest economic forecasts alongside a raft of consultations.
Upcoming changes from April 2018
Auto EnrolmentFrom 6 April 2018, the minimum employer contribution towards an employee’s workplace pension ...(more)17 Jan 2018
Download our free tax calendar to help you remember all those tax deadlines in 2018.
Although the Autumn Budget didn’t contain many surprises (see our update) there are none the less a few tax changes taking effect this year that you should now be planning for.
Top changes include:
The dividend allowance (the amount you pay 0% tax on) is reducing from £5,000 per annum to just £2,000 per annum from 6 April ...(more)15 Dec 2017
Scotland's Finance Minister Derek Mackay announced Scotland's Draft Budget 2018-19 on 14 December. Within the Budget there were no surprises regarding Scottish income tax bands diverging from those across the rest of the UK, with several more bands added. Click here for more information.(more)07 Dec 2017
Chancellor Philip Hammond said he'd take a balanced approach to his second Budget of 2017.
Once again the speech was light on headline-grabbing finance changes and there were no 'giveaways' or major surprises.
Instead, the chancellor focused on the measures to prepare the economy for post-Brexit life.
Click here to view our report on the Autumn Budget.(more)08 Nov 2017
For those of you who are still keeping manual records and refusing to buy an accounting software package to record your bookkeeping transactions, be warned, your days are numbered. Like it or not, digital record keeping is coming and it's worth planning for this now.
With effect from 1 April 2019, all VAT registered business with turnover above the VAT registration threshold (currently £85k) will be required to:
maintain their VAT records ...(more)03 Nov 2017
At this time of year many employers give their staff ‘a little something’ to say Merry Christmas. The trick is to make sure you do this in the most tax efficient manner!
A common option is the Staff Christmas Bonus, which unfortunately is the least tax efficient method (albeit possibly the easiest!), with the employee suffering income tax and national insurance on the bonus and the employer also incurring national insurance ...(more)09 Aug 2017
We all have to pay tax but there are ways to legitimately reduce your tax bill by making the most of available tax reliefs and allowances. Download our 50 Tax Planning Tips for 2017/18 guide, which we hope you will find useful.
The main top tax savings tips include:
Remember to use your tax free exemptions wherever possible. This includes a tax free personal tax allowance of £11,500 (reduced by £1 ...(more)09 Aug 2017
As any parent will tell you, childcare costs for those parents who are working can be extortionate and any help that is available to reduce these costs is more than welcome.
There are a range of tax free schemes available to help working parents with qualifying childcare costs (such as payments to registered child carers including childminders, nurseries, nannies, after school clubs and schools) including a new ‘Tax Free Childcare’ scheme. ...(more)21 Apr 2017
There have been many changes to the taxation of property in recent years.
One of the more significant, whose impact will increasingly bite in years to come, is the restriction to tax relief available to individuals (including both UK and non-UK resident individuals and individuals in partnership) on interest and related finance costs incurred in connection with let residential properties.
The new rules do not apply to companies (whether UK resident or ...(more)