The 2018 Autumn Budget announced changes to the ‘off-payroll’ working (or ‘IR35’) rules, which are set to apply from April 2020. This may affect you if you work on a contract through a personal service company (PSC) in the private sector, or hire or place such workers. Similar rules already apply in the public sector. … Continue reading New Rules for Personal Service Companies
Landlords have been subject to a number of significant tax changes in recent times, including restrictions in the allowability of finance costs for tax purposes, which are being phased in between 2017/18 and 2020/21. With this in mind, many are contemplating the potential advantages of furnished holiday lettings (FHLs). Here we outline some key areas … Continue reading Furnished Holiday Lettings – a Tax-Free Alternative?
In the 2018 Autumn Budget, Chancellor Philip Hammond announced a new capital allowance, the Structures and Buildings Allowance (SBA). The new SBA gives relief for expenditure on certain structures and buildings. Since the abolition of the Industrial and Agricultural Buildings Allowances, no relief has been available for most structures and buildings. The SBA addresses the … Continue reading The New Structures and Buildings Allowance
Entrepreneurs’ Relief (ER) is available to taxpayers on the disposal of the whole or part of their business. ER means that you pay capital gains tax (CGT) at a rate of 10% rather than 20%, subject to a lifetime limit of £10 million. Following the 2018 Autumn Budget, new conditions have been introduced to ensure … Continue reading Entrepreneurs’ Relief: An Update
With the end of the 2018/19 tax year fast approaching, now is a good time to review your finances to ensure you are making full use of the available allowances and minimising your tax liability. Personal planning Maximising the personal allowance The basic income tax personal allowance (PA) for an individual is set at £11,850 … Continue reading Top Tax Planning Tips for the Year End
For employees using a company car, the new fuel rates for use from 1 March are as follows: Engine Size Petrol LPG Diesel Amount per mile (in pence) 1400cc or less 11 7 10 1401cc to 1600cc 14 8 10 1601cc to 2000cc 14 8 11 Over 2000cc 21 13 13 For the purpose of … Continue reading Advisory Fuel Rates from 1st March 2019
Experts have recently warned that thousands of over-55s are at risk of incurring charges and reducing the available tax relief if they continue to delve into their pension pots whilst benefiting from workplace pension contributions. This article takes a look at some key pensions tax reliefs and allowances. Relief on pension contributions All pension schemes, … Continue reading Are You Making the Most of Pensions Tax Reliefs?
The government recently scrapped its plans to abolish Class 2 national insurance contributions (NICs). They were originally due to be abolished in April 2018, but the plans were delayed for a year until April 2019. The government has now announced that Class 2 NICs will not be abolished during this Parliament. Former Chancellor George Osborne … Continue reading Government Scraps Its Plans to Abolish Class 2 NICs
The government has confirmed its plans to reduce the time limit for filing Stamp Duty Land Tax (SDLT) returns and paying any tax due. First announced in 2015, the measure was due to come into effect in 2017/18, but was subject to a delay. The publication of the draft Finance Bill 2018-19 in the summer … Continue reading Changes to the Stamp Duty Payment Window
The Welsh Assembly has now agreed that income tax rates for Welsh taxpayers will not be changed for 2019/20. From April 2019, Welsh taxpayers will be issued with new tax codes beginning with C for Cymru. The UK government will reduce the 3 bands of income tax by 10% each for Welsh taxpayers, with the … Continue reading No Changes for Welsh Taxpayers