We are delighted to bring you our summary of the key announcements in the Budget 2018 statement, made on Monday, 29 October. The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead … Continue reading Budget 2018: What you need to know
Yesterday, the Chancellor announced his second Budget of 2017. Among the key changes to note for this year are: The personal allowance will rise to £11,850 and the higher rate tax threshold for the UK will rise to £46,350 for 2018/19. Automatic enrolment pension minimum contributions increase significantly from 6 April 2018. Employer’s minimum contribution … Continue reading Autumn Budget 2017: What you need to know
The various tax allowances available to individuals in 2017/18 mean that it is possible for directors with a substantial credit on their director’s loan account to extract up to £22,500 out of the company and incur no personal tax. This table illustrates how it works: 2017/18 Personal allowance: this is the amount of income an … Continue reading Tax Efficiency and the Directors Loan Account
Following on from the Chancellor's first and last Spring Budget, we are pleased to provide you with our summary of the key announcements, along with our tax tables for the 2017/18 tax year: The main changes include: The tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018. Class 4 national insurance contributions … Continue reading 2017 Budget Review
Keep up to date with tax matters and explore some of the tax saving opportunities with our recent newsletters. Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
So, the 6th of April brings in the new tax year with new rules, but what are the changes? Personal Allowance - increases to £11,000. Personal Savings Allowance - if you are in the 20% band for income tax, you will pay no tax on the first £1,000 of interest you get from savings. If … Continue reading New Tax Year – New Rules!
Following on from the Chancellors 2016 Budget statement, we are pleased to provide you with our summary of all the key points, including: The new Lifetime ISA Cuts for Capital Gains Tax and Corporation Tax The restructuring of Stamp Duty Land Tax Abolishment of Class 2 NIC for the self-employed An increase in the Personal … Continue reading 2016 Budget Review
New pension rules came into effect on 6 April 2015 which have brought many welcome changes. But what about the changes which are not so good? Careful consideration needs to be made with regard to how the changes may affect you. The most significant change is probably the removal of pension funds from Inheritance Tax. … Continue reading New Pension Rules – The Downside
Married couples and civil partnerships can now register their interest in the new Marriage Allowance which comes into effect from 6 April 2015. This is separate from the existing Married Couples Allowance which is already available to the over 80’s. The allowance means that an individual whose total income is below the tax threshold (i.e. … Continue reading For Richer or Poorer – The New Marriage Allowance