Your tax dates for the month ahead: 1 March 2018 – Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 – PAYE and NIC deductions due for month ended 5 […]
ISA, Pension Payments, Property Sales etc
Don’t forget your 2016/17 ISA Allowance The current ISA allowance is £15,240, rising to £20,000 for 2017/18. Remember that there is no longer a 50% restriction on the amount that you can invest in a cash ISA; the £15,240 annual limit covers all ISA investments which could be in shares, bonds, cash or certain other investments. […]
Passing on the Family home & Downsizing
New inheritance tax rules for passing on the family home start on 6 April 2017 and many people have a New Year’s Resolution to either make a Will or update their Wills. This new relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure it […]
Thinking about Incorporating your business?
Where a sole trader, partnership or LLP has established a significant value for the goodwill of their business it was possible up until 3 December 2014 to transfer that goodwill to a limited company and pay just 10% capital gains tax by claiming entrepreneurs’ relief. The former owner(s) could then draw down on the loan […]
Will Pension Tax change again on Budget Day?
There has been a lot of speculation that the Chancellor may announce further major changes to tax relief on pension contributions in his March Budget, based on consultations with the pensions industry. Under the current rules an individual’s contributions can save them tax at their highest marginal rate and also help them avoid losing their […]
New rules for Dividends from 2016 / 17
In the Summer Budget we outlined the new rules for the taxation of dividends that will apply from 6 April 2016. Further guidance has now been published by HMRC setting out how the new rules will operate and it seems the rules don’t work as many people expected. As previously reported, there will be no 10% […]
Changes to taxation of dividends & the impact on family companies
The Chancellor has announced that from 6 April 2016 there will no longer be a notional tax credit associated with dividends received and the following rates will apply after a £5,000 tax free dividend allowance: Basic rate taxpayers – 7 ½% Higher rate taxpayers – 32 ½% Additional rate taxpayers – 38.1% This will mean that from […]
Corporation Tax Rate to be cut to 18%
The current UK corporation tax rate of 20% is the lowest rate in the G20, the 20 major trading nations. This rate continues to apply until 2017 when it has been announced that the rate will be reduced to 19% and then 18% in 2020. This appears to make trading via a limited company more […]
Clarification finally issued on new dividend tax!
Following the announcement in the Summer Budget of a major change to the taxation of dividends, HMRC has now published a factsheet which clarifies the rules. How will they work? Changes to taxation of dividends In the Summer Budget the Chancellor dropped a bombshell for owner managers of smaller companies by stating that, from April […]