On 3rd March 2021, the Chancellor Rishi Sunak delivered the 2021 Budget, which had the task of balancing potential tax hikes to pay for the massive cost of support during the Coronavirus pandemic with helping to kick start a fragile economy coming out of lockdown. There were some interesting announcements, some which will be helpful …
On 24 September 2020, the Chancellor Rishi Sunak unveiled the Winter Economy Plan, a number of measures designed to help businesses still struggling with the effects of Covid-19. It appears that they not as generous as the help provided in March and April 2020 (principally the Self Employment Income Support Scheme – SEISS – and …
Post dated 5 May 2020 If you are self employed, you could benefit from the Self Employment Income Support Scheme (SEISS), which is the Government support for those sole traders and partnerships affected by the Coronavirus pandemic. HM Revenue and Customs (HMRC) have been refining the advice and support in respect of the SEISS, so …
The dividend tax was introduced in April 2016 and the first tax year it related to was 2016/17 (year to 5 April 2017). We have now gone through the cycle a couple of times. It is currently 7.5% if you are a basic rate taxpayer, 32.5% if you are a higher rate taxpayer, and 38.1% …
April is traditionally a time for change, as it signals the end of one tax year and the start of the next. We have identified 8 changes in April this year which may affect small business owners. 1. The personal allowance is increasing The personal allowance for the 2018/19 tax year is increasing to £11,850. …
If you are a buy to let landlord, you will have been able to claim full tax relief on interest and other borrowing costs. However, this is being restricted to basic rate tax relief. The process starts in April 2017 and is being phased in over three years: 2017/18 – 25% restriction 2018/19 – 50% …
Following the recent revelations about tax which came out of the leaking of documents by Mossack Fonseca, MP’s from all parties have been keen to publish details of their tax returns. One of the interesting facts was that Jeremy Corbyn filed his 2015 tax return late, in early February 2016 (and on paper too; the …
If you own buy to let property, there were a couple of changes announced in the Summer Budget which may affect you. Wear and Tear Allowance Landlords of furnished properties are allowed to deduct a flat rate 10% of rental income in respect of a wear and tear allowance. This is being removed from April 2016, …
We have recently completed the 2015 tax return for 2 individuals, both of whom have just employment income (i.e. not self employed or buy to let investors), and both cases highlight the importance of checking your PAYE tax code, issued by HM Revenue and Customs (HMRC). Client no. 1 Our client used to work for …
Traditionally if you had a pension pot, it could be used to buy an annuity, which would give you a guaranteed pension for the rest of your life. However, from 6 April 2015, for anyone aged 55 or over with a defined contribution pension, it will be possible to access their pension funds in their …