01803 228 628
01803 228 628
The main points arising from the budget are:
The announcements made today will, for the most part, not take place until April next year.
The Personal Allowance for 2017-18 was set in the 2016 budget at £11,500, with the basic rate band covering income up to £33,500. Therefore the higher rate threshold is £45,000.
I will be sending out Budget booklets to my clients at the weekend.
Contact me to make an appointment to discuss what the Budget might mean for you.
UPDATE: On the 15th March Chancellor Philip Hammond announced that the NIC Contribution rates for the self-employed will NOT be increased, remaining at 9%.
Last year HM Revenue and Customs released 6 consultation documents relating to the plans for Making Tax Digital. They have now announced their response to the consultations. Making Tax Digital will proceed along the proposed timeline, i.e. it will come in from April 2018 for Landlords and the Self Employed Apparently, businesses will be ableContinue Reading
Making Tax Digital – For Unincorporated Businesses and Landlords. At long last, H M Revenue and Customs have released their consultation documents on the future of the Tax System. With the consultation ending on the 7th November, that gives them just 16 months to take into account comments made, instruct external software companies as toContinue Reading
It’s December, Christmas is just 3 weeks away, the last thing on your mind is probably your tax return. BUT, the deadline for filing your Tax Return is also only 8 weeks away, that’s not very long at all! If you fail to submit your Return by the 31st January, you will be liable for aContinue Reading
Changes have been made to the way Class 2 National Insurance Contributions are collected. Until now, contributions have been collected either by direct debit, or by six monthly demands. However, if you are dealt with under Self Assessment and complete the Self-Employment or Partnership pages, with effect from the 12th April 2015 Class 2 NICContinue Reading
Is this the end of the Tax Return? Announced today in the Budget are plans to eliminate the need for millions of individuals and businesses to file annual tax returns. Starting in 2016, we are told that 5 million small businesses and 10 million individuals will have access to their own digital tax account, whichContinue Reading
The Deadline for submitting your Self-Assessment Tax Return is fast approaching – there are just 20 working days left, including today! If you fail to submit your Return by the 31st January, you will be liable for a £100 penalty. If you are in a partnership, and the partnership Return is also late, there isContinue Reading