Budget 2017 – employed and self employed taxes

Self Employed Making Tax Digital employed and self employed taxes – Following concerns from tax professionals and taxpayers alike on the tight implementation timeframe, the government will delay the introduction of quarterly reporting for unincorporated businesses and landlords with turnover below the VAT threshold until April 2019. In addition, the cash basis entry threshold will be increased to £150,000 and … Read More

Budget 2017 – business rates

Business Rates As widely publicised, changes to business rates were expected and several measures were announced today to provide £435m of further support. Small business support to those businesses losing their Small Business Rate Relief to cap the increase in their bills to £600 or the real terms transitional relief cap. Provide £300m of discretionary relief to English local authorities … Read More

Budget 2017 – corporation tax

Corporation Tax With the UK having the lowest corporate tax rate in the G20 and rates set to reduce to 19% from April this year and a further reduction to 17% in April 2020, there was no surprise at this stage that no further major announcements were made in respect of corporate tax, as current policies support the business tax … Read More

Budget 2017 – changes we already knew about

Income tax and national insurance Pre-Budget, we were expecting the personal tax allowance for April 2017/18 to increase to £11,500. The threshold above which you pay tax at 40% is set to rise from £43,000 to £45,000. The government’s aim is that the personal tax allowance increases to £12,500 per annum during the course of this parliament. National Insurance Contributions … Read More

Increase in probate fees confirmed

We wrote over a year ago about the government’s proposals to increase probate fees and these changes have recently been confirmed. The fees will be paid on a sliding scale, starting at £300 for estates valued at between £50,000 and £300,000. Probate fees on estates valued at in excess of £2m will be set at £20,000. Approximately 58% of estates … Read More