If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)?
These investments in certain qualifying companies allow you to set off 30% of the amount invested against your tax bill as well as capital gains tax (CGT) deferral.
An even more generous tax break is available…
Read More ›
For every £2 that your adjusted net income exceeds £100,000, the £11,000 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
The restriction applies between £100,000 and £122,000 adjusted net income. Another…
Read More ›
Legislation to introduce Making Tax Digital (MTD) will be included in the Finance Bill 2017 and despite many objections that it was too soon, the new system of quarterly reporting will commence in April 2018 for the self-employed and property landlords.
There were 1200 responses to the consultation documents issued…
Read More ›
3 February 2017
The main tax events for February and March 2017 are listed below:
| Date |
What’s Due |
| 1/02 |
Corporation Tax payment for year to 30/4/16 (unless quarterly instalments apply) |
| 19/02 |
PAYE & NIC deductions, and CIS return and tax, for month to 5/02/17 (due 22/02 if you pay electronically) |
| 28/02 |
Read More ›
From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus to these…
Read More ›
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…
Read More ›
The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster. It would significantly increase burdens on small businesses. In their report…
Read More ›
Entrepreneurs’ Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets. This would include sole traders disposing of their business and partners disposing of their interest in a partnership carrying on a business. With many businesses operating…
Read More ›
24 November 2016
Introduction
The first major economic statement since the EU referendum focused on measures to “prepare our economy to be resilient as we exit the EU”.
Unsurprisingly, the Office for Budget Responsibility (OBR) forecasts for growth have changed since the last figures were published in March. The prediction for 2016 is 2.1%,…
Read More ›