Making Tax Digital
What is Making Tax Digital (MTD)? Making Tax Digital is a government initiative to make the UK tax system more digitally advanced by requiring businesses and landlords to keep their records in a digital format. The government states that over £9 billion is lost to the exchequer each year due to avoidable mistakes. They believe […]
Continue ReadingNATIONAL MINIMUM WAGE AND MINIMUM PENSION CONTRIBUTIONS ARE CHANGING
NATIONAL MINIMUM WAGE / NATIONAL LIVING WAGE As of 1st April 2019 the National Minimum Wage and National Living Wage is to increase. The new rates are as follows: Age Group Hourly Rate 25 years old and over £8.21 21-24 years old £7.70 18-20 years old £6.15 16-17 years old £4.35 Apprentice £3.90 […]
Continue ReadingWORKPLACE PENSIONS CONTRIBUTIONS SET TO RISE
The minimum amount that employers and employees have to pay into their automatic enrolment pension scheme is increasing from 6th April 2018. The new contribution rates will apply from the payment period within which 6th April 2018 falls. Date Effective Employer Minimum Contribution Staff Contribution Total Minimum Contribution Current Rates […]
Continue ReadingTHE NATIONAL MINIMUM WAGE IS INCREASING
The National Minimum Wage is to increase from 1st April 2018. The National Minimum Wage is the minimum wage per hour a worker is entitled to in the UK. The new rates from the 1 April 2018 are shown below Age Group Hourly Rate 25 years old and over £7.83 21-24 years […]
Continue ReadingMicro-trader tax breaks get the chop
Over 600 pages of the 2017 Finance Bill have been hastily axed in order to pass the Bill prior to parliament being dissolved. Unfortunately, two of the casualties of this cull were the micro-trader and property allowances which were due to take effect from 6th April 2017. As things stand taxpayers are advised […]
Continue ReadingChanges to the VAT Flat Rate Scheme
Changes to the VAT Flat Rate Scheme As from 1st April 2017 a new flat rate percentage category has been created for businesses with limited expenditure. All businesses that fall within this category will be required to account for VAT using a 16.5% flat rate percentage against their gross turnover. The effect of this […]
Continue ReadingOff-payroll working in the public sector.
Off-payroll working in the public sector. The rules that apply to workers who provide their services to a public authority via their own limited company changed from 6th April 2017. Previously the obligation was on the worker to decide whether a contract performed was caught by the ‘intermediaries legislation’ (known as IR35) however since […]
Continue ReadingProperty taxation – The changes keep on coming.
2016 saw a considerable number of property taxation changes hit the buy to let investor and unfortunately the changes don’t stop there. As from the 6th April 2016 the purchase of an additional residential property has been liable to a stamp duty supplement of 3% in addition to the current stamp duty land tax rate. […]
Continue ReadingMicro-trader Tax Breaks
Micro-traders are to benefit from new tax breaks! With effect from 6th April 2017, two new allowances will come into effect thanks to the rise in eBay trading and Airbnb. To try and remove some of the confusion that surrounds when a ‘hobby’ becomes a trade the government have announced two £1,000 allowances to be […]
Continue ReadingIs this the end of the tax return?
On the 15th August 2016, HMRC published one of their most controversial consultation documents in recent times, Making Tax Digital! The proposal put forward by HMRC is that from 2018 all businesses, the self-employed and landlords will be required to use software to maintain their business records and transmit this information to HMRC on a […]
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