As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now. Then the weeks start to fly by, Christmas comes and goes, and soon you’re planning for… Continue reading Filing self-assessment 2017/18 – what you need to know
Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend. Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones. Despite this,… Continue reading Have you made a will?
Individuals set to benefit from an increase to the higher-rate threshold in 2019 will only see half of the tax reduction expected, as a result of a Budget measure not mentioned in the Chancellor’s speech. In Budget 2018, the Chancellor announced that the higher-rate income tax threshold would increase from £46,350 to £50,000 in 2019/20.… Continue reading National Insurance and the higher rate taxpayer
Contractors could face a higher tax bill from April 2020 when reforms to IR35 legislation are set to take effect in the private sector. This is expected to raise more than £3 billion between 2020 and 2024, as self-employed individuals who fall within the rules, and the businesses engaging them, will face a higher tax… Continue reading IR35 pitfalls and current views
Small retail businesses in England will see a reduction to their business rates, as announced in Budget 2018. Business rates will be reduced by a third for many retail properties with a rateable value below £51,000 for two years from April 2019, subject to state aid limits. The Chancellor said this will mean “an annual… Continue reading Small retailers business rates lowered
The annual investment allowance is set to temporarily increase from £200,000 to £1 million, allowing businesses to gain more tax relief on their investments. This will take effect from 1 January 2019 and remain in place until 31 December 2020, after which it is due to revert back to £200,000. Using the annual investment allowance,… Continue reading Annual investment allowance to rise to £1m