personal taxatation Archives - Page 32 of 52 - Whitefield Tax - Isle of Wight Accountants

Foreign pensions under scrutiny

by Jessica Garbett | Mar 14, 2017 | ACCA, pensions, personal taxatation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Wear and tear allowance – a reminder

by Jessica Garbett | Mar 14, 2017 | ACCA, HMRC, personal taxatation, property taxation

The wear and tear allowance for fully furnished residential properties was abolished from April 2016. This affected companies from 1 April 2016 and individuals and others (such as trusts and other unincorporated entities) from 6 April 2016. Instead, for the current...

Big increase for pensions advice threshold

by Jessica Garbett | Mar 14, 2017 | ACCA, pension reform, pensions, personal finance, personal taxatation

Employer-arranged advice exempt up from £150 to £500. Before 6 April 2017, pension advice to the value of £150 per employee per tax year was exempt from income tax if paid for by the employer. From 6 April 2017 the exemption will apply to the first £500 worth of...

Scotland’s tax-setting powers increase

by Jessica Garbett | Mar 13, 2017 | ACCA, business taxation, HMRC, personal taxatation, politics

Scottish Parliament gains full control over residents’ income tax. From April 2017, the UK government will devolve further legislative powers to set income tax rates and thresholds applying to employment, pensions and property income (‘non-savings, non-dividends’...

Scottish tax rates come into force

by Jessica Garbett | Mar 13, 2017 | ACCA, personal taxatation, politics

Different rates now apply to taxpayers in Scotland. The Scottish Finance Bill 2017/18 has been passed by the Scottish Parliament, freezing the basic rate of income tax at 20%. It also freezes ‘the higher and additional rates at 40% and 45% respectively’, and...

Spring Budget 2017 – First Impressions

by Jessica Garbett | Mar 8, 2017 | budget, business issues, business taxation, IR35, personal taxatation, VAT

Making Tax Digital – no move on the £10,000 threshold – if you earn over that you will have to start filing quarterly accounts on line – but there is a deferment of one year for non VAT registered sole traders. Implementation dates are now: –...

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Foreign pensions under scrutiny

Wear and tear allowance – a reminder

Big increase for pensions advice threshold

Scotland’s tax-setting powers increase

Scottish tax rates come into force

Spring Budget 2017 – First Impressions

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