by Jessica Garbett | Mar 22, 2017 | ACCA, business taxation
The arguments for and against cash basis. The cash basis Self-employed individuals or partnerships carrying on a small trading business will be able to choose to be taxed on the cash basis rather then being asked to do accounting adjustments designed for more complex...
by Jessica Garbett | Mar 21, 2017 | ACCA, pension reform, pensions
Limit will decrease from £10,000 to £4,000. Once a person has accessed pension savings flexibly, any further contributions to a DC pension qualify for tax relief only if they are restricted to the money purchase annual allowance (MPAA). Since 6 April 2015, on reaching...
by Jessica Garbett | Mar 20, 2017 | ACCA, pension reform, pensions
From April, an individual can claim a £500 allowance from their DC pension scheme for advice. The government is to introduce an allowance for advice in relation to defined contribution pension savings from April 2017. This will allow individual members of a defined...
by Jessica Garbett | Mar 20, 2017 | ACCA, business taxation, capital taxation, personal taxatation
Income tax relief and CGT exemption on shares to end. The income tax reliefs and capital gains tax (CGT) exemption will no longer be available with effect from 1 December 2016 on any shares acquired in consideration of an employee shareholder agreement entered into on...
by Jessica Garbett | Mar 17, 2017 | ACCA, personal taxatation, property taxation
New measures from HMRC will see interest payable on loans relating to income from residential properties. This measure will restrict relief for finance costs on residential properties to the basic rate of income tax and will be introduced over four years from 6 April...
by Jessica Garbett | Mar 16, 2017 | business taxation, personal taxatation, property taxation
From 6th April 2017, there is an exemption from registering for Self Assessment if you either: Turnover less than £1,000 from Self Employment Have rental income, before expenses, of less than £1,000 If you have turnover or rental income of over £1,000 then you can...
by Jessica Garbett | Mar 16, 2017 | ACCA, personal taxatation, property taxation
How will landlords be affected by making tax digital? Below are extracts from the options for landlords under MTD which impact the 2017/18 tax year. Landlords with under £150,000 turnover will use the cash basis rather than generally accepted accounting practice...
by Jessica Garbett | Mar 16, 2017 | ACCA, pension reform, pensions
Deadline for applying for individual protection 2014 is 5 April 2017. The standard pension lifetime allowance was £1.5m until it was reduced to: £1.25m on 6 April 2014 £1m on 6 April 2016. Individuals may be able to protect their pensions from these reductions. There...
by Jessica Garbett | Mar 16, 2017 | budget, business taxation
Yesterday it was announced by the Prime Minister the Class 4 NI increases for Self Employed (sole traders and partners, not company directors) announced in last weeks budget are not going ahead. They were originally proposed at 1% from April 18 and 1% from April 19....
by Jessica Garbett | Mar 15, 2017 | ACCA, business issues, business taxation, employment status, IR35
Keep on top of the changing landscape around self-employed individuals. The independent review into the labour market has started to gather evidence in its fact finding tour of Britain. Its mandate is to investigate whether employment practices are keeping pace with...
by Jessica Garbett | Mar 15, 2017 | ACCA, personal finance
From 6 April 2017, the annual ISA allowance will increase from £15,240 to £20,000. Introduction Individual Savings Accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares...
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...
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...
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...
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’...
