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’...
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...
by Jessica Garbett | Mar 13, 2017 | ACCA, business issues, business taxation
From May, the CRS may require charities to make reports to HMRC. Will your charity be affected? The Common Reporting Standard (CRS) is a global network of legislation which aims to prevent individuals and entities using offshore structures to evade tax. Unlike...
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: –...
by Jessica Garbett | Mar 6, 2017 | ACCA, financial reporting
Guidance on the latest changes to the SORP. The SORP has now been updated to reflect the LLP regulations that were issued in May 2016 and has also been updated to reflect earlier changes that have been made to FRS 102 and 1a. It can be used now as it applies for all...
by Jessica Garbett | Mar 6, 2017 | ACCA, business taxation, HMRC
2017 sees the introduction of two new tax allowances that have so far gone ‘under the radar’. From April 2017 the government is introducing two new annual tax allowances for individuals of £1,000 each, one for trading and one for property income. These were announced...
