Income tax The personal allowance for the tax year 2017/18 has been increased to £11,500. Class 2 and Class 4 National Insurance contributions (NICs) The...
National Minimum Wage and National Living Wage...
- Contractors, Freelancers, Income Tax,
- comments: 0
The hourly rate for the minimum wages depends on your age and whether you’re an apprentice. The National Minimum Wage (NMW) is the minimum pay...
Lifetime ISAs available from 6 April 2017
- Income Tax,
- comments: 0
The lifetime ISA will be available from April 2017 to help young people save for long term, particularly when buying a first home. You can...
National Insurance Contribution Rates for the tax...
- Capital Gain, Income Tax, Small Business,
- comments: 0
National Insurance Contribution Thresholds 2017/18 £ per week 2016/17 £ per week Weekly lower earnings limit (LEL) 113 112 Weekly primary threshold (PT) 157 155...
Tax Rates and thresholds for the tax...
- Contractors, Small Business,
- comments: 0
Taxable Income bands and corresponding rates 2017/18 2016/17 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate of saving income...
VAT Flat Rate Scheme changes from April...
- Contractors, Freelancers, Small Business,
- comments: 0
The autumn statement included the decision to introduce a new flat rate of 16.5% for ‘Limited Cost Traders’ (LCTs) from 1 April 2017. These are...
New Rules for contractors in public sectors...
- Contractors, Income Tax,
- comments: 0
The government announced at Budget 2016 that it will reform the intermediaries (often known as IR35) legislation for public sector engagements to ensure that individuals...
Should A Director Submit A Tax Return?
- Capital Gain, Contractors, Income Tax,
- comments: 0
It is mandatory for a company director to submit a tax return with HMRC if a return has been issued. But what about if a...
Do I Need To Submit A Tax...
- Contractors, Freelancers,
- comments: 0
As per the HM Revenue and Customs (HMRC) guidelines, you must submit a tax return if any of the following applies: You are self-employed You...
How To Calculate Rental Property Profits
- Capital Gain, Income Tax,
- comments: 0
Rental profits is calculated on an accrual basis. The accrual basis involves taking rents receivable rather than rent received and allowable expenses payable rather than...
I Would Like To Gift My Property...
- Capital Gain, Freelancers,
- comments: 0
There are tax consequences on the gift of property which have been summarized as below: Capital Gains Tax If the property is gifted to your...
Residential Property letting – Restriction of Finance...
- Income Tax,
- comments: 0
At current, all landlords of residential property in or outside the UK, are permitted to claim relief for finance costs (e.g. mortgage interest) on their...
