Personal Allowance

This tag is associated with 18 posts

Are you prepared for digital tax returns?

Are you prepared for digital tax returns? As a business owner, you may be aware that as from this month, HMRC will begin to make changes which will eventually see all businesses supplied with a completely digital tax account.  By next year, it is envisaged that around five million businesses will have made the switch […]

Deadline looms for HMRC dispensation changes

6th April 2016 sees HMRC’s move to scrap the need for employers to apply for dispensation when reimbursing work-related expenses incurred by each employee and director, earning over £8,500 per annum. On the surface HMRC’s change in legislation would appear to spell good news for employers who will benefit from reduced paperwork and administrative procedures.  […]

New Dividend Tax Regime Post 5th April 2016

The first Conservative only budget in more than 19 years back in July 2015 was certainly not welcomed by the contracting community. From a contractor’s point of view one of the biggest changes announced in the budget is the change to the way in which dividends will be taxed from 6th April 2016. As it […]

Landlords dealt a double blow in tax changes

The property crisis during the last recession saw a sharp increase in the demand for rental properties across the country, due to difficulties experienced by significant numbers of potential home owners in securing credit.  For those in a stable financial position, buy to let quickly became an excellent option for investment, in many instances yielding […]

Real Time PAYE Starts in April 2013 – Important Information

Real Time PAYE Starts in April 2013 – Important Information The stressful Year End process of P35 and P14 submission will disappear starting from 6th April 2013, replaced with a submission to HM Revenue & Customs each time your business pays its employees. This is called Real Time Information, or RTI, and it will mean […]

Tax Planning – Maximum Profit Extraction

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2013 will increase the optimum annual salary for Directors. The Primary Threshold (PT), the point at which salaries become chargeable to NI for employees, will rise to from £7,592 to £7,748 per year and the Secondary Threshold (ST), the […]

Budget 2012

Budget 2012 The Chancellor of the Exchequer George Osborne presented his Budget for 2012 to Parliament on 21 March 2012. Headline summaries of the main announcements which affect businesses and individuals and listed below (source HMRC website www.hmrc.gov.uk) Income tax rates and Allowances 2012-13 and 2013-14 As announced at Budget 2011, the income tax allowance […]

Profit Extraction – 6th April 2012

Tax Planning – Maximum Profit Extraction Increases in the National Insurance (NI) thresholds from 6th April 2012 will increase the optimum annual salary for Directors. The Primary Threshold (PT), the point at which salaries become chargeable to NI for employees, will rise to from £7,228 to £7,592 per year and the Secondary Threshold (ST), the […]

New Penalties for Late Self Assessment Tax Returns

New Penalties for Late Self Assessment Tax Returns  Tough new rules – For several years HM Revenue & Customs have been debating tightening the rules on late Self-Assessment returns, everyone knew that there were changes coming from this April, however, I think it is fair to say that the harshness of the new penalty system […]

PAYE – Tax Code Update

PAYE – Tax Code Update HM Revenue & Customs are looking to minimise further problems with tax codes, which is a welcomed acceptance that all is not well in the tax code processing office at HMRC, we have certainly experienced an increase in incorrect coding notices being issued to clients this year. The last two years have been […]