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October 2018 18 posts

WebBoss Design | | General Articles, Blogging
Inheritance Tax Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free: the result can be a substantial tax saving. We give guidance below on some of the main opportunities for minimising the impact of the tax. It is however important for you to seek specific professional advice appropriate to your personal circumstances. Scope of the tax When a person dies IHT becomes due on their estate. Some lifetime gifts are treated as chargeable transfers but most are ignored providing the donor survives for seven years after the gift. The rate of tax on death is 40% and 20% on lifetime chargeable transfers. For 2015/16 the first £325,000 is chargeable at 0% and this is known as the nil rate band.   Main residence nil rate band The Chancellor announced in the Summer Budget that an additional nil rate band is to be introduced where a residence is passed on death to direct descendants such as a child or a grandchild. This will initially be £100,000 in 2017/18, rising to £125,000 in 2018/19, £150,000 in 2019/20, and £175,000 in 2020/21. It will then increase in line with CPI from 2021/22 onwards. The additional band can only be used in respect of one residential property which has, at some point, been a residence of the deceased. Any unused nil rate band may be transferred to a surviving spouse or civil partner. It will also be available when a person downsizes or ceases to own a home on or after 8 July 2015 and assets of an equivalent value, up to the value of the additional nil rate band, are passed on death to direct descendants. This element will be the subject of a technical consultation and will be legislated for in Finance Bill 2016. There will also be a tapered withdrawal of the additional nil rate band for estates with a net value (after deducting any ...

WebBoss Design | | General Articles, Blogging
Autumn Statement Key Changes & Updates for Individuals The biggest surprise after announcing in the last budget that there would be cuts to tax credits was the decision to keep the current regime, it had after all faced fierce resistance from both houses. The Chancellor did however make some changes to the benefits & tax system for individuals. Pensions A single tier pension for new pensioners from April 2016 has been set at £155.65 per week but not everyone will be entitled to the full single tier rate. The basic state pension is set to rise by £3.35 to £119.30 per week next year. With those in retirement benefitting from their state pension increasing by the higher of 2.5%, CPI inflation or the average wage growth, the government has pledged to retain this throughout this term. Landlords and Second Homes Landlords should be warned that from 2019 any Capital Gains Tax will become payable from 30 days of the sale, putting cash into the Governments pockets up to 21 months earlier than previously payable. Stamp duty has been set 3% higher on additional properties whether it is a buy to let or a second home to come into effect from 1 April 2016. This is expected to raise £1 billion by 2021. Administration of a Deceased Estate The government is to set out further plans for legislation to come into effect in 2016 to allow the ISA savings of a deceased person to continue to benefit from tax advantages throughout the administration of their estate. Temporary absence in Housing Benefit and Pension Credit The government will end the payment of Housing Benefit and Pension Credit to claimants to who travel outside of Great Britain for longer than 4 weeks consecutively, from April 2016.  Free child care 30 hours of free childcare for three and four-year-olds will be available from 2017, but only to parents working more than 16 hours and who each earn £100,000 or less which is lower than the initially proposed £150,000 limit.    Key Changes ...

WebBoss Design | | General Articles, Blogging
The Basic's of VAT VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules. We highlight below some of the areas that you need to consider. It is however important for you to seek specific professional advice appropriate to your circumstances. What is VAT?   Scope A transaction is within the scope of VAT if: •  there is a supply of goods or services•  made in the UK•  by a taxable person•  in the course or furtherance of business. Inputs and outputs Businesses charge VAT on their sales. This is known as output VAT and the sales are referred to as outputs. Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT. The output VAT is being collected from the customer by the business on behalf of HMRC and must be regularly paid over to them. However the input VAT suffered on the goods and services purchased can be deducted from the amount of output tax owed. Please note that certain categories of input tax can never be reclaimed, such as that in respect of third party UK business entertainment and for most business cars. Points to consider Supplies Taxable supplies are mainly either standard rated (20%) or zero rated (0%). The standard rate was 17.5% prior to 4 January 2011. There is in addition a reduced rate of 5% which applies to a small number of certain specific taxable supplies. There are certain supplies that are not taxable and these are known as exempt supplies. There is an important distinction between exempt and zero rated supplies. •  If your business is making only exempt supplies you cannot register for VAT and therefore cannot recover any input tax.•  If your business is making zero rated supplies you should r...

WebBoss Design | | General Articles, Blogging
Attack On Pension Savings It is expected that the chancellor will announce in the Budget on the 16th March 2016 a flat rate tax relief on pension contributions. This has come under a lot of scrutiny from many financial professionals but is seen as the lesser of two evils when considered alongside a ‘Pension ISA’. The chancellor is considering a flat rate of between 20% and 33% which if set at 25% could have a major impact on those already in pension schemes/those planning their retirement investments. For those who have workplace pensions with defined fixed pension contributions this could reduce their monthly take home pay. As an example an individual on £60,000 salary, paying 5% into a defined fixed pension contribution would be paying in £3,000 to their pension. Under current legislation a higher rate tax payer would pay in £1,800 and the government would top up the contributions with £1,200 (tax refund into scheme). However, if a flat rate of 25% was introduced using the same scenario above, the individual would be required to pay in £2,250 with the government only topping up the contributions with £750. This would leave the employee having to pay in the additional £450, which would be taken from their salary. The below table shows how an individual paying 5% of gross salary into a defined fixed pension would be set to either lose or benefit :- Salary 5% Gross Contributions Current Tax Relief Current Net Contributions Proposed Flate Rate Relief @ 25% Gain/(Loss) £20,000 £1,000 20% £800 £750 £50 £40,000 £2,000 20% £1,600 £1,500 £100 £80,000 £4,000 40% £2,400 £3,000 £(600) £120,000 £6,000 40% £3,600 £4,500 £(900) £180,000 £9,000 45% £4,950 £6,750 £(1,800) £250,000 £12,500 45% £6,875 £9,375 £(2,500)   The treasury has not decided on how or if the changes are to come into effect but we are sure that the budget will shed...

WebBoss Design | | General Articles, Blogging
Concerns grow as taxpayers go on blissfully unaware of tax changes There is no hiding from the fact that huge changes to the tax system comes into effect from April, the introduction of the Personal Savings Allowance and the Dividend Allowance, will see radical changes to individuals tax bills, across all tax bands. Many will find their employment income reduced, due to changes to tax codes, to compensate for their interest not being taxed at source, which for many will be inconvenient, savings is for growing and wages is for enjoying. An individual earning £45,000 and receiving interest of £4,000 could see a reduction in their take home salary of £116.66 per month or if not included in their tax code could find themselves with a tax bill of £1,400. For those with lower income relying on their savings and the interest their savings generates, this could see them receiving tax bills for the first time. Usually individuals with earned income below their personal allowance and large savings income, would expect a refund of tax, but under the new regime, there is potential for huge swings. We are looking to advise our clients who fall into this category, one client who usually receives a refund of £1,600 is now expecting a liability of £3,600, a swing of £5,200! With scenarios such as this, you would think HM Revenue and Customs would be taking every opportunity they could, to warn individuals of these implication, but unfortunately they have not. Also, the banks are advising on mass, that interest will be paid gross because of the Personal Saving allowance, but no individual, tailored advice is being given, so people could end up with a large tax amount to find. We are not the only ones worrying about this non-published potential issue, the House of Lords committee concluded, that HMRC’s communications strategy, is “inadequate”. ...

WebBoss Design | | General Articles, Blogging
Business Show 11th - 12th May 2016 Fancy joining us? Click Here For Your Complimentary Ticket. We are excited to be exhibiting at The Business Show 2016, ExCel for the fourth time alongside our affiliates King & Taylor and Klarity Tax on stand 2326. There will be representatives from across the group, so if you have any questions or need advice on professional business services or tax make sure you pop over and see us on stand 2326 as you could be in with a chance to win a tablet computer. This huge event is a must for anyone already running a business and wanting to grow or looking to start a business. As a visitor to the show you’ll be able to: Network with 25,000 other businesses. Attend 250 free seminars. Talk to 350 exhibitors. Take part in interactive workshops. Find the latest products and services to give you the edge over your competitors. Plus you can catch some priceless advice from some of the country’s most successful business people like former Dragon and founder of pallet network Pall-ex, Hilary Devey CBE; Raja Saggi, Head of Marketing for Google and many more. By taking just one day out of the office working on your business instead of in your business, will provide you with inspiring new ways to grow and revitalise your thinking. So take advantage of hundreds of experts on hand to offer unparalleled advice to your business and get your FREE Ticket Today!...

WebBoss Design | | General Articles, Blogging
Got a cash flow question then why not #AskLisa? At The Business Show this year, Klarity Vision are launching a new feature called #AskLisa. We will be taking to twitter over the next two weeks asking our followers to put their cash flow questions to our Operations Director, Lisa Jones. Lisa will be speaking at The Business Show on the importance of Cash Flow on Wednesday 11th May at 12:30pm in the Financial Services theatre. We will be streaming Lisa’s seminar live on our Facebook page and then Lisa will be answering your question after her seminar at 1:00pm. We will upload the video with all the answers to your questions after her session at 1pm. About Lisa: A Fellow Member of the Certified Accountants and a degree in Business Administration, Lisa joined us as our Finance Manager in 2001 after having a number of years as an accountant in industry. Progressing through the company to become a key member of our Senior Management Team, overseeing the financial and operational management within the group. Working closely with our technology team to integrate financial systems into core operational systems ensuring efficient processing of financial transactions and financial reporting. Not registered for your free tickets yet? There is still time to get yours, just Click Here. Don’t miss out on your opportunity to meet hundreds of business professionals and attend informative seminars such as Lisa’s as well as former Dragon and founder of pallet network Pall-ex, Hilary Devey CBE; Raja Saggi, Head of Marketing for Google and many more....

WebBoss Design | | General Articles, Blogging
UK Vote to Leave EU Last week saw the British public vote to leave the EU and we have seen some of the uncertainty the news has created across the financial markets. We believe, nothing will change in the UK’s trading relationship with EU for at least 2 years and this clock does not start ticking until the government implements Article 50. During the next few months, we are going to see turbulence in the markets. We have all been through before, during the recent recession and although uncomfortable, as a country, we will emerge from the other side into a new environment, with new opportunities. As trusted advisors, we will endeavour to bring you relevant news on any changes and help you understand the potential impacts/opportunities that may become evident. If at any time you wish to discuss any aspects of your own personal position, please call and we will be happy to provide guidance and if required, introductions to relevant partners. Supporting each other during this time, we believe, is the best way for us all to manage this path to change. Thank you for your time and we will bring further news, as it becomes available....

WebBoss Design | | General Articles, Blogging
Autumn Statement 2016 The Chancellor Phillip Hammond gave his first and last autumn Statement following the announcement that the autumn statement is to be replaced with and autumn budget from 2017 and a spring statement from 2018. A number of initiatives where introduce to help boast home building, rural areas, transport & rail, digital infrastructure and local growth funds. Although there was no real announcement the chancellor indicated that he will look at ways to capture more tax from the so called “gig economy” and also incorporation, the way individuals form a company to pay less tax, so watch this space in the upcoming budget.     Minimum Wage and the National Living Wage The National Living Wage is to rise from £7.20 to £7.50 a pay rise worth over £500 to a full time worker. The minimum wage is also set out below:- Aged 21 to 24 from £6.95 to £7.05Aged 18 to 20 from £5.55 to £6.60Aged 16 to 17 from £4.00 to £4.05Apprentices £3.40 £3.50     National Insurance Employee & employer national insurance thresholds are to be equalised at £157 per week from next April, this will increase costs to employers (businesses).   Allowances and Tax Bands The personal allowance is set to rise to £11,500 from April 2017 with the target to raise this to £12,500 by the end of this Parliament. Along with this the higher rate threshold is set to rise to £45,000 from April 2017.   Corporation Tax The government is sticking to its plans to cut corporation tax from 20% to 17%.   Salary Sacrifice Schemes Salary sacrifice schemes previously meant that employees could exchange some of their salary for a non-cash benefit in kind. This had the advantage that the employer and employee made tax savings because the benefit is taxed less than salary and in some cases not taxed at all, so a tax rise for those with any elements that will no longer be included. Pensions, pension’s advice, childcare, Cycle to Work and ultra-low emission...

WebBoss Design | | General Articles, Blogging
Filing Tax/Accounts with HMRC Every 3 Months! Are you Prepared? Many people have reported still feeling in the dark about HMRCs new propositions when it comes to filing business and personal tax returns online from 2018, although one thing is for sure; we are certainly stepping into the Digital era. This time of year the word ‘deadline’ looms over all of our heads as the paper tax return must be filed by October 31st, albeit it only this way for two more years. Statistics show however, that the majority are already making the switch with only 11 percent of us filing by paper in 2015. Despite online filing becoming increasingly more common for businesses, research highlights that many still feel in the dark about the foundations of ‘Making Tax Digital’ which was first announced in the 2015 budget. HMRC have stipulated that one of the four ‘foundations’ of Making Tax Digital will be for businesses, proposing that they should not have to wait until the end of the tax year or even longer before knowing how much tax they should pay. This will be achieved by filing quarterly Tax Returns online. The Telegraph have commented that this will put an ‘unnecessary burden’ on companies that do still feel that they are in the dark. Experts have told the Treasury Select Committee that this controversial switch is being hastily imposed without any detail of what companies must do. Mike Cherry, head of Federation of Small Businesses has also told The Telegraph that he predicts ‘these changes would cost small businesses an extra £2,770 a year to file its returns, with many ill-equipped to handle online record-keeping’HMRC’s intentions, on the other hand, are clear for the move forward. With the abolishment of the paper Tax Return and the October 31st deadline, businesses will be able to concentrate on putting people and profit first, rather than paperwork. Similarly, it seems that there will be greater clarity when it comes to paying tax bills. Edward T...

WebBoss Design | | General Articles, Blogging
You The Taxpayers to face the highest Tax Burden for 30 years The Institute for Fiscal Studies have recently claimed that UK taxpayers are facing the highest Tax Burden for 30 years. Over 37% of Britain’s National Income will be drawn from your tax receipts for the first time since 1986. These tax increases derive from a number of new legislations such as higher tax on dividend income, increase in tax on insurance premiums, higher vehicle excise duty and a new restriction on pension contributions for those on very high incomes. Hundreds of thousands of people, are suddenly paying a higher rate of tax as the threshold has failed to keep up with rising inflation, however the government have pledged to increase the threshold at which the higher rate of income tax is paid to £50,000 by 2020. The report has likewise said that £17bn of tax rises could be needed to contribute to bridging the gap between government income and outgoings. Income tax rates have risen steadily over recent years, meaning higher earners are paying an ever increasing proportion of the state’s total tax receipts. For example, the comparable rates for Income Tax Allowances and Income Tax Rates across the 2016 / 2017 and 2017 / 2018 are as follows: The personal allowance will increase from £11,000 in 2016 / 2017 to £11,500 in 2017 / 2018. The basic rate limit will be increased to £33,500 in the new tax year from the £32,000 as it currently stands and as a result of this, the higher rates threshold will increase to £45,000 from April 2017. We can see this as a positive step towards the government’s commitment to raising the personal allowance to £12,500 by the end of this parliament. This will rise in line with the consumer prices index measure of inflation, rather than the National Minimum Wage. Chancellor Philip Hammond has said that this will bring the way the allowance is increased into line with the higher-rate threshold....

WebBoss Design | | General Articles, Blogging
HMRC recover debts of up to £17,000 though PAYE codes From April 2015, HMRC bought in a new legislation which gave them the power to collect debts of up to £17,000 through an individual’s tax code, even without the individual’s consent. From the 2015 / 2016 tax year, this new method of debt collection referred to as ‘coding-out’ saw an increase from the previous collection limit of £3000 for earnings less than £30,000. The upper limit for how much debt can be coded out is linked to the tax payer’s income. There is a graduated scale so that the maximum £17,000 can be coded out for a person with earnings over £90,000. There is no change for those with earnings less than £30,000 a year, for whom the maximum remains at £3000. Earnings in this context means earnings from the main source of income paid through PAYE. The graduated limits are: Annual PAYE Earnings       Coding out limits Up to £29,999.99 £3,000 £30,000 - £39,999.99 £5,000 £40,000 - £49,999.99 £7,000 £50,000 - £59,999.99 £9,000 £60,000 - £69,999.99 £11,000 £70,000 - £79,999.99 £13,000 £80,000 - £89,999.99 £15,000 £90,000 and above £17,000 This scale is applicable to unpaid self-assessment debts, Class 2 NIC debts and Tax Credit overpayments, while a £3,000 coding out limit will still apply for self-assessment balancing payments and PAYE underpayments. To ensure a consistent approach and to safe-guard employees from excessive deductions from their pay, HMRC extended the ‘legislative 50% overriding limit’ to include all tax codes and not just ‘K codes’. This limits any deductions to a maximum of 50% of an individual’s relevant pay. HMRC use this power to code out debts only where they have not been voluntarily paid. They first write to you to explain that your Tax Code will change and give you an opportunity to settle your debt in another way. If your debt does appear in your Tax Code, i...

WebBoss Design | | General Articles, Blogging
The 2017 car tax changes explained From next month, the way that vehicle tax is calculated will change, affecting all of us with vehicles registered with the DVLA from 1 April 2017. Vehicle tax for the first year will be based on CO2 emissions and after that the amount of tax that needs to be paid will depend on the type of vehicle. Unlike the current system, in which low-emission vehicles and petrol cars are exempt, the new Vehicle Excise Duty (VED) will only be free for vehicles with no tailpipe emissions (electric and hydrogen cars only). These new regulations will mean that all new cars will face a significant increase in their tax demands during the first year of registration and from their second year onwards a flat rate will apply. The rates for this are as follows: £140 a year for petrol and diesel vehicles. £130 a year for alternative fuel vehicles (hybrids, bioethanol and LPG). £0 a year for vehicles with zero CO2 emissions. For new vehicles with a list price of more than £40,000 – including zero emission cars – an additional supplement of £310 will be payable per year for the next five years. At the end of this period, the standard rate will apply. Although you may be able to negotiate the price down to a figure below £40,000 the government will use the published list price so you won’t be exempt from the £310 fee. If you register your new car by 31st March 2017 the updated road tax rate won’t apply as the reform will only affect vehicles registered from 1 April 2017. Those driving more polluting cars will pay a much higher tax in the first year, but lower tax in subsequent years – so eventually will break even. If you are in the market for a new car, it is worth completing the calculations to work out whether you are better off bringing the purchase forward to before April 1 so you can benefit from current system, or wait until next month to take advantage of the new one. If you are looking to buy a low-emission car or a...

WebBoss Design | | General Articles, Blogging
Lifetime ISA – What you need to know As announced in the 2016 March Budget by George Osborne, the new Government Lifetime ISA will be available from 6th April 2017.  The Lifetime ISA (commonly referred to as the Lisa), is a tax-free savings account targeted towards ‘the next generation’ which provides you with a 25% government bonus. It can hold cash, stocks and shares qualifying investments or a combination of both.  You can save up to £4,000 a year and continue to pay into it until you reach the age of 50 which could theoretically net a £32,000 bonus for an 18 year old paying the maximum amount every year up to the age of 50. Once you have reached age 50, the account can stay open but you cannot make any more payments into it.  These funds must be used to buy your first home (with a value up to £450,000) or kept until age 60.  To open a Lifetime ISA, you must meet the following requirements:   You must be aged 18 or over but under 40. You must be a resident in the UK or be a Crown Servant or the spouse or civil partner of a Crown Servant.   If you withdraw the funds before the age of 60, you will have to pay a withdrawal charge of 25% of the amount you withdraw, with the exceptions being terminal illness with less than 12 months to live or transferring to another Lifetime ISA with a different provider. If you die, your Lifetime ISA will end on the date of your death and there won’t be a withdrawal charge.  Your Lifetime ISA savings and bonus can be used towards buying your first home without incurring the withdrawal charge, however your account must be open for at least 12 months before you can withdraw funds from it to buy this home.  If you already have a Help to Buy ISA, you can transfer those savings into your Lifetime ISA or you can continue to save into both, but you can only use the bonus from one to buy your first home. Some may wish to transfer the balance of your Help to Buy ISA if the amount isn’t more than the £...

WebBoss Design | | General Articles, Blogging
Brexit Tax Implications: The picture so far As the Prime Minister has triggered Article 50 this week to formally start the Brexit process, we have been looking into the effect that this may have on the UK Tax System for businesses. In reality, nobody is entirely sure about how Brexit will affect the UKs economy and growth, although the OBR has suggested that economic growth will slow. Prime Minister Theresa May has warned that there will be ‘bumps in the road’ but the Government is remaining positive about our future outside the European Union. Businesses have called for as much certainty as possible, as a survey conducted by The Financial Director has concluded that more than one third of companies still have not begun etching plans for Brexit while 77% of UK businesses are concerned about the impact that it will have. The most visible change for businesses is likely to be customs duty. For many years, most small and medium sized businesses have been used to moving goods around without incurring a duty or tariff liability. This is set to change as businesses begin to consider how they would cope with additional administration burdens created by import duty. For some businesses, holding stock in the EU rather than the UK for dispatch to the EU looks like a sensible option. It is also likely that there will be a loss of the distance selling thresholds for VAT purposes. At present, UK businesses that breach their local sales threshold, must register for VAT in the EU country where their customers are. Once the UK leaves the EU, those thresholds will cease to be available and UK companies will fall immediately into local EU VAT rules, meaning online retailers are likely to have to register for VAT in many EU countries where they do not currently have to. Some charities hope that Brexit will allow for a reduction in the rate of VAT they pay however there are warnings that any reforms introduced by the UK government could weaken charities’ VAT position. Si...

WebBoss Design | | General Articles, Blogging
State Pension Age could rise to 70 for millennials An analysis for the Department for Work and Pensions (DWP) has suggested that workers under the age of 30 may not get a pension until they reach age 70. A second report by John Cridland, director-general of the Confederation of the British Industry proposes that those under the age of 45 may have to work to 68 resulting in millions of people in their late thirties and early forties now looking set to have to work for an extra year. He said that the aim was for a ‘smooth transition for tomorrow’s pensioners’ and try and make the future more ‘fair and sustainable’. The findings will help the government make their decision on what will happen to the State Pension Age (SPA) which is due in May. The SPA is the earliest age that somebody can receive their state pension and is set to rise to 66 between 2018 and 2020, to 67 between 2026 and 2028 and then to 68 between 2044 and 2046. In the worst case situation, GAD calculations suggest the change in retirement age from 67 to 68 could be pulled forward by as much as 16 years. The prospect of faster increases to the SPA was put to ministers as they consider ways to manage the growth of the UKs aging society, as by 2050, 56,000 Britons are expected to reach the age of 100. The government currently spends about £100bn a year on state pension and pensioner benefits and this is expected to grow as the population inevitably ages. The scenario is based on the assumption that people spend 32% of their adult life in retirement compared to the conventional assumption until now which has been that people will spend 33.3% of their lives in retirement. The increase in the state pension age is not the only solution. The government could look into other measures, such as increasing National Insurance Contributions but this would be unpopular and immediate, whereas the impact of a higher state pension would not be felt until further into the future....

WebBoss Design | | General Articles, Blogging
What to expect from the 2017/2018 financial year The first two weeks of April introduce some big reforms for your finances. Income TaxAs highlighted in the spring 2017 Budget, your tax free personal allowance will rise from £11,000 to £11,500 which means that the amount someone can earn tax free in 2017/18 will be over 75% higher than in 2010. This should save over 20 million people £100 a year. At the same time, the starting point for somebody to enter the higher rate tax band will move from £43,000 to £45,000, saving higher rate tax payers a further £400 per year. This is not the case however in Scotland, as the higher rate threshold for earned income has been frozen at £43,000. ISAAs detailed in this (www.klarityvision.com/lifetime_ISA) post , the new Lifetime ISA will be introduced in April. In addition to this, the allowance for saving into an ordinary ISA goes up from £15,250 to £20,000. ISAs allow investors to put money into a range of savings without paying tax on interest, dividends or capital gains. Inheritance TaxCurrently, any estate worth more than £325,000 carries a tax liability of 40% on anything above that threshold, however there will now be a new transferrable main residence allowance on property within the estate, enabling individuals to pass on an extra £100,000 tax free. Landlords Under current legislation, anyone who has taken out a loan to purchase a buy-to-let property can deduct all of the interest in order to reduce their income tax liability. From April, this relief will be restricted for higher rate tax payers to 75%, increasing the tax paid on rental income. Car TaxThe way that vehicle tax has changed, so that for the first year it will be based on CO2 emissions and after that will depend on the type of vehicle. The new regulations mean that all new cars will face a significant increase in their tax demands during the first year of registration and from their second year onwards a flat rate will apply. You can find...

WebBoss | | General Articles, Blogging
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October 2018