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15 results for tax found within the Blog

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What to expect from the 2017/2018 financial year

Posted by WebBoss Design on 16th October 2018 in 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 incom...
 

You The taxpayers to face the highest tax Burden for 30 years

Posted by WebBoss Design on 16th October 2018 in 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 infl...
 

Filing tax/Accounts with HMRC Every 3 Months! Are you Prepared?

Posted by WebBoss Design on 16th October 2018 in 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...
 

Inheritance tax

Posted by WebBoss Design on 22nd October 2018 in 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 a...
 

The Basic's of VAT

Posted by WebBoss Design on 22nd October 2018 in 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 pe...
 

Concerns grow as taxpayers go on blissfully unaware of tax changes

Posted by WebBoss Design on 22nd October 2018 in 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...
 
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