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 per hour almost all workers are entitled to by law. The National Living Wage (NLW) is higher than the NMW – workers get it if they’re over 25. The government’s
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July 13, 2017
Lifetime ISAs available from 6 April 2017
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 open a lifetime ISA if you are aged 18 or over but under 40. As with other ISAs, you won’t pay tax on any interest, income or capital gains from
July 13, 2017
National Insurance Contribution Rates for the tax year 2017/18
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 Weekly secondary threshold (ST) 157 156 Upper earnings limit (UEL) 866 827 Upper profits limit (per year) 45,000 43,000 Upper Secondary Threshold for U21’s 866 827 Small Profits Threshold (SPT)
July 13, 2017
Tax Rates and thresholds for the tax year 2017/18
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 0% 0% Dividend ordinary rate (effective rate with tax credit) 7.5% 0% Dividend higher rate (effective rate with tax credit) 32.5% (25%) 32.5% Dividend additional rate (effective rate with tax
July 13, 2017
VAT Flat Rate Scheme changes from April 2017
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 defined as people who incur costs on goods in a return period of: Less than 2% of their gross turnover; or More than 2% of their gross turnover but less
July 13, 2017
New Rules for contractors in public sectors – from April 2017
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 who work through their own company pay employment taxes in a similar way to employees. Here is a summary of the upcoming changes: Legislation will be introduced in Finance Bill
July 13, 2017
Should A Director Submit A Tax Return?
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 Self-Assessment tax return has not been issued to a director he does not have a tax liability? As per the above HMRC guidance, you must complete a tax return if
July 13, 2017
Do I Need To Submit A Tax Return With HMRC?
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 have untaxed income of £2,500 or more You have saving income of £10,000 or more before tax You made profits from selling assets such as shares, second home or other
July 13, 2017
How To Calculate Rental Property Profits
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 expenses paid. The taxable property income profit will therefore be: Rent Receivables X Less: Expenses payable (X) Property income profit/(Loss) X/(X) Rental property is chargeable to tax at 20%/40% and
July 13, 2017
I Would Like To Gift My Property To My Son. Would It Be Liable To Tax?
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 Son, it will be considered as disposal for capital gains tax (CGT) purposes. Therefore, the person who is giving the property away could have CGT to pay even though he