VAT recovery on car-derived vans and combi vans
Posted on Monday, June 1st, 2015
HMRC have issued a list of makes and models of car derived vans and combi vans which VAT registered businesses can use to determine if the VAT paid on the purchase can be reclaimed as input tax. The... Read Full Article...
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Budget 2015
Posted on Monday, June 1st, 2015
George Osborne presented the final Budget of this Parliament on Wednesday 18 March 2015. In his speech the Chancellor reported ‘on a Britain that is growing, creating jobs and paying its way’. Towards the end of 2014... Read Full Article...
Personal tax rates and allowances
Posted on Monday, June 1st, 2015
For those born after 5 April 1938 the personal allowance will be increased to £10,600. For those born before 6 April 1938 the personal allowance remains at £10,660. The reduction in the personal allowance for those with... Read Full Article...
Tax bands and rates for 2015/16
Posted on Monday, June 1st, 2015
The basic rate of tax is currently 20%. The band of income taxable at this rate is being decreased from £31,865 to £31,785 so that the threshold at which the 40% band applies will rise from £41,865... Read Full Article...
Starting rate of tax for savings income
Posted on Monday, June 1st, 2015
From 6 April 2015, the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings will be increased from £2,880 to £5,000, and this starting rate will be... Read Full Article...
Proposed personal allowances to come
Posted on Monday, June 1st, 2015
The Chancellor announced that the personal allowance will be increased to £10,800 in 2016/17 and to £11,000 in 2017/18. The Transferable Tax Allowance will also rise in line with the personal allowance, being 10% of the personal... Read Full Article...
Personal Savings Allowance
Posted on Monday, June 1st, 2015
The Chancellor announced that legislation will be introduced in a future Finance Bill to apply a Personal Savings Allowance to income such as bank and building society interest from 6 April 2016. The Personal Savings Allowance will... Read Full Article...
Help to Buy ISA
Posted on Monday, June 1st, 2015
The government has announced the introduction of a new type of ISA, the Help to Buy ISA, which will provide a tax free savings account for first time buyers wishing to save for a home. The scheme... Read Full Article...
Pension freedoms for those with annuities
Posted on Monday, June 1st, 2015
The Chancellor has announced a new flexibility for people who have already purchased an annuity. From April 2016, the government will remove the restrictions on buying and selling existing annuities to allow pensioners to sell the income... Read Full Article...
National Minimum Wage rises
Posted on Monday, June 1st, 2015
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1 October 2015: From 1 October 2015: the... Read Full Article...