Inheritance Tax Review by Office of Tax Simplification

The Office of Tax Simplification (OTS) has published the first of two reports on inheritance tax. The first report sets out an explanation of the issues and complexities of IHT, gives an overview of concerns raised by... Read Full Article...

No Comments on Inheritance Tax Review by Office of Tax Simplification

Personal tax changes – allowance and basic rate band increases

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic... Read Full Article...

No Comments on Personal tax changes – allowance and basic rate band increases

Capital allowances changes

A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019.... Read Full Article...

No Comments on Capital allowances changes

HMRC countdown: file your tax return

With less than 100 days until the self assessment tax return deadline of 31 January 2019, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. The deadline for... Read Full Article...

No Comments on HMRC countdown: file your tax return

Stamp duty cut: 121,500 households save £284 million

According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland.... Read Full Article...

No Comments on Stamp duty cut: 121,500 households save £284 million

HMRC warning: time to declare offshore assets

HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare... Read Full Article...

No Comments on HMRC warning: time to declare offshore assets

Deadline for ‘paper’ self assessment tax returns

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2017/18 return is 31 October 2018. Returns submitted after that date must be submitted electronically or they will incur a minimum... Read Full Article...

No Comments on Deadline for ‘paper’ self assessment tax returns

Self-employed Class 2 National Insurance will not be scrapped

The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019. Class 2 NICs are currently paid at a rate of £2.95 per week by self-employed individuals with... Read Full Article...

No Comments on Self-employed Class 2 National Insurance will not be scrapped

Universal Credit and self employment

The government has published a report, Universal Credit: supporting self employment which considers the issues faced by self employed claimants. The report considers the impact of the Monthly Income Floor (MIF) earnings requirement. To be eligible for... Read Full Article...

No Comments on Universal Credit and self employment

Dividend allowance down to £2,000

In 2017/18 the first £5,000 of dividends are chargeable to tax at 0% (the Dividend Allowance). From 6 April 2018 the Dividend Allowance is reduced to £2,000. Dividends received above the allowance are taxed at the following... Read Full Article...

No Comments on Dividend allowance down to £2,000