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 …
What to expect from the 2017/2018 financial year Read More »
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 …
State Pension Age could rise to 70 for millennials Read More »
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 …
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 …
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 …
HMRC recover debts of up to £17,000 though PAYE codes Read More »
Many business owners face uncertainty as the business rates revaluation looms with April 2017 just around the corner, bringing with it the first review of business rates in seven years. Although little has been confirmed, there is widespread speculation that some areas will face drastic increases, such as Dover Street in Mayfair with an earmarked …
Business Rates Revaluation 2017 – how will your business be affected? Read More »
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, …
Concerns grow as taxpayers go on blissfully unaware of tax changes Read More »
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 …
Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. It is one of the most important aspects of starting a new business. Your plan should provide a thorough examination of the way in which the business …
Key Changes & Updates for IndividualsThe 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. …
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