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Tax free savings income

Source: HM Revenue & Customs | | 25/07/2017 The Personal Savings Allowance (PSA) was launched on 6 April 2016. The allowance means that the first £1,000 interest on savings income for basic rate taxpayers is tax-free. For higher-rate taxpayers the PSA is £500. Anyone earning over £150,000 does not benefit from the new PSA. In…Read More

New Finance Bill to be published

Source: HM Government | | 19/07/2017 The government has confirmed that a new Finance Bill will be introduced as soon as possible after the summer recess. The House of Commons returns to Westminster on 5 September 2017. In a joint press release from HMRC and HM Treasury we are told that the new Finance Bill…Read More

Making Tax Digital – common sense prevails

Source: HM Government | | 19/07/2017 A new timetable for the introduction of Making Tax Digital (MTD) has been announced. The new regime was due to start from April 2018, but was delayed by the snap general election earlier this year. The government now appears to have listened to concerns that the roll-out of the…Read More

Class 1 NICs zero rate band

Source: HM Revenue & Customs | | 19/07/2017 Many director shareholders take a minimum salary and any balance of remuneration as dividends. This tends to reduce National Insurance Contributions (NICs), and in some cases Income Tax. The planning strategy is to pay a salary at a level that qualifies the director for State benefits, including…Read More

Employed or self-employed?

Source: HM Revenue & Customs | | 19/07/2017 Working out whether you are an employee or self-employed can be a tricky business and HMRC’s view can sometimes be at odds with status defined under employment law. Clearly, although not always, there are tax and NIC advantages for you and the business that contracts for your…Read More

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