HMRC deny imposing harsh penalties to raise money
Once again an HMRC spokesperson has labelled claims it was taking a harder line on penalties to raise revenue as “nonsense” and a “routine refrain about everything we do. It has nothing to do with raising revenue.” However, actions speak louder than words, and HMRC’s actions certainly indicate that their words should not be relied upon … Continue reading HMRC deny imposing harsh penalties to raise money
The main provisions relating to our clients are: Personal Allowances and Tax Rates The personal allowance increases from 5th April 2016 from £10,600 (£10,660 if born before 6th April 1938) to £11,000. Therefore, the age of the “Age Allowance” is over. The allowance is reduced by £1 for every £2 by which adjusted net income … Continue reading WatkinsonBlack Budget Summary Personal Tax Changes
The main provisions relating to our clients are: Rate of Corporation Tax The distinction between small companies and large companies has now ceased, as has the resulting complex marginal calculation. All companies now pay Corporation Tax at the same rate. Over the next few years the rate is anticipated to be as follows: 2016/17 (year … Continue reading WatkinsonBlack Budget Summary: Corporation Tax Changes
The main provisions relating to our clients are: Capital Gains Tax Annual Exemption and Rates There is an annual exemption for each individual of £11,100 from 5th April 2016. For trustees, the exempt amount is £5,550. Gains up to this amount are free of all Capital Gains Tax. The rates of Capital Gains Tax are … Continue reading WatkinsonBlack Budget Summary: Capital Tax, Value Added Tax and Duty Changes
Whilst it has been a long time coming it finally looks as if tax free childcare may be on its way. It was originally proposed to be introduced last year, but the scheme was delayed until 2017 following a legal challenge. The scheme will provide a 20p tax credit to every 80p that you pay … Continue reading It Finally Looks As If Tax Free Childcare May Be On Its Way