Annual Tax on Enveloped Dwellings (ATED) on (£500,000+) residential properties
ATED has created a new filing obligation at the beginning rather than after the year, with penalties charged for late filing.
Travellers are set to face increasing phone bills when using their mobile phones abroad
In the Spring Budget 2017, the government announced that it will remove the VAT use and enjoyment provision for mobile phone services provided to consumers.
Increase in probate fees – more detail announced
Following confirmation that the Ministry of Justice would be pushing ahead with a massive increase in probate fees, they have now released a draft...
Van benefit is chargeable if the van is available for an employee’s private use. A fuel benefit may also be chargeable if an employee has the benefit of private fuel paid for in respect of a company van. The charges do not apply to vans if a ‘restricted private use condition’ is met throughout the year. A […]
From 6 April 2017 a Trade Allowance of £1,000 per annum is introduced for individuals. There will be an equivalent rule for certain miscellaneous income. This will apply to the extent that the £1,000 trading allowance is not used against trading income. The trade allowance is not available against partnership income. Income up to £1,000 […]
The basic State Pension is a regular payment from the government that an individual may be entitled to when they reach State Pension age. The basic State Pension depends on the number of years an individual has paid National Insurance or has National Insurance credits, eg while unemployed or claiming certain benefits. To receive the basic […]
When you buy shares, you usually pay a tax or duty of 0.5% on the transaction. If you buy shares electronically Stamp Duty Reserve Tax (SDRT) is payable. For shares purchased using a stock transfer form, you will pay Stamp Duty if the transaction is over £1,000.
Self assessment – key dates
31 January 2017 – First payment on account due for 2016/17 tax year. 31 July 2017 – Second payment on account for 2016/17 tax year. 5 October 2017 – Deadline for notifying HMRC of new sources of income (including the Child Benefit charge) if no tax return has been issued for 2016/17 tax year. 31 […]
From 6 April 2017 a property allowance of £1,000 per annum is introduced for individuals. The property allowance will not apply to partnership income or to income on which rent a room relief is given. Income up to £1,000 Profits assessable NIL Income over £1,000 Election to deduct £1,000 rather than the actual expenses
Pensions – tax relief on pension contributions
Tax relief available for personal contributions is the higher of £3,600 (gross) or 100% of relevant earnings. Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual. The limit may be reduced to £10,000 (reducing to £4,000 from 6 April 2017) once money purchase […]