Advisory rates only apply where employers reimburse employees for business travel in a company car or require employees to repay the cost of fuel used for private travel in a company car.
Car, van and fuel benefits 2018/19.
Minimum wage rates for 2018/19 and 2017/18.
Land Transaction Tax.
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 […]
A Trade Allowance is available to individuals. There is 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 Profits assessable NIL Income over £1,000 Election to deduct […]
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.
Key self assessment dates
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