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Making Tax Digital dropped from Finance Bill

Making Tax Digital has been removed from the Finance Bill 2017, as well as a majority of other tax measures such as corporate loss relief and the money purchase annual allowance for pensions

Pressure to amend Making Tax Digital plans

There are signs that the two committees scrutinising HMRC proposals for Making Tax Digital are planning to work together to push for more changes and a slower implementation of the current plans

Director dividends

Those who run limited companies – will be affected by a reduction in the tax-free dividend allowance for shareholders from £5,000 to £2,000 from April 2018. Again, this is a measure by the Chancellor to make the tax system more ‘fair’ for the employed and less weighted towards the self-employed.

National Insurance Contributions (NICs)

The Chancellor announced changes to NICs. He stood by the plan of his predecessor, George Osborne, to abolish Class 2 National Insurance from April 2018. But once this happens, Class 4 NICs will rise by 1% to 10%.

Spring Budget 2017 – Increase in Personal Allowance & Basic Rate band

It has been confirmed in the Spring 2017 Budget that there will be an increase in both the personal allowance for individuals and the basic rate tax limit. In line with the Government’s objective to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of this parliament, it … Continue reading Spring Budget 2017 – Increase in Personal Allowance & Basic Rate band

Business brace themselves for Brexit

Two-thirds of business owners have changed their forward planning because of Brexit, according to Business Barometer. The quarterly journal surveyed 900 owners of SMEs.

Cutting higher rate of income tax will raise revenue, report claims

New research claims reducing the higher rate of income tax in Wales would raise additional revenue by attracting high earners, the BBC reports. The report, by Cardiff Business School, said cutting the higher rate from 40% to 30% would bring in about £500m extra a year after 10 years. Meanwhile Ireland will consider lower income … Continue reading Cutting higher rate of income tax will raise revenue, report claims

31 Oct 2016 – Don’t miss your deadlines. What you need to do this October

For anyone not completing self assessment forms, 31 October is the deadline for submitting papers tax return. November 2016 – Chancellor’s Autumn Statement December 2016 – Our festive gift to you – (special offer?) Jan 2017 – It’s New Year so time for some self-assessment Jan 2017 – Top tips for getting your finances in … Continue reading 31 Oct 2016 – Don’t miss your deadlines. What you need to do this October

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