Philip Gale & Co. Chartered Accountants and Business Advisers
Philip Gale & Co.Chartered Accountantsand Business Advisers

We keep you updated

We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at Philip Gale & Co.

Budget - 22 November 2017  - Further details to follow

Key points

  • From April 2018, the personal allowance for income tax will rise to £11,850 and the basic rate band will be extended so that higher rate tax will start at taxable income of £46,350. 
  • The national living wage will rise to £7.83 from £7.50 from April 2018.
  • A package of additional funding and amendments will be applied to Universal Credit.
  • VAT registration threshold will remain at £85,000 for at least the next two years.
  • Rises in business rates will be pegged to CPI rather than RPI.
  • Additional funding for electric vehicles and other technology.
  • Stamp duty abolished on first £300,000 for first time buyers.
  • Additional funding for the regional investment and the transformation of major ciites.
  • More housing and planning reforms.

Previously announced changes taking effect from April 2018

  • Phased removal of higher-rate tax relief for mortgage interest for buy-to-let investors
  • The tax-free dividend allowance reduces from £5,000 to £2,000 from April 2018
  • The main rate of National Insurance contributions (Class 4) for the self-employed will increase from 9% to 10% in April 2018, and then to 11% from April 2019

Budget - 8 March 2017

Key points

  • The tax-free dividend allowance reduces from £5,000 to £2,000 from April 2018
  • The main rate of National Insurance contributions (Class 4) for the self-employed will increase from 9% to 10% in April 2018, and then to 11% from April 2019
  • Pubs and small businesses most affected by the changes to business rates may benefit from the relief package that was announced 
  • A 25% charge will be applied to pension transfers made to qualifying recognised overseas pension schemes (QROPS), with exceptions for genuine transfer needs
  • The new three-year NS&I bond will offer a return of 2.2% a year on savings up to £3,000.

Previously announced changes taking effect from April 2017

  • Phased removal of higher-rate tax relief for mortgage interest for buy-to-let investors
  • Reduction in Corporation Tax rate to 19%
  • Introduction of the main residence inheritance tax nil-rate band
  • UK residential property subject to UK inheritance tax regardless of ownership structure
  • New £1,000 allowances for low-level property and trading income
  • ISA limit increased to £20,000
  • Alignment of employer and employee National Insurance thresholds
  • Introduction of Lifetime ISA allowing savings of up to £4,000 a year with a 25% government bonus
  • Removal of tax advantage on certain salary sacrifice arrangements such as private medical cover 
  • Changes to the taxation of non-domiciled individuals including the introduction of deemed domicile status for all taxes after 15 years of residence

Auto Enrolment

Have you received a letter from The Pension Regulator? Don't ignore it. You probably need to do something and could be fined if you don't. Call us to check.

 

All employers are faced with the introduction of staff pension auto enrolment. The compliance based with the introduction of auto enrolment for small employers  is a real headache and there are penalties for getting it wrong.

 

We can help you with auto enrolment and have a range of alternative approaches each one designed to make sure you get it right. We work with NEST and other providers.

 

Tip: Make sure you know your staging date and then don't leave it until the last minute.

 

Want to get started now? Click here.

 

Otherwise, please get in touch for further information.

 

Following my blog "UK tax compliance and HMRC Campaigns", I am focusing here on offshore involvements and UK tax.  If you have, or have had involvements offshore, are you happy that these affairs have been correctly disclosed and taxed in the UK? There is a new legal requirement included at Section 67 and Schedule 18 of the Finance (No. 2) Act 2017 that creates an obligation for anyone who has undeclared UK tax liabilities involving offshore matters or transfers to disclose the relevant information about this non-compliance to HM Revenue and Customs (HMRC) by 30 September 2018. Failure to disclose the relevant information to HMRC on or before 30 September 2018 will result in the person becoming liable to a new penalty as a result of their failure to correct (FTC). The new FTC penalty is likely to be much higher than the existing penalties, with a minimum penalty of 100% of the tax involved. To avoid becoming liable to these new higher penalties, a person must correct the position by no later than 30 September 2018. If they do this, the tax and interest will be collected and the existing penalty rules will apply. HMRC has previously run campaigns specifically aimed at tax payers with overseas affairs who may not have made correct disclosure and/or paid enough tax in the UK. These campaigns are now over, but anybody wanting to make a tax disclosure voluntarily about any area of UK tax can still make a disclosure by using the Campaign Voluntary Disclosure Helpline on 0300 123 1078 - Monday to Friday, 8 am to 6:30 pm. If taxpayers are unsure whether they have undeclared UK tax liabilities that involve offshore matters or transfers, they should check their affairs and if necessary put things right before they become liable to the new FTC penalties that will come into force on 1 October 2018. Further guidance on this is available from HMRC here

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FIXED FEE OFFER

We are now offering a fixed annual fee service for new and small businesses that includes Xero and Receipt Bank

 

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The Budget

22 November 2017

More details

SME's are finding that there are benefits from appointing an NED. 

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AUTO ENROLMENT

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MTD - Making Tax Digital - HMRC update 8 March 2017 Are you ready?

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Churchill House

Stirling Way

Borehamwood

Hertfordshire WD6 2HP

Tel: +44 (0) 208 736 0460

Tel: +44 (0) 7801 954757

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Tel: +44 (0) 208 736 0460

Tel: +44 (0) 7801 954757

 

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