News

The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts will be available from 6 April 2017. HMRC have produced a helpful guide on the account and some key points are outlined below: You can open a Lifetime ISA if you’re aged 18 or over but under 40. As with other ISAs you won’t pay tax on any interest, ...

ISA

Hundreds of thousands of savers have cashed in £9.2 billion from their pension pots since pension freedoms were introduced in April 2015. In April 2015, the government introduced significant pension reforms giving people the ability to access their pensions savings how and when they want. Over 1.5 million payments have been made using pension freedoms, with 162,000 people acce ...

With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider. Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £15,240 for the 2016/17 tax year. A save ...

Tax

The Department for Work and Pensions has confirmed the thresholds for pension automatic enrolment for 2017/18.  The main qualifying threshold or ‘trigger’ for employees to be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band and will be £5,876 and the upper limit £45,000.  The written statement also includes:‘Automa ...

HMRC have released more unusual excuses from taxpayers who failed to complete their self assessment tax return on time. These include: ‘My tax return was on my yacht…which caught fire’ ‘A wasp in my car caused me to have an accident and my tax return, which was inside, was destroyed’ ‘My wife helps me with my tax return, but she had a headache for ten days’ ‘My dog ate my ...

Tax

In a change that will impact residential landlords, the amount of income tax relief available on residential property finance costs will be restricted to the basic rate of income tax. This change will mean that landlords will no longer be able to deduct all of their finance costs from their property income. They will instead receive a basic rate reduction from their income tax ...

Tax

HMRC have introduced an online service to apply for a repayment of the higher rates of Stamp Duty Land Tax (SDLT) for additional properties if the property sold was previously a main home.  From 1 April 2016 higher rates of SDLT are charged on purchases of additional residential properties.  The main target of the higher rates is purchases of buy to let properties or second ho ...

Tax

Tax campaigners have warned that the abolition of Class 2 National Insurance contributions from April 2018 could result in the lowest earners among the self-employed being hardest hit. Class 2 NICs are flat-rate weekly contributions paid by the self-employed to gain access to contributory benefits. The self-employed also pay Class 4 NICs on profits above the Lower Profits Limi ...

Tax

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