Although most banks and building societies do not have to deduct Income Tax from interest payments they make to depositors from April 2016, the same does not apply to others that pay interest. Consider an owner managed company whose directors had deposited a considerable sum with the company that was credited to a loan account […]
Monthly Archives: June 2016
In the context of this article tax credit does not refer to the child or working tax credits – these are part of the benefits system. Tax credits in this article refer to a deduction made from your overall tax liabilities, usually at a fixed percentage rate of the relevant income. For example, up to […]
There has been much press commentary regarding the extra 3% Stamp Duty Land Tax (SDLT) and the 3% Additional Dwelling Supplement (ADS) – part of the Land and Building Transaction Tax in Scotland – that applies to the purchase of a second residential property by individuals in the UK from 1 April 2016. Home owners […]
For the tax year 2016-17, most taxpayers are entitled to claim a tax-free personal allowance of £11,000 from their taxable income. The maximum income that can be taxed at the basic rate of 20%, after the personal allowance has been deducted, is £32,000. Accordingly, if your total income is £43,000 or below you will only […]
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