Property business owners, particularly buy-to-let landlords, have been hit with a number of quite dramatic changes in their tax status. One of the most draconian is the gradual disallowance of tax relief for finance payments that starts April 2017. We have highlighted this issue in past articles posted to this newsletter. In essence, from […]
Monthly Archives: March 2017
A search is underway to recruit the UK’s first Small Business Commissioner. The commissioner will be a high profile role supporting small businesses in payment disputes with their larger customers. The Commissioner appointment is an important measure in tackling late payment issues Expected to be based in Birmingham, the Commissioner will be a national champion […]
In no particular order changes already announced include: The personal tax allowance will increase to £11,500 and the higher rate threshold will rise to £45,000. The annual ISA limit will increase to £20,000. Both employers and employees will start paying NICs on weekly earnings above £157. The government will legislate for a new Income Tax […]
1 March 2017 – Due date for Corporation Tax due for the year ended 31 May 2016. 2 March 2017 – Self Assessment tax for 2015/16 paid after this date will incur a 5% surcharge. 19 March 2017 – PAYE and NIC deductions due for month ended 5 March 2017. (If you pay your tax […]
We have now seen the response of HMRC to representations made by accountants and other interested parties to their Making Tax Digital (MTD) agenda. A reminder that MTD will result in the gradual digitisation of small business (including landlords) reporting to HMRC. The present proposals will oblige smaller businesses to upload quarterly data to HMRC […]
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