The Bank of England base rate rose on 2 November 2017 from 0.25% to 0.50%, and this has prompted an increase in all of the interest rates taxpayers are charged when paying tax late.
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Welsh Taxes
The Welsh Government was granted powers to raise taxes back in 2014. That was so long ago that we had forgotten that they were actually going to use those powers to impose Welsh versions of SDLT and landfill tax.
Tax Repayments
The first tax returns to be submitted in the tax return season are normally those which are likely to generate tax refunds for taxpayers who really need to money. However, the tax may not be repaid in the manner requested, due to HMRC’s policy regarding credit and debit cards.
Class 2 NIC Continues
The abolition of class 2 NIC was announced in the 2015 Budget. From 6 April 2018 the rights to state benefits currently obtained by paying class 2 NIC will be transferred to class 4, thus simplifying NIC for the self-employed.
NRCGT Penalties
The non-resident capital gains tax (NRCGT) regime applies when a UK residential property is disposed of on or after 6 April 2015 by a non-resident taxpayer. The tax rates and reliefs are the same as apply to other capital gains, but the reporting mechanism is different.
November News
Welcome to our monthly newswire. We hope you enjoy reading this newsletter and find it useful.