Welcome to our monthly newswire. In this edition we will focus on the Chancellor’s Autumn Budget announcements. Please contact us if you wish to discuss any matters in this newsletter.
News & Updates
For years thousands of taxpayers took income in the form of loans from their employer, or through a less direct route such as an employee benefit trust (EBT). Many of those individuals did not understand the full implications of being taxed on the benefit of a loan, and were told the tax saving was totally legal.
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.
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.
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.
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.