Read full story «Reduction in the £5,000 dividend allowance»

Reduction in the £5,000 dividend allowance cas-admin

Posted on March 20, 2017 0 33

Unless there are further political objections, one of the few remaining revenue raising changes in the recent spring budget was the reduction in the £5,000 dividend allowance from April 2018. From this date the allowance will drop to £2,000. This measure will increase the tax charge for investors with significant, quoted share portfolios and the director/shareholders of private companies who minimise their tax and National Insurance by taking a lowRead More »

Read full story «Making Tax Digital (MTD) – a step closer»

Making Tax Digital (MTD) – a step closer cas-admin

Posted on March 15, 2017 0 33

Another matter that received some clarification last week was the government’s move to implement MTD for the self-employed from April 2018. When the scope of MTD was first published it was proposed that the self-employed (including unincorporated property businesses) would need to commence the quarterly upload of summarised accounts data, direct to HMRC’s digital accounts, from April 2018. In the budget last week, a relaxation of this deadline was introduced.Read More »

Read full story «Self-employed NIC increase»

Self-employed NIC increase cas-admin

Posted on March 15, 2017 0 38

Although there was little of substance to Philip Hammond’s budget last week, one particular issue caused some political controversy. It was the proposal to increase the National Insurance contributions for the self-employed from 9% to 11% over a two-year period starting April 2018. From this date, April 2018, the weekly Class 2 contributions will be scrapped and the scope of Class 4 contributions will be increased such that the entitlementRead More »

Read full story «Employment boost for older workers»

Employment boost for older workers cas-admin

Posted on March 9, 2017 0 59

A new strategy is calling on employers to boost the number of older workers and ensure they are not writing people off once they reach a certain age, helping to build a country that works for everyone. It’s estimated that by mid-2030s people aged 50 and over will comprise more than half of the UK adult population. The government is encouraging people to take full advantage of the opportunities thatRead More »

Read full story «The budget crystal ball»

The budget crystal ball cas-admin

Posted on March 9, 2017 0 78

In two days’ time Philip Hammond will present his first budget to parliament; forecasting any changes he may be considering to the UK tax system is perhaps unwise. If he remains committed to austerity, anticipating any potential fall-out from the Brexit process and maintaining (or more likely slowing down) the repayment of national debt, it is difficult to see where savings can come from to fund tax give-aways. Most ofRead More »

Read full story «Marriage Allowance»

Marriage Allowance cas-admin

Posted on March 9, 2017 0 69

Although the financial impact of this allowance is relatively low, it is surprising that there has not been more uptake of the Marriage Allowance since its inception 6 April 2015. In fact, taxpayers that qualify can still backdate a claim for 2015-16 as well as make a claim for the current tax year, 2016-17. Marriage Allowance lets you transfer £1,100 of your Personal Allowance to your husband, wife or civilRead More »

Read full story «Tax-free pensions advice»

Tax-free pensions advice cas-admin

Posted on March 9, 2017 0 43

People planning their retirement will be able to withdraw up to £1,500 from their pension pots tax-free to pay for financial advice, under recent plans unveiled by the government. The new Pension Advice Allowance, first announced at Autumn Statement 2016, will enable people to withdraw £500 up to three occasions from their pension pots tax-free to put towards the cost of pensions and retirement advice from April 2017. Following anRead More »

Read full story «Lifetime ISAs»

Lifetime ISAs cas-admin

Posted on February 23, 2017 0 82

A reminder that from 6 April 2017 Lifetime ISAs are available as an alternative tax-free investment. The lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. Details published 17 February 2017 are: You can open a lifetime ISA if you are aged 18 or over but under 40. You must be either: resident in the UK a Crown Servant (for example a diplomatRead More »