Tax Tips

Scottish Budget For 2018/19

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Scottish Budget Flag

Derek Mackay delivered his Scottish Budget speech which sets out the Scottish Government spending and taxation plans which will take effect from 6 April 2018. The Scottish Government has limited powers however has taken steps to amend income tax rates and adjust Land and Buildings Transaction Tax for first time buyers. Scottish Income Tax 2018/19 …

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Autumn Budget 2017

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Autum Budget 2017

Chancellor Philip Hammond delivered his Budget speech and amongst disagreeing with Jeremy Clarkson that electric cars and then driverless cars are the future (so Jeremy being snubbed by May and Hammond) the Chancellor aimed to deliver his vision of a prosperous, modern outlooking Britain.

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Top Tips for maximising your CIS tax refund

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Construction

If you are self-employed or a contractor working in the construction industry it is very likely you are well aware of the Construction Industry Scheme or CIS.

Under this scheme contractors deduct CIS from subcontractors and pay it to HM Revenue & Customs (HMRC) on the subcontractor’s behalf. This tax is paid in advance towards the subcontractor’s income tax and national insurance.

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Spring Newsletter 2017 including a summary of the Spring Budget announcements

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Spring Newsletter 2017

Following the chancellor’s Spring Budget announcements yesterday we have included a summary of the key changes which may affect you on pages 3-4 of our Spring Newsletter. You can download a digital copy of the Spring Newsletter here. The newsletter also includes articles on topical tax changes including: Making Tax Digital National Minimum wage increases …

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A Budget 2015 Summary for Individuals

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UK Budget 2015 Summary For Individuals

Chancellor George Osborne described in his final Budget how thanks to the hardworking people of Britain, Britain is “walking tall again” and urged people not to return to the “chaos of the past”! He emphasised his commitment to helping those who “work hard and want to get on”. So how will George Osborne’s measures impact on our personal finances?

Here’s our Budget 2015 summary for individuals of the key announcements:

Minimum Wage

  • for 21+ year old workers, the rate will rise by 20p to £6.70p per hour from October 2015.
  • for workers aged 18-20, the rate will rise by 17p to £5.30p per hour from October 2015.
  • for workers aged under 18, the rate will rise by 8p to £3.87p per hour from October 2015.
  • people on minimum wage will be paid £8 an hour by 2020.

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A Budget 2015 Summary for Business

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UK Budget 2015 Summary For Business

The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.

Here’s our Budget 2015 summary for business outlining the key announcements:

Corporation Tax

  • for small businesses, the rate of Corporation Tax remains at 20%.
  • the main rate will be cut to 20% from April 2015. The rules will be amended to prevent contrived loss arrangements.

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Tax Credits Deadline Extended

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HMRC has announced an extension to the Tax Credits deadline which will give claimants extra time to renew their Tax Credits.

Claimants who missed the statutory deadline of 31 July must ensure that their claim is renewed by 10pm on Wednesday 6 August 2014 otherwise their claim could stop and Tax Credits may have been overpaid.

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The Chartered Institute of Taxation

The Association of Taxation Technicians

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