Category: Tax

Comments Off on Budget Set to Take Place in February Once Brexit is Resolved

Budget Set to Take Place in February Once Brexit is Resolved

Budget Set to Take Place in February Once Brexit is Resolved

The new government intends to announce the 2020/21 tax rates, bands and allowances in a full Budget next month. Prime Minister Boris Johnson secured a handsome majority on 12 December 2019, and swiftly returned Sajid Javid to the position of Chancellor. Javid was poised to deliver his first Budget speech in November 2019, only for … Continued

Comments Off on Complex Taper Rules Could Lead to ‘Huge’ Tax Bills for High Earners

Complex Taper Rules Could Lead to ‘Huge’ Tax Bills for High Earners

Complex Taper Rules Could Lead to ‘Huge’ Tax Bills for High Earners

High earners could face large tax bills if they fail to declare pension contributions on their 2018/19 tax returns, according to a report. When completing self-assessment, taxpayers are asked if they have put any money into a pension scheme above the annual pensions allowance. For most people, this allowance is £40,000 – but for every … Continued

Comments Off on Advisory Fuel rate for Company Cars from 1 December 2019

Advisory Fuel rate for Company Cars from 1 December 2019

Advisory Fuel rate for Company Cars from 1 December 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p   8p 1600cc or less   9p (10p)   1401cc to 2000cc 14p   9p … Continued

Comments Off on Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

A report into the loan charge may not be published until after the deadline for settling claims with HMRC has passed. Up to 50,000 people whose employers had paid them through loans from offshore trusts dating back to 1999 were warned they could face huge tax bills. They were issued with a 5 April 2019 … Continued

Comments Off on Postpone off-Payroll Extension to the Private Sector Until 2021

Postpone off-Payroll Extension to the Private Sector Until 2021

Postpone off-Payroll Extension to the Private Sector Until 2021

Extending off-payroll rules to the private sector in April 2020 should be delayed by a year, a tax group has said. Chancellor Sajid Javid intended to deliver his first Budget speech on Wednesday 6 November, only for it to be scrapped after a second Brexit extension was granted. In light of that and the subsequent … Continued

Comments Off on Ministry of Justice Finally Abandons Plans to Increase Probate Fees

Ministry of Justice Finally Abandons Plans to Increase Probate Fees

Ministry of Justice Finally Abandons Plans to Increase Probate Fees

Plans to increase probate fees that were due to take effect earlier this year have been abandoned. Families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000. That system was due to be replaced on 1 April … Continued

Comments Off on Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

The Treasury has announced it will review the tapered annual allowance for pensions, following calls to abolish it. The amount of pension contributions that can be made tax-free in 2019/20 stands at £40,000 in most cases, but this is restricted for higher earners by the tapered annual allowance. The taper applies to people with a … Continued

Comments Off on Treasury Urged to Rethink Buy-to-let Crackdown

Treasury Urged to Rethink Buy-to-let Crackdown

Treasury Urged to Rethink Buy-to-let Crackdown

The Government is being urged to stop its crackdown on the buy-to-let market, following evidence showing the negative effects of a string of tax changes. The Intermediary Mortgage Lenders’ Association (IMLA) said recent changes are forcing some landlords out of the private rented sector. It found that landlords with one buy-to-let property made up just … Continued

Comments Off on Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Fewer people should have to pay tax on gifts made to loved ones in the years before their death, according to the Office for Tax Simplification (OTS). Under the current rules, inheritance tax of up to 40% is paid when someone dies within seven years of making a gift. The OTS called on the Treasury … Continued

Comments Off on Advisory Fuel Rate for Company Cars from 1 June 2019

Advisory Fuel Rate for Company Cars from 1 June 2019

Advisory Fuel Rate for Company Cars from 1 June 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets.   Engine Size Petrol Diesel LPG 1400cc or less 12p (11p)   8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p … Continued