Category: Tax

These new accounts to help first time buyers save for a deposit to buy their first home will be available from Autumn 2015.  First time buyers  over 16 will be able to open these special  ISAs, make an initial deposit of up to £1,000 and then save up to £200 a month, and the Government … Continued

From April 2016, a tax-free allowance of £1,000 (or £500 for higher rate taxpayers) will be introduced for the interest that people earn on savings. If they are a basic rate taxpayer and have a total income up to £42,700 a year, they will be eligible for the £1,000 tax-free savings allowance. If they are … Continued

As announced last year there will be a zero rate on the first £5,000 of savings income from 2015/16 onwards. Note however that this will only provide full benefit to those with taxable income between the basic rate band £10,600 and £15,600.

The current £15,000 ISA limit is to be increased to £15,240 from 6 April 2015. Remember that the 50% cash ISA restriction was abolished from 1 July 2014 so that any combination of cash and stocks and shares can be held within the ISA wrapper up to the overall £15,240 limit. The Junior ISA limit … Continued

The 20% basic rate band is £31,785 for 2015/16 and will be £31,900 for 2016/17. This means that you pay 40% tax if your taxable income exceeds £42,385 for 2015/16 and £42,700 for 2016/17. It is proposed that the higher rate tax threshold will increase to £43,300 for 2017/18.  The 45% top rate continues to … Continued

As already announced the basic personal allowance for 2015/16 will be £10,600. The Budget on 18 March announced that there will be a further above inflation increase to £10,800 for 2016/17 and £11,000 in 2017/18. Those aged 75 and over will continue to receive a personal allowance of £10,660 for 2015/16 and by 2016/17 they … Continued

As recently introduced by Liverpool City Council, Wirral Borough Council are now also enforcing the Licensing Scheme from 1 July 2015. The scheme is being introduced under the Government’s selective licensing laws and signing up for it is compulsory if your let property is within the selected area. What are the benefits of the scheme? … Continued

Chancellor George Osborne used his final Budget statement of this Parliament to announce that “Britain is walking tall again”. There are many things to be positive about: Economy The economy grew 2.6% in 2014 – faster than any other advanced economy. The Office for Budget Responsibility (OBR) has revised up its 2015 growth forecast to … Continued

HMRC have announced some changes to the Advisory Fuel Rates from 1 March 2015. These rates only apply to employees using a company car. You can use the previous rates for up to 1 month from the date the new rates apply. Engine size Petrol LPG 1400cc or less 11p 8p 1401cc to 2000cc 13p … Continued

There is only one month remaining of the 2014/15 tax year. Here is a summary of personal tax reliefs and allowances to use before the tax year-end. Income tax The personal allowance is £10,000 for 2014/15 and will rise to £10,600 in 2015/16. Make sure that your spouse or civil partner is taking advantage of … Continued