The Chancellor has not only brought forward proposals which were to take place in 2011, he has also made changes to his original announcements. From 6 April 2010 the personal allowance, currently £6,475, will be subject to an income limit of £100,000. An individual’s personal allowance will be reduced by £1 for every £2 of [...]
Monday, April 27, 2009
Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution. The government has announced its intention to restrict tax relief on pension savings with effect from 6 April 2011 for [...]
Wednesday, April 22, 2009
Under current rules businesses already have a number of mechanisms to relieve trading losses against other income including past trading profits. Unincorporated businesses can offset unlimited trading losses against income in the preceding year and in the early years of business trading losses may be carried back for three years. The main relief for companies [...]
Monday, April 20, 2009
Additional capital allowances are to be available for expenditure incurred by a business in the 12 month period (starting 1 April 2009 for companies and 6 April 2009 for individuals and partnerships). Most businesses have since April 2008 been able to claim the new Annual Investment Allowance (AIA) on the first £50,000 spent on most [...]
Saturday, April 18, 2009
The standard rate of VAT was reduced from 17.5% to 15% for the 13 month period 1 December 2008 to 31 December 2009. HMRC have confirmed that the standard rate of VAT will revert to 17.5% from 1 January 2010. The government have confirmed that legislation will be introduced to counter schemes which purport to apply the 15% [...]
Monday, April 6, 2009
A package of measures is being introduced to simplify and modernise the VAT system for cross-border trading and to counter fraud across the EU. The measures include: changes to the basic place of supply of services rules changes to the time of supply rules European Sales List (ESL) reporting for supplies of cross-border services a [...]
Wednesday, April 1, 2009
HMRC bank account details for paying self employed Class 2 and voluntary Class 3 National Insurance Contributions have changed. HMRC have advised that individuals will need to use the new account details when making a payment. Their advice is that where an individual pays by Internet, telephone banking or CHAPS: “HMRC is now using the [...]
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Thursday, April 30, 2009
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