Here is a summary of the 2017 budget and its effect on the areas of personal taxation, businesses and the economy in general. Personal Taxation The tax rate for class 4 national insurance contributions for the self-employed to increase from 9% to 10% in April 2018 and 11% in April 2019. This increase applying to earnings […]
Most of the businesses feel that the government must work in partnership with businesses to prioritise stability as Britain starts Brexit talks as per the Confederation of British Industry. “By supporting businesses to invest, the government can promote growth at a critical time for the UK economy as we enter into EU exit negotiations,” says […]
Below is a summary of the key points that was outlined during the autumn statement yesterday by the Chancellor. Taxation Income tax threshold to be raised to £11,500 in April, from £11,000. Higher rate income tax threshold to rise to £50,000 by the end of the Parliament Tax savings on salary sacrifice and benefits in […]
Within the last time there has been a continued decrease of firms which provide audit services. The reason for this might be the regulatory and legislative edicts. Watchdog Financial Reporting Council published a report called “Key Facts and Trends”, it shows that 304 practices have ditched their audit licences since December 2014. Smaller audit firms […]
In latest developments, tax heads of larger accountancy firms have defended themselves against claims they are behind avoidance schemes that damage the UK’s economy. The Public Accounts Committee accused them of making not exposing corporate income for tax in UK
Most of the UK’s larger businesses have made a significant contribution to the public purse despite adverse economic conditions and public outcry over multinationals using complex tax structures to avoid paying tax. Global companies including Amazon, Google and Starbucks have attracted public ire over their corporation tax bills, but a study by PwC has found […]
The Bank of England has cut its growth forecast to close to zero from about 0.8% predicted in May. And this leads to the intensification of the as the double-dip recession. The quarterly inflation report of the Bank of England has indicated no growth for 2012, compared with 2% predicted a year ago.
HM Revenue & Customs (HMRC) is running an Alternative Dispute Resolution (ADR) trial, which provides Small and Medium Enterprise (SME) customers with an alternative way of resolving tax disputes in compliance checks.
For individuals The income tax personal allowance is set to rise again, not just as scheduled in April 2012, but next year too. It will go up further in April 2013 to £9025.00. This is a step forward towards raising it up to £10000.00. On the otherhand, the 50p tax rate is to be brought […]
Income tax Personal allowance to be raised up to £9,205 from April 2013; this is a move according to the government that will make 24 million people £220 a year better off. But 300,000 more people will be drawn into the higher rate – 40% – tax band from 2013/14 as the threshold is brought […]