Summary of tax changes from Budget 2015 (Income Tax)

Income tax Personal allowance and basic rate limit 2016-17 and 2017-18. As announced at Budget, legislation will be introduced in Finance Bill 2015 to increase the income tax personal allowance to £10,800 for 2016-17 and £11,000 for 2017-18. The higher personal allowance for those born before 6 April 1938 will be removed with effect from 2016-17, so that everyone

Budget 2014 – A summary

Devil is, as always, in the details but the headline changes in the 2014 budget were: Personal tax For 2015 to 2016 the personal allowance for those born after 5 April 1948 will increase to £10,500 and the basic rate limit will be £31,785 for 2015 to 2016. For 2015 to 2016 the starting rate for savings

Penalties if you miss the tax return deadline this month

If you miss the deadline, the longer you delay, the more you'll have to pay. So it's important to send your tax return online to HMRC as soon as you can.  If a Partnership tax return is late, each partner will have to pay the penalties shown below. 1 day late - A penalty of

Self assessment deadline next Monday

A self-assessment return for the 2009/10 tax year must be filed online and by 31 January or HMRC will impose a £100 penalty.  NOTE: The penalty will be reduced to nil is any tax due for 2009/10 is settled by the

Family companies still under scrutiny by HM Revenue & Customs

Despite several high profile cases going against HM Revenue & Customs, the tax authority is continuing to pursue shareholders in family companies where there is perceived tax avoidance by income shifting.  Income shifting is the process of diverting income from one tax payer to another where the second taxpayer is subject to a lower rate