Author: Stephanie Spicer

National Insurance payments increase threat

The rise in income tax threshold for higher rate tax payers was seen as a good thing in the recent Budget. But as the devils start to crawl out of the detail it emerges that the rise is less than beneficial, according to detailed study of, Budget papers by mutual insurer Royal London.

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IR35 tax threat still an issue

Small businesses are said to be immune – at the moment – from the implications for employers and employees of the Government decision to roll out off payroll working IR35 rules to the private sector following their application in the public sector.

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Income Tax threshold levels fail lower paid

In the Autumn Budget Statement there was good news for income tax it appeared. It had been widely speculated on that promised rises in allowances would not go ahead. Yet on the day it has been announced that the personal allowance threshold for income tax and the higher rate threshold are both to be raised from April 2019 to £12,500 and £50,000 respectively (from £11,850 and £46,350).

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Key business tax reliefs remain

Business owners had some relatively good news from the Chancellor Phillip Hammond MP, in the Autumn Budget statement as Entrepreneur’s Relief and the Annual Investment Allowance remained intact and for the self employed and small business owners themselves will benefit from income tax threshold rises.

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Buy to let landlords hit in Budget with capital gains tax relief restrictions

Buy to let landlords suffered another disappointment in the Autumn Budget Statement with the announcement from the Chancellor Philip Hammond MP, that from April 2020 lettings relief will be reformed so that it will only apply where the owner of the property is in shared occupancy with the tenant and that the final period exemption will also be reduced from 18 months to 9 months.

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Tax Updates