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FreeAgent Software

by Jessica Garbett | May 25, 2017 | business taxation, HMRC

By now readers of this newsletter should be aware of the impending arrival of Making Tax Digital. Staging dates are: April 2018 sole traders / partnerships over vat limit – Income Tax and NI April 2019 sole traders / partnerships under vat limit – Income...

Dividend allowance: band rates

by Jessica Garbett | May 11, 2017 | ACCA, business taxation, property taxation

Calculate how dividends over £5,000 will be taxed. As the tax year 2016/17 closes we will see the calculations and the impact of the dividend allowance. Dividends received over £5,000 will be taxed at the following rates: 7.5% on dividend income within the basic rate...

Major amendments to the Finance Bill

by Jessica Garbett | May 10, 2017 | ACCA, budget, business taxation, HMRC, personal taxatation, politics

Next month’s General Election has resulted in changes to the Finance Bill. Read our summary now. When Members of Parliament backed the motion by 522 to 13 on holding an early General Election on Thursday 8 June under the Fixed-Term Parliaments Act, one of the...

Relief for carried-forward losses

by Jessica Garbett | May 10, 2017 | ACCA, business taxation

New rules will apply to all losses arising on or after 1 April 2017. Losses for companies arising from 1 April 2017, when carried forward, can be offset against the total taxable profits of a company and its group members. They will be able to use the losses against...

Interest on loans from residential property income

by Jessica Garbett | May 8, 2017 | ACCA, business taxation, personal taxatation, property taxation

A new measure will restrict relief for finance costs. This measure will restrict relief for finance costs on residential properties to the basic rate of income tax and will be introduced over four years from 6 April 2017. The measure will not affect companies renting...

Companies’ tax deductions to be limited

by Jessica Garbett | May 2, 2017 | ACCA, business taxation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

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FreeAgent Software

Dividend allowance: band rates

Major amendments to the Finance Bill

Relief for carried-forward losses

Interest on loans from residential property income

Companies’ tax deductions to be limited

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