Budget Changes – Income Tax
Following last month’s budget it is, for most people, a case of no change despite several rumours circulating in the previous weeks. The main contents with regard to Income Tax were as follows: Tax Rates Income Tax rates are unchanged for 2018/19 as follows: Basic Rate 20% Higher Rate 40% Additional Rate 45% Similarly, the … Continue reading Budget Changes – Income Tax
Following last month’s budget it is, for most people, a case of no change despite several rumours circulating in the previous weeks. The main contents with regard to Corporation Tax were as follows: Corporation Tax Rate The rate of Corporation Tax will remain at 19% for both 2018/19 and 2019/20. It is set to reduce … Continue reading Budget Changes – Company Tax
Following last month’s budget it is, for most people, a case of no change despite several rumours circulating in the previous weeks. The main contents with regard to Capital Tax were as follows: Capital Gain Tax The Annual Exemption for 2018/19 will be £11,700 for individuals and £5,850 for Trustees. The rates of CGT remain … Continue reading Budget Changes – Capital Taxes
National Insurance for Self-Employed people is changing over the next couple of years. Currently, anyone who is self-employed pays National Insurance in two ways: Class 2 NIC. It is this class of NIC that counts towards pensions and certain other contribution-based social security benefits. This is paid at the flat rate of £2.85 per week. … Continue reading National Insurance for Self- Employed people is changing
We were recently asked by a client whether training costs were tax deductible. As usual, the question is easier to ask than to answer. Consideration must be given both to who is receiving the training and who is making the payment. Sole Trader or Partner If a sole trader or partner undertakes training to update … Continue reading Are Training Costs Tax Deductible?