A piece of tax simplification that is to be welcomed is the introduction this year of two new annual tax-free allowances for property income and trading income. In both cases, the tax free allowances effectively exempt from tax: Property income where the total gross receipts is less than £1,000 Trading income where the total gross … Continue reading New Annual Tax-Free Allowances For Property Income And Trading Income →

The first stage in the restriction of tax relief for residential landlords on interest paid came into force at the start of the current tax year. From 6th April 2017, 25% of mortgage interest will be restricted to relief at basic rate. This restriction will extend to 50% from 5th April 2018 and to 75% … Continue reading Restriction Of Tax Relief For Residential Landlords On Interest Paid Begins →

We look elsewhere at the changes that have occurred, and which will occur in the next three years, in the tax relief on interest on residential property lettings. These changes affect individual landlords. However, they do not apply to limited companies. This has led to many people asking whether they should transfer their residential properties … Continue reading Residential Landlords: Should You Transfer Your Residential Properties To A Limited Company? →

We thought that we would update a previous article and examine how much someone can earn in the current tax year before paying any tax. Only the very rich would be able to achieve this maximum but let’s have a go and see how it can be done. Everyone has a personal allowance of £11,500 … Continue reading How much can you receive without paying tax? →

National Minimum Wage and National Living Wage As announced in the Autumn Statement 2016, the National Minimum Wage (NMW) and the National Living Wage (NLW) will increase from April 2017. The government accepted all of the Low Pay Commission’s recommendations for the NMW, and the new hourly rates are outlined below. Apprentices 16 and 17 … Continue reading Other Measures Announced from Spring 2017 Budget →