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Capital Gains Tax The Annual Exempt Amount, the total gain that can be achieved without paying any tax, is increased from the current level of £11,100 to £11,300 from 6th April 2017. The Annual Exempt Amount for most trustees is half these amounts. The rates of Capital Gain Tax remain unchanged. The taxable gain is … Continue reading Changes Announced For Capital Taxes From Spring 2017 Budget
There are a small number of changes to Personal and Corporate Tax. Personal Tax Rates and Allowances No future changes to tax rates and the main personal allowances were announced, the Chancellor presumably waiting until the new Autumn Budget later in the year. The personal allowance will increase on 5th April from the current £11,000 … Continue reading Other Tax Rates and Allowances Announced From Spring 2017 Budget
The main changes announced in the budget affecting small business are as follows: Changes to National Insurance Currently, the self-employed, operating either as sole traders or as partners in a partnership, have to pay both Class 4 and Class 2 NICs as follows: Class 4 NICs at 9% are paid on profits between £8,060 and … Continue reading Small Business Measures Announced from Spring 2017 Budget
Chancellor Philip Hammond’s first Spring Budget may not have contained too many new announcements but certainly contained a lot of controversy. This is also his last Spring Budget. The next budget will be in the Autumn and will be followed by a Spring announcement. The main measures announced were as follows: a £435m package for … Continue reading Spring 2017 Budget Summary
VAT law is just like a Sherlock Holmes novel. Firstly, there was the great saga of the Jaffa Cakes, followed by the grand mystery of the “Gingerbread Man”. More recently there has been the strange case of the “Snowball”. All these, dealt with in earlier articles, related to the VAT rate charged on specific food … Continue reading Yet more VAT Proclamations from the Spring 2017 Budget