Making Tax Digital

The income tax system as we have known it for the last 20 years is about to change dramatically. From April 2018 businesses whose turnover exceeds £85,000 will be required to keep their records in a digital format and to send HMRC an electronic quarterly summary of income and expenditure. After the end of the accounting[…]

Tax Card 2017/18

Tax Card 2017/18 Taxable Income Bandes and Tax Rates   2017/18 2016/17 Starting rate of 0% on savings up to £5,000* £5,000* Basic rate band Scottish basic rate band £33,500 £31,500 £32,000 £32,000 Higher rate band Scottish higher rate band £33,501-£150,000 £31,501-£150,000 £32,001-£150,000 £32,001-£150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45%[…]

Spring Budget 2017

Introduction Chancellor Philip Hammond described his first and last Spring Budget as one that “takes forward our plan to prepare Britain for a brighter future”. The economic forecasts outlined by the Office for Budget Responsibility (OBR) were broadly in line with those from the Autumn Statement in November 2016. Inflation is forecast at 2.4% in[…]

Firms Prepare for Making Tax Digital…

Businesses will be given at least 12 months to prepare for the transition to digital tax accounts. Businesses, self-employed people and landlords will need to submit quarterly updates to HMRC. There records will need to be kept digitally by 2020, but this will be phased in. The current plan is to start quarterly reporting from[…]