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Paying National Insurance at State Pension Age?

29 Nov, 2017

The State Pension age has been increasing since April 2010. The changes will see the State pension age gradually rise to 65 for women between 2010 and 2018, and then to 66, 67 and 68 for both men and women by 2039.

There are now many taxpayers that have reached the State Pension age and continue to work. In most cases they no longer need to pay any National Insurance Contributions (NICs).

First-time buyer bonanza

29 Nov, 2017

The biggest prize from the recent Budget went to first-time home buyers after the Chancellor announced changes to the Stamp Duty Land Tax (SDLT) rules. With immediate effect from Budget day, SDLT has been abolished for first-time buyers making a purchase of up to £300,000. Unlike the temporary Stamp Duty holiday that applied from 2010-12 this change has been made permanent.

Advisory fuel rates for company cars

29 Nov, 2017

The latest advisory fuel rates became effective on 1 December 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the previous rates for up to 1 month from the date the new rates apply.

The rates are as follows:

Low-emission vehicles plug-in grant

29 Nov, 2017

The low-emission vehicles plug-in grant can help you save up to £4,500 on the purchase price of a new electric or hybrid car. The scheme was first launched in 2011 and is available across the UK and offers a grant towards the price of eligible new cars. The paperwork for the grant application is handled by the dealer you purchase your car from.

HMRC publishes a list of qualifying cars, and only cars listed are eligible for the grant. The list is divided in to 3 main categories.

Company capital gains tax increase

29 Nov, 2017

As part of the Budget measures, the Chancellor announced that the indexation allowance for companies that make capital gains is to be scrapped. The indexation allowance currently allows companies or organisations to include the effects of inflation and claim tax relief when calculating any chargeable gains that they make.

Tax on property, money and shares you inherit

29 Nov, 2017

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased's estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the inheritance, such as dividends from shares and to capital gains tax on the increase in value on assets after the date of inheritance.

Finance (No.2) Act 2017 receives Royal Assent

28 Nov, 2017

The Finance (No. 2) Act 2017 received Royal Assent on 17 November 2017. It follows the Finance Act 2017 which received Royal Assent before the June 2017 general election. Some of the provisions were dropped from the Finance Act 2017 so that it could be fast-tracked for Royal Assent and those provisions have now been revived in the Finance (No. 2) Act 2017. These include, provisions changing the law on the taxation of termination payments.

The ICO publishes Guide to the General Data Protection Regulation

28 Nov, 2017

The Information Commissioner's Office (ICO) has replaced its Overview of the General Data Protection Regulation with a 58-page “Guide to the General Data Protection Regulation (GDPR)”. The Guide contains very similar content to the Overview, but it now includes expanded sections on “Consent” and on “Contracts” on the basis of the guidance on these topics which it has previously published for consultation.

Tax Diary December 2017/January 2018

27 Nov, 2017


1 December 2017 - Due date for corporation tax due for the year ended 28 February 2017.

19 December 2017 - PAYE and NIC deductions due for month ended 5 December 2017. (If you pay your tax electronically the due date is 22 December 2017)

19 December 2017 - Filing deadline for the CIS300 monthly return for the month ended 5 December 2017.

19 December 2017 - CIS tax deducted for the month ended 5 December 2017 is payable by today.

Autumn Budget 2017 - VAT registration and deregistration thresholds

23 Nov, 2017

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same time period.

Businesses are required to register for VAT if they meet either of the following two conditions:

Autumn Budget 2017 – SDLT for first-time buyers

23 Nov, 2017

As the Chancellor, Philip Hammond alluded to in his Budget speech there had been much speculation in the press that he would do something to alleviate the Stamp Duty Land Tax (SDLT) burden for first time buyers.

Autumn Budget 2017 - Air Passenger Duty

23 Nov, 2017

Air passenger duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of air passenger duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first class). Currently, band A (short-haul) ranges from £13 for a standard class journey and £26 for an 'other' class of travel. The Band B (long-haul) rates for journeys over 2,000 miles range from £75 to £150.

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