News from your Accountants in Harrogate & Leeds

Keep yourself up-to-date on the latest accountancy news and information with our useful articles.

What is the Criminal Finances Act 2017

December 15th 2017

In the past, the directors of larger organisations have been able to avoid personal responsibility for the tax evasion acts of their employees and other associates if they can plead ignorance of the act. This “turning a blind eye” excuse has irritated legislators and as a result we now have the Criminal Finances Act 2017 (CFA).

The Budget and small business update

December 15th 2017

Notable changes are listed below:

The Budget and personal tax considerations

December 15th 2017

Notable changes are listed below:

What is the General Data Protection Regulation GDPR

December 15th 2017

The GDPR is the new data protection regulation that becomes a legal obligation from 25 May 2018. Every business will have its own specific challenges regarding implementation of changes to internal systems to ensure compliance with the GDPR.

Income Tax bands rates and the dividend allowance

November 29th 2017

The Income Tax bands for 2018-19 have been increased. They are:

  • Basic rate band increased to £34,500 (2017-18 £33,500)
  • Higher rate band £34,501 to £150,000 (2017-18 £33,501 to £150,000)
  • Additional rate, no change, applies to income of more than £150,000.

Abolishing Stamp Duty Land Tax for certain first time buyers

November 29th 2017

With immediate effect, first-time buyers will pay no stamp duty on homes costing no more than £300,000.

Universal Credit (UC) Changes

November 29th 2017

In response to the recent adverse publicity, the Government has agreed to various changes that are intended to ease the financial hardship for new claimants. They include:

Venture Capital Schemes

November 29th 2017

Changes are to be made to the Enterprise Investments Scheme, the Seed EIS and Venture Capital Trusts. The aim is to target Venture Capital Schemes on companies where there is a real risk to the capital being invested, and will exclude companies and arrangements intended to provide ‘capital preservation’.