News from your Accountants in Harrogate & Leeds

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

Income tax rates and bands

May 19th 2017

For 2017/18 the basic rate of income tax remains at 20%, the higher rate at 40% and the additional rate at 45%.

Trading and property allowances

May 19th 2017

New tax-free allowances for trading and property income are available for 2017/18 and later tax years. The allowances, each set at £1,000, mean that trading and/or property income no longer needs to be reported to HMRC where the income is less than £1,000 in the tax year.

VAT flat rate scheme

May 19th 2017

The VAT flat rate scheme aims to simplify the tax affairs of smaller businesses by allowing them to work out the VAT that they pay over to HMRC by applying a flat rate percentage to their VAT-inclusive turnover, rather than working out the difference between the VAT that they have charged and the VAT that they have incurred.

Making Tax Digital and The Cash Basis

May 19th 2017

Making Tax Digital (MTD) is an initiative by the Government to turn the UK into one of the most digitally advanced tax administrations. The proposals are far reaching and will ultimately affect all taxpayers.

New rules for salary sacrifice arrangements

May 19th 2017

Salary sacrifice arrangements used to be a cost efficient way of allowing employees to enjoy tax-exempt benefits without passing the cost of providing those benefits on to the employer. However, changes in the rules which came into effect from 6 April 2017 mean that salary sacrifice and flexible benefit schemes are no longer as attractive as they once were.

Pension allowances for 2017/18

May 19th 2017

Pension savings can be tax-efficient as it is possible to make tax-relieved contributions to registered pension schemes up to the higher of 100% of earnings and the available annual allowance. The annual allowance is set at £40,000 for 2017/18. To the extent that the annual allowance is unused, it can be carried forward for up to three years.

Tax due next month

May 19th 2017

Are you self-employed? If you are, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017.

Tax Diary for May and June 2017

May 2nd 2017

Important tax dates for your diary: