Income Tax

Income Tax

Uniforms, work clothing and tools

August 4th 2017

It is possible to claim for the cost of repairing or replacing small tools you need to do your job as an employee (for example, scissors or an electric drill), or cleaning, repairing or replacing specialist clothing (for example, a uniform or safety boots).

Did you know we can look after all your taxes

July 5th 2017

... DSC can look after all your taxes?

Landlords bear the brunt of recent tax changes

July 5th 2017

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges.

Self-employed combined liability

July 5th 2017

Whether you pay Income Tax or National Insurance, the effect on your cash flow is the same. The payments are a necessary part of our obligation to fund the activities of State, but the self-employed are often surprised that their bi-annual tax payments cover Income Tax and National Insurance.

What happens if you cant pay your tax on time

May 23rd 2017

If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the best strategy to avoid confrontation with HMRC and minimise any penalties and interest charges?

When does a hobby become a trade

May 23rd 2017

When does a hobby become a trade?

Personal allowance for 2017/18

May 19th 2017

The 2017/18 tax year started on 6 April 2017. For 2017/18, the personal allowance is increased to £11,500. As in previous years, the allowance is reduced by £1 for every £2 by which income exceeds £100,000. This means that those with income of £123,000 or more will not receive a personal allowance for 2017/18.

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%.

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.

Dividend tax set-back

April 7th 2017

At present, shareholders with dividend income below £5,000 will pay no Income Tax on their dividend income. From April 2018, Mr Hammond looks set to reduce this to £2,000.