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Our lead article considers the possible implications of Brexit and in particular areas of taxation which may be affected over the coming years.
We also review the mechanics of the Savings Allowance which applies a 0% tax rate for up to £1,000 of a basic rate and £500 of a higher rate taxpayer's income. The new rules have meant generally a change to the way in which interest is paid from net of the basic rate of tax to gross.
The National Audit Office report on the quality of HMRC service highlights some serious shortcomings particularly in their dealings with individuals' personal tax affairs which could have resulted in overpayments of tax.
With reductions in the rates of capital gains for most types of assets we consider the way in which the new rates will be applied.
The Office for Tax Simplification has been considering the closer alignment of tax and National insurance. We consider their proposals to simplify this complex system.
The Pensions Regulator has issued some exceptions for directors under pensions auto enrolment. We look at the circumstances where the exceptions could apply.
In other articles we consider two areas for businesses, one concerning the tax deductibility of parking fines. A recent case illustrates the point that these fines are rarely deductible. We also report on recent guidance on business cyber security.
Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered. Your views are always important to us and we would welcome your feedback.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.