With the UK Election just around the corner, the Government has decided to abandon some of its original tax proposals in the Finance Bill 2017. But what does this mean for you and your plans? The proposals dropped from this year’s bill include: Making Tax Digital – Businesses up and down the UK have slowly […]
One of Weybridge’s leading firms of accountants TWP is calling on people to re-evaluate their estates following changes to the Inheritance Tax (IHT) rules. From 6 April 2017, people can pass on an additional £100,000 inheritance tax allowance, on top of their existing £325,000 allowance, where the family home is passed on to direct descendants. […]
New research shows that a shocking number of women lack the crucial protection of life or critical illness cover – despite half of working age women being their family’s main breadwinner. The research, which was carried out by the insurer Aegon, found that 51 per cent of 2,051 working women questioned were the main breadwinner […]
With the start of the 2017-18 tax year last month, the latest in a series of changes affecting buy-to-let landlords came into effect. These latest changes mean that tax relief on mortgage interest is being phased out between now and 2020, and will be replaced with a tax credit equivalent to the basic rate of […]
A grand total of zero banks and building societies have opted to take up the Government’s new Lifetime ISA (LISA) cash account on the day of its launch, it has emerged. The news indicates that banking groups have taken very little interest in the new savings and investment vehicle, amid reports that they are complicated […]
ew research suggests that, in coming years, the bulk of the older generation’s wealth will be passed on to children as opposed to grandchildren – to the tune of more than £400bn. The figure comes after a study carried out by insurer Royal London revealed that the average estate expected to be left behind by […]
HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises. HMRC states that this change in procedures will: offer more certainty to employers and their employees reduce the instances of unexpected tax bills […]
National Savings and Investments (NS&I) has recently launched a government-backed Investment Bond. The main details of the Bond are as follows: minimum deposit of £100 balances on the account must be between £100 – £3000 applications can only be made online and up to April 2018 applicants must be aged 16+ years fixed interest rate of […]
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2017. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get […]
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can take some time, so it is important that this process is not left to […]
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