If you’re one of the UK’s nearly five million self-employed people, you may know how tricky it can be to get a mortgage. ‘All borrowers are jumping through more hoops than ever, but the self-employed will have to leap far higher,’ said a spokesperson at analyst, Moneyfacts. Unlike employees with a steady salary stream, the …
The government has announced that plans to abolish Class 2 National Insurance Contributions (NIC) are being put off for 12 months. Class 2 payments will now continue until 6 April 2019, rather than ending on 6 April 2018. The delay will enable the government to look again at what abolishing Class 2 will mean for …
Essential Employer Update
Making Tax Digital
Back at the start of the last football season, one leading tax body put out the call for amateur sports clubs to think of the cheering fans as their 12th man – and the tax rules as their 13th. ‘Being a well-run amateur club includes understanding how the tax system might help the club’s finances, …
Inheritance Tax (IHT) is charged at 40% and may be due from an estate when someone dies, unless the estate is left to a spouse or civil partner. However, there are a number of key planning points and tax reliefs to bear in mind. There is often scope to reduce significantly a taxpayer’s IHT liability, …
Employers in the social care sector have had mixed signals from HMRC about payment of National Minimum Wage (NMW) for workers carrying out sleep-in shifts – although the headline news is that NMW is payable here. HMRC have set up a new compliance scheme, the Social Care Compliance Scheme (SCCS), from 1 November 2017. Employers …
The UK Budget set out an increase in the personal allowance, which rises from £11,500 in 2017/18 to £11,850 in 2018/19. The basic rate band is £33,500 in 2017/18 and £34,500 in 2018/19. So the threshold at which the 40% band applies increases from £45,000 to £46,350 for those who are entitled to the full …
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