Budget 2016

Summary Property Taxes There is a significant impact on landlords as they would affect the purchase price and the allowable expenses they are claiming. These are: Restriction mortgage interest deduction  When calculating rental profits, Landlords will not be able to claim the finance cost on their mortgage. The restrictions on the finance cost will be capped to: 2017/18 75% ALLOWED 25% BASIC RATE 2018/19 50% allowed 50% basic rate 2019/20 25% allowed 75% basic rate 2020/21 Nil 100% basic rate…

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Dividend Rules 2016-17

Dividends – New Rulings 2016/17 From April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. The Dividend Allowance means that you won’t have to pay tax on the first £5,000 of your dividend income, no matter what non-dividend income you have. The allowance is available to anyone who has dividend income. You’ll pay tax on any dividends you receive over £5,000 at the following rates: 7.5% on dividend income within the basic rate band…

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Payroll legislation is changing in 2015, not only are tax codes changing but the way payroll is processed and reported to the HMRC will also change! You need to be up to date with these changes as you need to be cautious otherwise risk the liability of paying a fine and having to redo the entire payroll system at a later date. Real Time Information (RTI) RTI is a relatively new system introduced by HMRC in hopes to improve the…

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Setting up a new limited company will mean that freelancers will need to start thinking about tax liabilities of their company. The details are extremely important and getting them wrong will result in hefty penalties or worse, it is advisable to consult with an experienced contractor accountant to get help and advice specific to your situation. The most relevant type of tax you’ll have to deal with is VAT. VAT is applied to every stage of production and distribution; it…

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