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Tax - Egan Roberts Accountants Ribchester Lancashire
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Tax

Tax rates and allowances are constantly changing. Tax planning opportunities are also wide ranging and changing, which is why it is important to make sure your plans are up-to-date. These guides provide information for the current tax year. Please contact us for guidance and advice.
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Information about Spring Statement 2018.

Year-End Tax Guide

Ways you could reduce your UK tax liability for 2017/18.

Not all of these actions will necessarily apply to you so contact us now to discuss your specific situation and the planning opportunities.

Where actions relate to investments or pensions it is important to seek advice from an independent financial adviser before taking any decisions.

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With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients’ tax liabilities are planned to be at a minimum.

The main changes announced for 2018/19 are:

  • personal allowance increase to £11,850
  • car fuel benefit multiplier increases to £23,400
  • capital gains tax annual allowance increases to £11,700
  • national living wage increases from £7.50 per hour to £7.83
  • junior ISA allowance increases to £4,260
  • lifetime pension allowance increases from £1 million to £1.03 million
  • no stamp duty land tax for first-time buyers up to £300,000. A 5% rate applies for purchases between £300,000 and £500,000
  • diesel supplement increases to 4%
  • dividend allowance is reduced from £5,000 to £2,000
  • higher limits for EIS investment relief for knowledge intensive companies increases from £1 million to £2 million
  • no property tax in Scotland (LBTT) on residential properties costing up to £145,000
  • no property tax in Wales (LTT) on residential properties costing up to £180,000.

As a consequence of devolution, several rates may differ between the 4 countries that make up the UK and Northern Ireland. Where applicable these rates are shown in each section of these tax rates and allowances.

VAT

For a wealth of advice and information on aspects of VAT, including essential tips for VAT planning, and how to survive the VAT inspector’s visit, visit our VAT guides.

The standard rate of VAT is 20% and remains unchanged.

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Why pay more tax and NI contributions than you need to? We can help you to minimise your liabilities, while ensuring that you comply with your obligations. Just view our PAYE and NI guides to find out more.

 

Why not use our payslip calculator to check your net pay?

Why IR35?

IR35 relates to legislation and rules intended to apply a PAYE and NIC charge on earnings from a company or partnership which is termed an “intermediary.” It is intended to prevent the lower rates of tax which would otherwise apply from being available to work which is regarded as “disguised employment”.

The Government has made it clear that IR35 will remain an integral part of the taxation system but they will aim to simplify the administration. From April 2017, new rules apply if your company in engaged for a public sector organisation either directly or through an agency. See below – the topic “off payroll working in the public sector”.

It is vital that you seek our advice on all aspects relating to IR35.

Understanding the rules and how they impact on your business is an area where we have gained considerable expertise. Our guides are designed to provide you with an overview of the IR35 rules. It is essential that you seek our advice on your specific circumstances. Do please email us or call, we would be pleased to meet with you to ensure that your planning reflects the requirements of the IR 35 rules and their implications.

Our advice will be designed to ensure that your planning is IR35 effective.

It is vital that you seek our advice on all aspects relating to IR35.

Understanding the rules and how they impact on your business is an area where we have gained considerable expertise. These website guides are designed to provide you with an introduction to IR35. However, given the impact of IR35, it is essential that you seek our advice on your specific circumstances. Do please email us or call, we would be pleased to meet with you to ensure that your planning reflects the very latest approach to IR35 and all its implications.

Our advice will be designed to ensure that your planning is IR35 effective.

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Details of compliance and regulatory deadlines.

Our coverage of previous Budgets and Autumn Statements.

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