Latest News

Keep up to date with our newsletter here

29 November 2017

As part of the Budget measures, the Chancellor announced that the indexation allowance for companies that make capital gains is to be scrapped. The indexation allowance currently allows companies or organisations to include the effects of inflation and claim tax relief when calculating any chargeable gains that they make.

The monthly indexation allowance will continue to be published...

29 November 2017

The biggest prize from the recent Budget went to first-time home buyers after the Chancellor announced changes to the stamp duty land tax (SDLT) rules. With immediate effect from Budget day, SDLT has been abolished for first-time buyers making a purchase of up to £300,000. Unlike the temporary stamp duty holiday that applied from 2010-12 this change has been made permanent.

The...

29 November 2017

The low-emission vehicles plug-in grant can help you save up to £4,500 on the purchase price of a new electric or hybrid car. The scheme was first launched in 2011 and is available across the UK and offers a grant towards the price of eligible new cars. The paperwork for the grant application is handled by the dealer you purchase your car from.

HMRC publishes a list of qualifying cars,...

29 November 2017

The married couple's allowance (MCA) is available to elderly married couples or those in a civil partnership where at least one member of the couple were born before 6 April 1935. The allowance provides for tax relief by deducting 10% of the allowance from the amount of tax due on taxable income. The MCA can reduce a tax bill to zero but cannot result in a refund of tax.

For the current...

29 November 2017

The State Pension age has been increasing since April 2010. The changes will see the State pension age gradually rise to 65 for women between 2010 and 2018, and then to 66, 67 and 68 for both men and women by 2039.

There are now many taxpayers that have reached the State Pension age and continue to work. In most cases they no longer need to pay any National Insurance Contributions (NICs...

29 November 2017

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased's estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the inheritance, such as dividends from shares and to capital...

29 November 2017

The latest advisory fuel rates became effective on 1 December 2017. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. You can use the previous rates for up to 1 month from the date the new rates apply.

The rates are as follows:

...
28 November 2017

The Finance (No. 2) Act 2017 received Royal Assent on 17 November 2017. It follows the Finance Act 2017 which received Royal Assent before the June 2017 general election. Some of the provisions were dropped from the Finance Act 2017 so that it could be fast-tracked for Royal Assent and those provisions have now been revived in the Finance (No. 2) Act 2017. These include, provisions changing...

28 November 2017

The Information Commissioner's Office (ICO) has replaced its Overview of the General Data Protection Regulation with a 58-page “Guide to the General Data Protection Regulation (GDPR)”. The Guide contains very similar content to the Overview, but it now includes expanded sections on “Consent” and on “Contracts” on the basis of the guidance on these topics which it has previously published for...

27 November 2017


1 December 2017 - Due date for corporation tax due for the year ended 28 February 2017.

19 December 2017 - PAYE and NIC deductions due for month ended 5 December 2017. (If you pay your tax electronically the due date is 22 December 2017)

19 December 2017 - Filing deadline for the CIS300 monthly return for the month ended 5...

23 November 2017

As the Chancellor, Philip Hammond alluded to in his Budget speech there had been much speculation in the press that he would do something to alleviate the Stamp Duty Land Tax (SDLT) burden for first time buyers.

However, he went a step further by introducing a temporary freeze in SDLT. SDLT for all first-time buyers making a purchase of up to £300,000 will pay no stamp duty under the...

23 November 2017

The taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 for 2 years from 1 April 2018. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same time period.

Businesses are required to register for VAT if they meet either...

23 November 2017

The Chancellor has confirmed that from 2018-19 the personal allowance will increase to £11,850 (an increase from the current £11,500) and the basic rate limit to £34,500. As a result, the higher rate threshold will increase to £46,350 from April 2018. These increases are part of the government’s commitment to increase the basic personal allowance to £12,500 and the higher rate threshold to £50...

23 November 2017

The Chancellor used his Budget speech to confirm that increased National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2018, subject to Parliamentary approval.

The NLW first came into effect on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. From 1 April 2018, the NLW will increase by 33p to £7.83....

23 November 2017

As part of the Budget measures the Chancellor announced that the duty rates on beers, ciders, spirits and wine will be frozen at the current rates. These measures will mean that a bottle of whisky will be £1.15 less than if the rates had increased as expected and a pint of beer 12p less. As the Chancellor said in his speech ‘Merry Christmas!’.

However, the Chancellor did announce that...

Pages

Providing the direction that leads to growth.

"Our company has relied on Sadler Talbot to manage our accounts and payroll for over 14 years.  "
Lorraine B, Civil Engineers, Oxford