THE INCOME TAX ALLOWANCE BETWEEN THE 2019-20 & 2020-21 ARE AS FOLLOWS Personal allowance: £12,500 (for 2020-21) similar to 2019-20. But this allowance was reduced by £1 for every £2 income from £100,000 to £125,000. Personal allowance income limit; £100,000 (consistent with 2019-20) Basic rate tax payer- £1000 (for 2020-21 & 2019-20) Higher rate tax … Continue reading Tax Rates & Bands Card for 2020-21- A Discussion!
In what can very well be termed as an unprecedented step in the history of the country, the UK was put under lockdown for the first time after the outbreak of the COVID 19 epidemic on 23rd March. It’s nearly 2 months since then and still, there is hardly any sign of relief visible at … Continue reading COVID 19 Pandemic – Effect on UK finance and Steps taken to Counter
It’s the fun of Christmas going on right now followed by the celebrations of the New Year. However, as soon as the ceremony is over, the pressure of daily struggle will ooze in. New Year indicates the starting of a new financial year as well. Therefore, people will be keen on knowing how the new … Continue reading Property Owners – 3 significant changes in taxation rules of 2018
With 2017, finally reaching it’s near; UK Chancellor Philip Hammond unveiled the latest fiscal budget also known as the Autumn Budget. Tipsters are already calling it as one of the most intricate budgets, particularly set against the backdrop of plummeting living standards, substandard growth and weak Brexit. Primary Focus Areas of the Autumn Budget: The … Continue reading A Comprehensive Look into Hammond’s 2017 Autumn Budget
Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ by 2020. Not sure what it means for you? Here’s what you need to know: What is Making Tax Digital? Making Tax Digital is all about making tax administration more … Continue reading Making Tax Digital – what does it mean for you?
Major changes have been announced for the amount of VAT that many small businesses will have to pay from 1 April 2017. This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on goods, including raw materials – such as firms providing services. The VAT Flat Rate Scheme simplifies … Continue reading Changes to VAT Flat Rate Scheme