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Monthly Tax News – June 2019

Monthly Tax News – June 2019 DOCTORS LOBBYING FOR PENSION TAX CHANGES Hospital doctors and GPs are lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional […]

Monthly Tax News – July 2019

Monthly Tax News – July 2019 A STAFF SUMMER PARTY CAN BE A TAX-FREE BENEFIT Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied. The exemption applies to an annual […]

Monthly Tax News – August 2019

Monthly Tax News – August 2019 OFF-PAYROLL WORKING RULES GOING AHEAD The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also […]

Monthly Tax News – September 2019

Monthly Tax News – September 2019 GOVERNMENT U-TURN ON PENSION TAX FOR DOCTORS AND OTHERS? In earlier newsletters we reported that hospital doctors and GPs were lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra […]

Monthly Tax News – October 2019

Monthly Tax News – October 2019 BUILDERS’ VAT RULES DELAYED FOR A YEAR The government have decided to delay the start of the proposed VAT reverse charge for supplies by sub-contractors in the construction sector. The reason for the U-turn is the lack of awareness of the change that was originally due to start on […]

Monthly Tax News – November 2019

Monthly Tax News – November 2019 WHEN WILL BUDGET DAY BE NOW? It was announced on 14 October that Sajid Javed’s first budget would be on 6 November but with a general election in December when will it be now? The current political uncertainty makes it difficult to give clear tax advice as a number […]

Monthly Tax News – December 2019

Monthly Tax News – December 2019 ELECTION TAX PROPOSALS – MORE MONEY FOR NHS? The various political parties have all made bold promises in the run up to the General Election about increased spending if elected, particularly extra money for the NHS. Although many of the spending pledges will be funded out of increased borrowing, […]

Monthly Tax News – May 2019

Monthly Tax News – May 2019 EXTRACTING PROFIT FROM THE FAMILY COMPANY The start of the new tax year means that shareholder/directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where […]

Monthly Tax News – April 2019

Monthly Tax News – April 2019 NO TAX CHANGES ANNOUNCED IN SPRING STATEMENT Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include […]

Monthly Tax News – March 2019

Monthly Tax News – March 2019 DON’T LOSE YOUR PERSONAL ALLOWANCE! For every £2 that your adjusted net income exceeds £100,000 the £11,850 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 […]

© 2019 Pennington Williams - Chartered Accountants
© 2018 Pennington Williams - Chartered Accountants