Category Archive for "Tax news"

The Government confirms a new timetable for Making Tax Digital

July 13, 2017
Baxter & Co

As widely predicted following the outcome of the election, the timetable for Making Tax Digital has been pushed back.  In an announcement today, the government confirmed: only businesses with a turnover above the VAT threshold (currently £85,000) will have to…

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What you need to know about the Employment Allowance

June 22, 2017
Baxter & Co

The Employment Allowance is a great tax saving opportunity for most employers. The allowance helps to reduce the amount of National Insurance Contributions (NICs) that employers pay each year by up to as much as £3,000. Why was Employment Allowance…

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BUDGET MARCH 2017 – highlights

BUDGET MARCH 2017 – highlights

March 9, 2017
Baxter & Co

From April 2017: new announcements Package of measures to give some relief to those small businesses particularly badly affected by business rates revaluation. Threshold for simplified ‘cash basis’ accounting for self-employed businesses raised from VAT registration threshold to £150,000 for…

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Goodbye Autumn, Hello Spring?

November 24, 2016
Baxter & Co

Going back to 1982, we have had Autumn Statements, which for a few years under Kenneth Clarke became Summer Statements, before returning once more to the autumn under Gordon Brown, when it was renamed the Pre-Budget Report and then back…

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Autumn Statement 2016 – key points

November 24, 2016
Baxter & Co

Effective immediately From 23 November 2016 to 31 March/5 April 2019, businesses will be entitled to a 100% First Year Allowance for the cost of installing electric charge-point equipment for electric vehicles. From 1 December 2016, income tax and CGT…

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Reclaiming Stamp Duty Land Tax when replacing your main residence

August 10, 2016
Baxter & Co

The new higher rates of stamp duty land tax (‘SDLT’) have now been in force for over four months.  They apply to purchases of second and subsequent residential properties where the cost of the additional property is over £40,000. The…

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Corporation Tax Loss Relief

July 21, 2016
Baxter & Co

It has long baffled many business owners as to how their company can have tax to pay on bank interest when the company has brought forward trading losses.  This all stems from the different rules which apply to tax losses,…

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Spare room?

July 7, 2016
Baxter & Co

In contrast to the tax attack on the buy to let market, the government is keen for us to let out that spare room. As from 6 April 2016, you can now receive £7,500 of income tax free from letting…

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tax

Claiming back overpaid tax

July 4, 2016
Baxter & Co

The 2015/16 tax year ended on 5 April 2016.   And many people will have overpaid tax for the year. A tax overpayment can arise for a number of reasons.  Maybe you stopped work part way through the tax year, or…

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Watch out for the reduction in the Pension Annual Allowance for high earners

June 7, 2016
Baxter & Co

Individuals are able to make tax-relieved contributions to registered pension schemes to the higher of 100% of earnings and the standard amount (£3,600), as long as they have sufficient annual allowance available. For 2016/17 the annual allowance is set at…

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