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2024 Autumn Statement

10/30/2024

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Budget in Brief...

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The Chancellor delivered her Autumn Statement this week.  There has been a lot of speculation on tax in the last week or so…….  Here are the key points:

  • Employers National Insurance is increased to 15% but for small businesses the first £10,500 is exempt
  • Making changes to Capital Gains Tax and Inheritance Tax
  • Providing a long term view of Corporation tax rates and the annual Investment Allowance
  • Increasing HMRC resources and also tightening up on overdue taxes including interest charged on overdue tax
  • No changes were made to things like ISAs, savings and dividend rates and pension contributions

For more details of the most important points, read on...

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Autumn Statement 2022 - What's in it for you?

11/17/2022

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Photo by Kelly Sikkema on Unsplash

The Chancellor delivered his Autumn Statement this week.  Many of the measures announced were given much advance coverage and in one or two cases were not as tight as many had predicted.
In this latest blog I've covered the major points of interest for my followers and readers to make sure you get the information you might need.

It's in manageable portions and in plain language to make things easier to follow

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September 2022 "Mini Budget"

9/27/2022

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Photo by Towfiqu barbhuiya on Unsplash

​Last week the Chancellor delivered a “mini budget” aimed at stimulating the economy. 

​Many of the measures announced were given much advance coverage but some things were unexpected:



  • Changes to IR35 basically taking us back to where we were
  • Removing the top rate of income tax (England) from April
  • Changes to Stamp Duty

I have set out the main changes below although there remains some uncertainty on some of the transitional rules for things like Capital Allowances. 
​

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Spring Statement 2022

3/28/2022

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Photo by Towfiqu barbhuiya on Unsplash

​This week the Chancellor delivered this year’s spring statement – this was initially intended to be a spending style announcement but following the price of energy increasing to high levels, it did include a little tax. 

​ Here is a summary of what to expect for the 2022/23 tax year – some of the things are not new but I thought it important to remind everyone!

​
  • An increase in the National Insurance threshold to £12,570 from 6th July 
  • The planned increases in National Insurance will continue from 6th April
  • A planned increase in corporation tax from 2023 for some companies continues
  • New temporary loss reliefs for companies and the ‘super deduction’ for qualifying capital expenditure continue
  • The standard rate of Vat for hospitality resumes
  • No changes in tax allowances
  • Increased wages as previously published

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Budget November 2017 -  Personal Allowances & National Insurance

11/23/2017

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Photo by Kelly Sikkema on Unsplash
​The point at which people will pay income tax rises to £11,850 for 2018/19 which is some £350 higher than the current year. 

​From April 2018, spouses and civil partners may transfer £1,185 of their personal allowance to each other.  The point at which people pay higher rate tax has risen and will be £46,850 for 2018/19.
The thresholds at which people pay National Insurance have not risen as significantly so employees and sole traders can still expect to pay National Insurance even if there is no tax to pay.  Contributions start after earnings exceed £162 per week £8,424 per annum which is the amount many directors will pay themselves from 6 April 2018.
 
Class 2 National Insurance (£2.95 per week) continues to be collected as part of the Self Assessment process and will be abolished from 6th April 2019 – not 2018 as originally announced to allow further time to design the new process.
 
The reduction in the nil rate band for dividends to £2,000 (currently £5,000) will be implemented from 6th April 2018.  This will result in a tax charge of an additional £225 per annum for owner managers of small companies.
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Budget November 2017 - VAT Threshold

11/23/2017

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Photo by Josh Appel on Unsplash
​More news from the Budget of November 2017, this time looking at VAT. This might not concern many of you yet but it's worth keeping an eye on. Sign up to our newsletter for more information as it happens.

There was a lot of speculation in the press over the weekend that the VAT threshold may be reduced.
Not surprisingly it will be frozen at £85,000 for the next 2 years whilst a consultation takes place on what the threshold should really be. 

The current deregistration threshold is £83,000 and will continue to be the case.  Digital taxation for businesses which are VAT registered and trading above the threshold will be implemented as planned in April 2019.
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Budget November 2017 - Employing People

11/23/2017

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Photo by Sharon McCutcheon on Unsplash

Budget November 2017 - Employing People

So what are the specifics of the November 2017 budget in relation to employing people?​

Well, the ​National Minimum and Living Wages will increase from April 2018.  


​The changes are as follows:
  • Increase the living wage from £7.50 to £7.83 per hour
  • increase the rate for 21 to 24 year olds from £7.05 to £7.38 per hour
  • increase the rate for 18 to 20 year olds from £5.60 to £5.90 per hour
  • increase the rate for 16 to 17 year olds from £4.05 to £4.20 per hour
  • increase the rate for apprentices from £3.50 to £3.70 per hour 
 
It is important you review all employees on the payroll to ensure you are compliant.  With the new ‘RTI’ payroll reporting in place it would be very easy for HMRC to spot non-compliant employers and indeed a number of businesses have already been fined, named and shamed.
 
The Chancellor also announced that there will be no benefit in kind for people who charge their electric cars at work and at the same time has made some changes to the taxation of company diesel cars.  He was clear to state this excludes vans.  The cash equivalent where a van is made available to an employee for private use will increase to £3,350 for 2018/19 with the fuel benefit set at £633.
 
The employment allowance continues at £3,000 and it is vital if you are a single director company that you do not claim this (even if HMRC basic tools or your software allows it) as HMRC are now carrying out compliance checks in this area and are set to collect underpaid National insurance.
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Service That All Adds Up

9/11/2017

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​Recently I’ve been prompted to compose a blog post about the service I provide to the County. To say that I was prompted is an understatement. I was press ganged into writing this by two regular clients who you’ll hear from later. So… let’s do this then…

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Budget 2016 - What's in it for you?

3/16/2016

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​Today the Chancellor presented his eighth budget. 

As has become the norm, many tax changes were announced as part of the Autumn Statement and many of the items featured look beyond the next tax year, however there were a few surprises:
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Photo by NORTHFOLK on Unsplash
  • Confirming the point at which people pay tax (National Insurance has lower thresholds which are unchanged) from 6 April 2016 rises to £11,000
  • Further reducing Corporation Tax to 17% by 2020
  • Confirming marriage allowance at £1,100 for 2016/17
  • Increasing the ISA limit to £20,000 per annum from 6 April 2017
  • Implementing a new Lifetime ISA with a 25% government backed bonus for adults under 40 who save upto £4,000 per annum
  • Confirming the Annual Investment Allowance is now permanently £200,000
  • The scrapping of Class 2 National Insurance (currently £2.80 per week) 6 April 2018
  • Scrapping this year's planned fuel duty increase which should help keep costs down!
  • Reducing Capital Gains Tax to 10% for basic rate tax payers and 20% for higher rate tax payers - this does not apply to residential property
I will be uploading a new digital version of my 2016/17 tax card to my refreshed website by 17.00 tomorrow, so you're welcome to download it to your device.  In the meantime the new tax pages feature business and personal tax rates for 2016/17.  Alternatively the tried and tested hard copies will be available later this week!

As always, this newsletter is designed to draw attention to specific topical issues and is in no way intended to provide advice tailored to your business - advice must always be sought before acting on any item featured.

Best wishes
Nigel
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Letting Property

3/1/2016

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In recent months more and more clients have bought a second property as an investment and are considering more properties.  As a reminder when you let property it needs to go onto your Self Assessment tax return even if you make a loss, as HMRC are getting pretty skilled at spotting let properties!  This also applies to making sure you complete the Capital Gains Section of your tax return when you come to sell it!

There have been subtle changes in the way let properties are taxed over recent years and more are to come:
  • Unfurnished Properties - The renewals basis for things like white goods was abolished 6 April 2013 for unfurnished property leaving landlords with no relief against expenditure on things like fridges and cookers (unless built in) - ironically they could be rented and this would be allowable!

  • Furnished Properties (remember these properties need to be ready to move into - not just a table and a bed!) - Landlords currently enjoy a 10% wear and tear allowance on rents received. This will be abolished from 6 April 2016 and landlords will only be allowed to claim the actual amount of any items replaced
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  • All properties - at present full tax relief is available for interest on a loan used to fund a property or improvements.  From April 2017, tax relief on property loans (including mortgages on single properties) will be restricted so that by 2020, interest will not be an allowable expense but it will receive tax relief at 20%.  For those people paying 40% with high mortgages some careful planning will be required

  • Rent a room - good news here this rises to £7,500 from April 2016

For more information or to see how this may affect you or your business, contact me for details
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