There were two tax breaks that were supposed to be introduced in April 2017, both of which are designed to help micro entrepreneurs. But it seems that the government has taken out the proposal from the Finance Bill. The proposal was that sellers of goods and services on online platforms, such as Airbnb and […]
Labour’s secret plans for £4,000 ‘garden tax’: Land and levy plot could treble the average council bill. Conservatives claimed that Labour plans to replace council tax with a Land Value Tax (LVT), as shown through a small print of Jeremy Corbyn’s manifesto. The manifesto contained proposals to impose a tax on homes and gardens that […]
With the promise to raise personal allowance again, more people will be removed from a group paying the bulk of the British income tax, and increase the overall income tax burden of the wealthiest in the country. Prime Minister Theresa May was preparing to raise personal allowance from the current £11,500. By 2020-21, the amount […]
UK Tax Blog, UK Tax News, UK Tax Returns
The 2016/2017 Tax Year In A Nutshell – Refresher For Your Tax Return
Need to submit your 2016/2017 tax return? Here’s a refresher on what the thresholds and personal allowances are for the last tax year. 6 Changes in the 2016/2017 Tax Year 1. Changes in personal allowance • From the current level of £11,000, the personal allowance will rise to £11,500. • From £43,000, the threshold […]
Italy’s efforts to crack down tax evasion purported by technology giant Google has finally paid off. The tech company will pay €306m or £259m to settle a tax dispute and other disputes that prompted a criminal probe. Apparently, Google has been avoiding paying the full amount on its revenues in Italy for more than […]
With the summer holiday season kicking off you may be hoping to make a bit of extra cash whilst you’re away by renting out your room or home on Air BnB… but do you need to pay tax on your Air BnB income? We discuss the ins and outs of boosting your income with the […]
Working in the service industry in the UK? Make sure you know the ins and outs when it comes to getting taxed on your tips. After all, tips make quite the contribution to your salary. So, are tips taxable? Do you pay income tax and National Insurance (NI) contributions on tips? It will depend on […]
In a recent interview on BBC One, shadow chancellor John McDonnell said that Labour will not increase taxes for 95% of earners if they win the 8 June election. As part of an election “personal tax guarantee”, people earning less than £80,000 a year will be spared from the tax rise. It will, however, affect […]
Following concerns raised about tax avoidance through image rights, the UK tax agency is set to visit major league football clubs. This is after the Public Accounts Committee raised concerns about HMRC’s failure to ensure that high-net-worth individuals pay the right amount of tax on image rights. In a 2000 court ruling, earnings from image […]
UK Tax Blog, UK Tax News
Is a Tax Increase a Certainty if the Conservatives Win the 2017 UK Election?
During talks with BBC’s Kamal Ahmed, Philip Hammond said that “All chancellors would prefer to have more flexibility in how they manage the economy and how they manage the overall tax burden”. The statement raised speculations, including the possibility of a tax increase should the party win in the 2017 general elections. This is a […]