If you’re still recovering from submitting your tax return for the previous financial year and are dreading the prospect of starting the process again for 2017/18, you are not alone. It may therefore be even further down your priority list to start planning for the current tax year, 2018/19. To make the most of all your tax benefits though, it really is essential to start now.

We are now in the new 2018/19 tax year and a number of changes have been made to tax thresholds and rules which affect contractors, freelancers and small business owners. It is important to keep up with changes in order to manage your finances and remain tax efficient. To help, we’ve put together a quick guide to some of the changes for this financial year. 

Philip Hammond’s first Autumn Budget started with a sequence of humorous statements, including referring to Theresa May’s coughing pout at the Conservative Conference. However, he soon got down to business and delivered his hour-long Budget speech, announcing changes that will impact on contractors, freelancers and small businesses. Here is our summary.

It is likely you have noticed that interest rates on savings are at an all-time low. Your Individual Savings Account (ISA) is probably earning you as little interest as your other savings (and general bank) accounts, and there does not seem to be much chance of the base rate increasing significantly any time soon. However, there might still be ways to take advantage of ISAs.