Recent Government introduction of Tax Free Childcare has led to parents assessing their current arrangements. There is still a lot of confusion regarding which option may be best suited to individual circumstances.
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.
As you may have heard, the assessment known as ‘simple assessment’ has arrived and with it HMRC’s plan to cut the number of tax returns it issues. Some people are asking if this is the end of self-assessment...in short, no it isn't. So, what is changing?
With the change from one tax year to the next comes a range of different tax rates, allowances and thresholds that can change the way in which you manage your taxes. A company director is typically paid a salary from the limited company, which is calculated very specifically to maximise tax-efficiency. Should you therefore increase or decrease your salary in this new tax year?