As the self-assessment deadline looms, it is not only necessary to consider what might be owing for 2017/18, but also whether any payments on account towards the 2017/18 liability need to be made.
Stamp duty land tax (SDLT) was the headline-grabbing measure in the Autumn Budget on 22 November 2017, with the announcement that first-time buyers will no longer have to pay SDLT on the first £300,000 when they buy their first home, as long as the purchase price does not exceed £500,000.
Moderation in all things is the taxman’s motto when it comes to tax-free Christmas parties. The tax legislation allows employees and their guests to enjoy a Christmas party or similar annual function without suffering a benefits in kind tax charge – as long as the event is reasonably modest. In this regard, this means the cost per head is not more than £150.
“BUILDING A BRITAIN FIT FOR THE FUTURE”
This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget.
Despite rising tax charges year on year, many people still enjoy the convenience offered by a company car. The benefit in kind tax rules reward those who choose cheaper, lower emission cars with a lower tax bill.
Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available.