Personal Allowances for 2018/19
For the 2018/19 tax year:
For all 2018/19 tax rates please click here
Reporting Expenses and Benefits for 2017/18
Taxable benefits provided in the 2017/18 tax year need to be notified to HMRC by 6 July 2018 on form P11D unless the benefit has been payrolled.
New valuation rules apply from 6 April 2017 where benefits are provided via an optional remuneration arrangement, such as a salary sacrifice arrangement. The new rules apply except for a limited number of benefits which include childcare vouchers and employer-supported childcare, pension contributions and advice, cycles and safety equipment under a cycle to work scheme or low emission cars (75g/km or less). Under the new rules the benefit is valued by reference to the salary forgone or the cash alternative offered, rather than calculating the cash equivalent value in the normal rule.
Confidence Grows in Dental Sector
According to the Lloyds Bank Healthcare Confidence Index confidence among dentists is on the up after going into decline last year. Three-quarters of dentists expect profits to improve in the next year, with fewer expecting financial pressures to grow. Four out of five are planning for growth. Resistance to corporate ownership is widespread but ultimately it is seen as an inevitability.
The Healthcare Confidence Index 2018 based on the outlook of dentists, doctors and pharmacists can be found here
Have Your Say on Inheritance Tax
A wide ranging consultation into whether the current system of inheritance tax (IHT) is fit for purpose is now open. New data show that IHT receipts hit a record £5.2bn in the tax year just ended (though it affects less than 5% of estates). The Office of Tax Simplification particularly wants to hear from those who have concerns about or personal experience of IHT. The consultation closes on 8 June. Follow the link from www.gov.uk/ots to take part and give your views.
Self Employment Talk to Final Year Students
We were delighted to have the opportunity to meet up with final year dental hygiene therapist students at the University of Portsmouth recently. Our senior tax manager James O’Leary spoke to the students about the pros and cons of being self-employed and answered their concerns about paying tax and national insurance. His presentation also included a short demonstration on online accounting using Xero software to record financial transactions and keeping digital records.
08/05/2018
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27/03/2024
HMRC halts helpline closures
HMRC has halted its plans to restrict taxpayer helplines and direct people to online services instead.
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NMW is the most successful policy
The introduction of the UK’s National Minimum Wage (NMW) in 1999 is the single most successful economic policy in a generation, according to the Resolution Foundation.
Late payments on small businesses
Small UK firms are still being hampered by late payments, warns the Federation of Small Businesses (FSB).
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