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9 results for WebBoss Design found within the Blog

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What to expect from the 2017/2018 financial year

Posted by WebBoss Design on 16th October 2018 in Blogging |

What to expect from the 2017/2018 financial year Friday, April 7, 2017 2:45:51 PM The first two weeks of April introduce some big reforms for your finances. Income TaxAs highlighted in the spring 2017 Budget, your tax free personal allowance will rise from £11,000 to £11,500 which means that the amount someone can earn tax free in 2017/18 will be over 75% higher than in 2010. This should save over 20 million people £100 a year. At the same time, the starting point for somebody to enter the higher rate tax band will move from £43,000 to £45,000, saving higher rate tax payers a further £400 per year. This is not the case however in Scotland, as the ...
 

State Pension Age could rise to 70 for millennials

Posted by WebBoss Design on 16th October 2018 in Blogging |

State Pension Age could rise to 70 for millennials An analysis for the Department for Work and Pensions (DWP) has suggested that workers under the age of 30 may not get a pension until they reach age 70. A second report by John Cridland, director-general of the Confederation of the British Industry proposes that those under the age of 45 may have to work to 68 resulting in millions of people in their late thirties and early forties now looking set to have to work for an extra year. He said that the aim was for a ‘smooth transition for tomorrow’s pensioners’ and try and make the future more ‘fair and sustainable’. The findings will help the governm...
 

Brexit Tax Implications: The picture so far

Posted by WebBoss Design on 16th October 2018 in Blogging |

Brexit Tax Implications: The picture so far As the Prime Minister has triggered Article 50 this week to formally start the Brexit process, we have been looking into the effect that this may have on the UK Tax System for businesses. In reality, nobody is entirely sure about how Brexit will affect the UKs economy and growth, although the OBR has suggested that economic growth will slow. Prime Minister Theresa May has warned that there will be ‘bumps in the road’ but the Government is remaining positive about our future outside the European Union. Businesses have called for as much certainty as possible, as a survey conducted by The Financial Director has ...
 

Lifetime ISA – What you need to know

Posted by WebBoss Design on 16th October 2018 in Blogging |

Lifetime ISA – What you need to know As announced in the 2016 March Budget by George Osborne, the new Government Lifetime ISA will be available from 6th April 2017.  The Lifetime ISA (commonly referred to as the Lisa), is a tax-free savings account targeted towards ‘the next generation’ which provides you with a 25% government bonus. It can hold cash, stocks and shares qualifying investments or a combination of both.  You can save up to £4,000 a year and continue to pay into it until you reach the age of 50 which could theoretically net a £32,000 bonus for an 18 year old paying the maximum amount every year up to the age of 50. Once you have reac...
 

HMRC recover debts of up to £17,000 though PAYE codes

Posted by WebBoss Design on 16th October 2018 in Blogging |

HMRC recover debts of up to £17,000 though PAYE codes From April 2015, HMRC bought in a new legislation which gave them the power to collect debts of up to £17,000 through an individual’s tax code, even without the individual’s consent. From the 2015 / 2016 tax year, this new method of debt collection referred to as ‘coding-out’ saw an increase from the previous collection limit of £3000 for earnings less than £30,000. The upper limit for how much debt can be coded out is linked to the tax payer’s income. There is a graduated scale so that the maximum £17,000 can be coded out for a person with earnings over £90,000. There is no change for th...
 

The 2017 car tax changes explained

Posted by WebBoss Design on 16th October 2018 in Blogging |

The 2017 car tax changes explained From next month, the way that vehicle tax is calculated will change, affecting all of us with vehicles registered with the DVLA from 1 April 2017. Vehicle tax for the first year will be based on CO2 emissions and after that the amount of tax that needs to be paid will depend on the type of vehicle. Unlike the current system, in which low-emission vehicles and petrol cars are exempt, the new Vehicle Excise Duty (VED) will only be free for vehicles with no tailpipe emissions (electric and hydrogen cars only). These new regulations will mean that all new cars will face a significant increase in their tax demands during the fi...
 
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