This year’s Budget speech will be delivered on Wednesday the 3rd of March. This is the first post-Brexit budget. Here are some of our predictions. Chancellor will not stick to 2019 Conservative manifesto of not raising taxes. Traditional increases on “sin-taxes”...
Exactly in a month’s time Chancellor of the Exchequer will present his first Budget to the Parliament. Below are my top 10 predictions for Budget 2020. Off-payroll/IR35 Implementation for the private sector – more likely to go ahead (I sincerely hope I am wrong...
Financial year for 2019/20 began on 6th April 2019. Here is a quick refresher of changes you need to be aware of. Personal Allowance Personal allowance (the annual amount you can earn before paying tax) for this financial year – rises from £11,850 to £12,500. If...
We had lot of questions from our clients regarding this and hope this article will help them understand this better. WHAT IS PAYMENT ON ACCOUNT? ‘Payments on account’ are payments made towards your following year’s income tax. In other words “Advance Payments” towards...
Band/Category Tax rate Taxable income 2018/19 (UK – except Scotland) 2019/20 (UK – except Scotland) Personal Allowance 0% Up to £11,850 Up to £12,500 Basic rate 20% £11,851 to £46,350 £12,500 to £50,000 Higher rate 40% £46,351 to £150,000 £50,000 to...
