by Wijay Kanagasundaram | May 1, 2019 | Accounting and bookkeeping, Budget, HMRC, News, Personal finances, Self Assesment, Tax
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...
by Wijay Kanagasundaram | Dec 10, 2018 | Budget, Government announcements, HMRC, News
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...
by Wijay Kanagasundaram | Oct 31, 2018 | Accounting and bookkeeping, Budget, Tax
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...
by Wijay Kanagasundaram | Oct 29, 2018 | Budget, Government announcements, HMRC, IR35
Chancellor of the Exchequer H.E Philip Hammond delivered his speech today at Westminster. He opened the speech with “A budget for the strivers, the grafters and the carers” and “era of austerity is finally coming to an end”. We will look at some key...
