Income Tax Archives - PMA Accountants

PAYMENTS ON ACCOUNT DUE BY 31 JULY 2018

Asif2019-09-01T22:06:58+01:00July 1st, 2018|Categories: Blog, Taxation|Tags: Income Tax, Payments on Account, Self Assessment|

The second payment on account for the 2017-18 tax year is due to be paid to HMRC by 31 July 2018 – the first payment on account was due by 31 January 2018. Your payments on account are advance payments made towards your personal tax for each tax year. How much you have to pay is based on your previous years tax return, so your 2017-18 payments on account are based on your 2016-17 tax return. If 2017-18 is your first year in self assessment then you would not have any payments on account to make until 2019. Everyone [...]

Employers beware of plans to change Scottish income tax threshold

Asif2019-09-01T11:59:35+01:00February 18th, 2017|Categories: Taxation|Tags: BLOG, Income Tax, Scotland|

Shortly before Christmas, the Scottish draft budget contained an announcement that Scottish taxpayers will start paying the 40p higher rate of income tax at a lower point than taxpayers elsewhere in the UK. This announcement means that businesses across the UK, not just in Scotland, will need to review their payroll systems to ensure that the proposed change can be accommodated. Scotland's Finance Secretary Derek Mackay confirmed that the Scottish Government intends to restrict increases in the rate at which people start paying the higher rate of income tax to inflation only. This compares with the UK Government's proposal [...]

Caps on income tax relief

Asif2019-09-01T11:54:21+01:00December 22nd, 2016|Categories: Taxation|Tags: BLOG, Income Tax|

In general terms, providing a business is undertaken on a commercial basis with a view to making a profit, tax relief should be available for trading losses incurred. It is usually possible to offset the loss against other taxable income from the same year, or the previous year. Other taxable income may include for example, a former employment (where tax was deducted under PAYE) or a pension. This relief may be particularly beneficial for someone who is self-employed on a part-time basis. For example, where an individual earns £30,000 a year from employment, and makes a £2,000 loss from [...]