Spring Budget 2017Mar. 9, 2017, 9:42am
Following the Budget we have updated our website to reflect the announcements.
Many of the figures are fundamental to our business and personal lives and you will find the key taxes summarised on in our useful budget summary and of course our tax card.
We are sure that you will find it a useful point of reference throughout the coming tax year and below we have listed just a few examples of how it can be used.
Personal tax rates
A number of changes have taken place to the personal tax rates in recent years, including changes to the taxation of dividends and new ‘tax free’ allowances for both savings income and dividends. Make sure you know the current state of play.
If you buy property, Stamp Duty Land Tax may be due. There were fundamental changes to the regime last year in respect of residential properties and our tax card highlights the main rates so that you can consider the potential cost of buying property.
If you sell an asset such as land, capital gains may be due. Our tax rates highlight the main rates and reliefs so that you can consider the tax bill that may arise.
Rates for businesses
If you run a business, obtaining the right allowances on equipment that your business buys can affect the tax that your business has to pay each year. We have summarised the main allowances that are available.
There are increases in the company car benefits regime again this year, so our tax card explains how these are computed to help ensure that you are paying the correct amount of tax.
Travel is a daily part of business life. If you drive your own car on business, HMRC allow certain tax free mileage allowances to be paid. If you are paid less than these rates, you may be entitled to a tax refund.
Rates that affect us all
Long term planning for a comfortable retirement can never start too early. Our tax rates explain how much can be contributed to an approved pension scheme each year tax efficiently.
Our tax rates contain the main inheritance tax rates and exemptions but early planning can mitigate these tremendously.