Aaron Associates updates

Aaron Associates. – June 2017

Data Protection: [About 192.com]:

The website 192.com can provide a wealth of information about a person, such as their full name, address, telephone number and details of those they live with.

This website is used to find out information about people and businesses, where a person searched, it can reveal the individual’s full name, address and telephone number. These details are mainly harvested from the telephone directory database and in order to undertake the search you need to know the subject’s location.

TAX-FREE CHILDCARE

Update you from Aaron Associates.
 
TAX-FREE CHILDCARE

Tax-Free Childcare is a scheme which allows parents to pay into an online account. To qualify for Tax Free Childcare all parents in the household must generally meet a minimum income level, based on working 16 hours a week (an average £120 a week) and each earn less than £100,000 a year.

Subject to any restrictions (see below), the money paid in is then topped up by 25% by the government - so an £8 payment is topped up by £2. These funds can then be used to pay for:

Timescale for introducing Making Tax Digital for Business

Summary of change

The government has decided to provide 3.1 million small businesses with more time to prepare for Making Tax Digital.  Businesses (including the self-employed and landlords) that have annual turnover below the VAT registration threshold  will have an extra year before they are required to keep records digitally and send HMRC quarterly updates, although they will be able to start doing so voluntarily from April 2017.

TAX PLANNING AND PENSION

Pension contributions could be restricted – Autumn State

The Autumn Statement has traditionally been used to introduce new measures effectively limiting the tax relief on pension contributions. The chancellor will deliver this year’s statement on Wednesday 23 November.

SEPTEMBER 2016

TAX PLANNING AND UPDATE

FAMILY INVESTMENT COMPANIES

With Corporation Tax at 20%, falling by April 2020 to 17%, compared with personal income tax rates of up to 45%, as well as the ability of a company to receive dividend income tax free, some wealthy individuals are attracted by the advantages of holding portfolio investments through a company.

The expressions “personal investment company” or “family investment company” are commonly used to describe such arrangements.

Budget 2016-2017

RE: Budget Summary Tax Card 2016/17

Please find attached, Budget summary 2016-17. We have also listed below some of the headline changes you may find useful.

Personal Tax

Tax update 2016

New National Living Wage from 1st April 2016 to boost living standards.

The government is reminding employers that a new National Living Wage (NLW) is being introduced from 1 April 2016 and advising employers to get ready for this change.

The NLW rate will be payable to workers in the UK who are 25 or over. For workers currently being paid the National Minimum Wage (NMW) this will mean a 50 pence increase in their hourly earnings.

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