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KRW Tax news

22 November 2017

Landlords able to claim for their business mileage from April 2017

on Wednesday, 22 November 2017.

The government have confirmed that they will extend the option to claim for business mileage at approved rates (i.e., 45p per mile) to individuals operating property businesses from April 2017, as an alternative to claiming for car costs.

22 November 2017

3% company car tax surcharge for diesel cars to increase to 4%

on Wednesday, 22 November 2017.

In a bid to support the National Air Quality Plan, the government announced an increase to the surcharge applied to diesel company cars, from 3% to 4% from April 2018, alongside a Vehicle Excise Duty supplement for diesel cars from the same date.

22 November 2017

Abolition of Class 2 NICs delayed until April 2019

on Wednesday, 22 November 2017.

Hidden in the detail of the Budget documents was the announcement that the abolition of Class 2 National Insurance contributions for the self-employed will now be delayed until April 2019, a year later than planned, presumably to help fund the previous u-turn on increases to Class 4 NIC rates.

22 November 2017

4% increase to the National Living Wage and National Minimum Wage

on Wednesday, 22 November 2017.

Phillip Hammond announced that the National Living Wage (for those aged 25+) will increase from the current £7.50 per hour to £7.83 per hour from April 2018. Increases were also announced to the National Minimum Wage, with the rate applying to 21-24 olds up to £7.38 from the same date.

22 November 2017

Personal allowance & higher rate threshold confirmed for 2018/19

on Wednesday, 22 November 2017.

The Chancellor announced that the personal allowance will be increased to £11,850 from April 2018 (currently £11,500). Higher rate taxpayers will also benefit, with an increase in the higher rate threshold to £46,350 (currently £45,000), from the same date.
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