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KRW Tax news

25 November 2016

Personal allowance increases confirmed

on Friday, 25 November 2016.

The Chancellor re-confirmed the increase in the tax-free personal allowance to £11,500 (currently £11,000), with the higher rate tax threshold increasing to £45,000 (currently £43,000), from April 2017, heading towards a personal allowance of £12,500 and a higher rate tax threshold of £50,000 by the end of this Parliament, with (at least) inflationary increases in both thereafter.

07 November 2016

Details confirmed for Lifetime ISA, arriving April 2017

on Monday, 07 November 2016.

In this year’s Budget a new Lifetime ISA (LISA) was announced, offering savers a 25% government bonus on savings when used to buy a first home, or in retirement.

In this month’s Tax News we take a look at how the LISA will work, who will benefit, and how much you can save.

28 September 2016

Changes to the Patent Box rules from July 2016

on Wednesday, 28 September 2016.

The patent box rules apply to any company with a qualifying patent, with those companies enjoying a lower Corporation Tax rate on profits generated from patented products or processes.

In this month’s Tax News we look at changes to the relief that arrived from July 2016 and explore the new R&D threshold that applies to new regime claims after that date.

27 July 2016

Introducing the new 'Investors Relief'

on Wednesday, 27 July 2016.

In his 2016 Budget, the former Chancellor George Osborne announced a new Capital Gains Tax (CGT) relief for investors who sell unquoted company shares.

In this month’s Tax News we look at ‘Investors Relief’ which offers a 10% CGT rate on the sale of certain shares which do not qualify for Entrepreneurs Relief.

30 June 2016

VAT Flat Rate Scheme notice updated: Check your percentage

on Thursday, 30 June 2016.

HMRC issued a revised VAT Flat Rate Scheme Notice last month which gives some welcome clarification on how to choose your flat rate category.

In this month’s Tax News we look at the changes and whether businesses using the scheme may now be able to change their flat rate percentage.
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