Sinclair Day

November 2, 2017

Are your earnings approaching £100,000?

For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain
November 2, 2017

Change to tax relief on re-mortgaged buy-to-let property?

HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance costs (such as mortgage interest) used to buy
November 2, 2017

More than one source of self-employment

Any self-employed person who has more than one source of self-employment is required to pay Class 4 National Insurance Contributions (NICs) on their total taxable profits. Class 4 NICs are paid by the self-employed as a percentage of annual taxable
November 2, 2017

Adjustments if you leave the VAT Flat Rate Scheme

Any business that has been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, should consider whether it will be more beneficial to leave the VAT Flat Rate Scheme (FRS) and revert to using traditional VAT