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| News Features... |
12 March 2008
The Chancellors’ first budget on 12th March 2008 was... more >> |
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| Hints & Tips |
Capital Gains Tax
From 6 April 2008, capital gains will be taxed at a flat rate of 18%. There is a new ‘Entrepreneurs’ Relief Rate ‘of 10% which will apply to the cumulative lifetime total £1 million of qualifying gains. Gains in excess of this will be taxed at the standard rate. Please contact us for more information on how this may apply to you.
Taxable Car Benefit
Taxable car benefit is calculated on a percentage of the list price, which for the most part will vary according to the level of the carbon dioxide (CO2) emissions, measured in grams per kilometre (g/km).
Self-Employment Fines
If you are self-employed, you must inform HMRC within 3 months, or you may be subject to a fine. The current rate for Class 2 NI is £2.30 per week (from 6 April 08).
Work Expenses
New guidance is available from HMRC in respect of expenses for use of home for work. See the official documentation from HMRC.gov
VAT Threshold
Businesses with an annual turnover in excess of £67,000 must register with HM Revenue & Customs to pay VAT. |
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