NEWS & VIEWS

The end of the dreaded tax return for many

From September 2017 HMRC will remove the need for some individuals to complete a tax return. To begin with, this will affect people who fall into the following categories: new state pensioners with income more than the personal tax allowance in the tax year 2016 to 2017 PAYE customers, who have underpaid tax and who cannot have that tax collected through their tax code All existing state pensioners who complete a tax return because their state pension is more than their personal allowance will be removed from Self Assessment in the tax year 2018 to 2019. Going forward, HMRC will use the data it already holds to calculate how much tax is owed. Individuals with more complex affairs will still

Finance Bill Published (again)

The Treasury has published its second Finance Bill of 2017 to legislate for proposals made in this year’s Budget that were abandoned when the Government called June’s General Election. Key announcements include: The money purchase annual allowance reduces to £4,000 (currently £10,000) from 6 April 2017. This limits the amount of pension contributions that can be paid by some individuals who have begun drawing benefits from their money purchase pension. The dividend tax allowance reduces to £2000 (currently £5,000) from 6 April 2018. This will reduce the amount of dividends an individual can receive before they incur a tax liability. The introduction of an income tax exemption to cover the

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