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Rates, reliefs and allowances to use by April 2018, a year-end tax guide 17/18

23 January 2018

Download haleys free Year-end Tax Guide 2017/18 pdf here.

Our complimentary Year-end Tax Guide 17/18 PDF covers the rates, reliefs and allowances you or your business can use by 5th April 2018 including;

  • Personal Allowances and Relief
  • ISAs
  • Pension Contributions
  • Inheritance Tax
  • Capital Gains Tax
  • Non-UK Domicile Taxation
  • Tax Credits
  • Corporation Tax
  • Business Deductions
  • Entrepreneurs Relief
  • VAT
  • Penalties

 

Upcoming Changes - Future rules, rates and allowances may affect your financial planning for 2018/19.

  • The personal tax allowance for 2018/19 is £11,850. The basic rate band threshold increases to £34,500 in 2018/19, meaning individuals who are entitled to the full personal allowance will not be liable for higher rate tax until their total income exceeds £46,350. The national insurance contributions upper earnings limit will also rise to remain in line with the higher rate threshold.
  • Capital gains tax annual allowance increases to £11,700 for individuals and to £5,850 for most trusts.
  • The overall annual ISA subscription limit remains at £20,000, while the Junior ISA allowance increases to £4,260 from 6 April 2018.
  • The pension lifetime allowance increases by £30,000 to £1.03 million.
  • Vehicles - from 6 April 2018, the van benefit charge will increase from £3,230 to £3,350 and the van fuel benefit charge will increase from £610 to £633. Employees provided with fuel for private mileage in a company car will see the value of the multiplier used for calculating the cash equivalent of the fuel benefit increase from £22,600 to £23,400.
  • R&D tax relief, from 1 January 2018, the rate of tax relief available to companies that carry out qualifying R&D and claim the research and development expenditure credit (RDEC) increased from 11% to 12%. (Talk to our Research & Development Tax Experts on claiming this credit on rd@haleysba.co.uk)
  • Corporation Tax, for a capital gain made by a company on or after 1 January 2018, the indexation allowance, which is applied in order to determine the amount of the chargeable gain, will only be calculated up to December 2017. For disposals made after this date, the indexation will no longer be calculated up to the month in which the disposal of the asset occurs.

 

Talk to us about tax planning for the year ahead. If any of our expert team of Chartered Tax Advisers or Chartered Accountants can help you to understand the implications of these options, contact us on 01772 741200.

 

IMPORTANT INFORMATION: The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. ISA and pension eligibility depend upon individual circumstances. FCA regulation applies to certain regulated activities, products and services, but does not necessarily apply to all tax planning activities and services. This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. Whilst considerable care has been taken to ensure that the information contained within this document. Download haleys free Year-end Tax Guide 2017/18 pdf here

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