November 2017 - Hart Parry
hart parry blog

A guide to Autumn Budget 2017

A SIMPLE GUIDE TO THE BUDGET 2017 This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It is an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary. The budget message from the Chancellor was that ‘the economy that continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down’. You can read the individual measures and details of some of the numerous consultations below. Rates and allowances 2017/18 2018/19 £ £ Income tax rates – (non-dividend income) 0% lower rate tax – savings rate only Up to 5,000 Up to 5,000 20% basic rate tax 11,500 to 45,000 11,851 to 46,350 40% higher rate tax 45,001 – 150,000 46,351 – 150,000 45% additional rate tax Above £150,000 Above £150,000 Scottish Income tax rates – (non-dividend income) 0% lower rate tax – savings rate only Up to 5,000 Up to 5,000 20% basic rate tax 11,500 to 43,000 11,500 to 43,000 40% higher rate tax 43,001 – 150,000 43,001 – 150,000 45% additional rate tax Above £150,000 Above £150,000 Personal allowance Personal allowance 11,500 11,850 The Scottish government budget will take place on 14 December 2017.   Marriage allowance From 6 April 2018 the transfer of £1,185 of a personal allowance to a spouse or partner or deceased partners is available. The inclusion of deceased partners applies from 29 November 2017 and can be backdated 4 years, subject to conditions.  Dividend allowance The tax-free dividend...

Newsletter Winter 2017

Newsletter | Budget-Winter 2017   Winter Newsletter Budget – How will it affect you? Listening to the budget, it doesn’t sound as if much has immediately happened to Income Tax, VAT, Capital Gains Tax, Corporation Tax or Inheritance Tax. Over the next few days the detailed documents will be released – and as always the devil is in the detail – http://www.hartparry.co.uk/guide-autumn-budget-2017/ Changes to pensions auto-enrollment The Pensions Regulator (TPR) reports that in the first part of 2017 alone, 136,000 small and micro employers began complying with their new responsibilities under the pensions auto-enrolment regime. That’s an average of one every 57 seconds. But with change ahead, it’s important to keep up to date with developments. The latest important deadline is 1 October 2017, as the regime enters a new phase, with no lead-in time for new employers to comply. From 1 October, any employer taking on staff for the first time immediately comes within the rules. Those who have employed staff before 30 September 2017 have different deadlines – see the ‘Duties Checker’ section on the TPR site, goo.gl/TXS6T5 Ongoing duties The first step in employer compliance involves assessing staff on the basis of age and earnings. Staff aged between 22 and State Pension age, who earn over £10,000 pa, (£833 per month or £192 weekly), must be put in a pension scheme, to which both employer and employee contribute. But employer involvement doesn’t stop there. If staff don’t need to be put into a scheme, there’s still a declaration of compliance to be made, and ongoing duties, including keeping track of employees’ age and earnings each time they are paid,...