Following on from yesterday’s budget, here is a link to our guide to the various announcements. Thankfully, nothing on pensions or CGT yet.
As always, please contact us if you have any questions.
Following on from yesterday’s budget, here is a link to our guide to the various announcements. Thankfully, nothing on pensions or CGT yet.
As always, please contact us if you have any questions.
Here are the notes relating to the Autumn budget together with the tax rates guidance.
Guide to tax rates and allowances autumn 2017
As usual, please contact us with any queries you might have.
Currently CGT is charged at 18% for individuals who are basic rate taxpayers, and 28% to the extent that an individual is a higher rate taxpayer or the gain exceeds the unused part of the individual’s basic rate band.
These rates will be reduced to 10% for basic rate taxpayers and 20% for higher rate taxpayers for gains accruing on or after 6 April 2016.
There will be an additional 8% surcharge on gains arising from ‘ carried interest’ or from residential property where private residence relief is not available.
Where individuals are considering the disposal of assets, it may be advisable to defer the disposal until 6 April 2016.
Download our handy guide to the budget and the separate tax rates summary here:
From 2015/16 the starting rate for savings income is reduced to 0% and the savings rate band is increased to £5,000.
This means that where a person’s taxable non-savings income is not more than £5,000, it will be possible to receive a significant amount of savings income tax-free (and to reclaim any tax suffered at source).
The personal allowance for 2015/16 is to increase to £10,500.
This means that a person can receive savings income of up to £15,500 in 2015/16 before paying any tax on that income. This is in addition to any tax-free savings income derived from NISAs, etc.
To ensure that the opportunity to benefit from tax-free savings income is not wasted, it is beneficial to plan ahead. Couples should review their affairs to ensure that best possible use is made of the savings rate.
Contact us if you wish to discuss this further.
Magenta Accounts
Unit 2A Poles Copse
Poles Lane
Otterbourne
Winchester
SO21 2DZ
Tel: 01962 717498
Mob: 07795 974685
email: info@magenta-accounts.co.uk
Wonderful, friendly service. Thank you so much for looking after us!
Faye Chandler, Oliver Chandler Limited
I would gladly recommend Keeley to anybody who is looking for a conscientious, detailed and hard working accounting professional. Both individually, during her career before Magenta, and now as part of the wider Magenta Accounts team Keeley has looked after my financial well-being over the last fifteen years, and has done it exquisitely well. In fact, so happy am I to recommend Keeley, that four of my closest friends now have their company finances managed by Keeley's safe hands at Magenta.
Mike Boreham. Managing Director, Quiddity Solutions Limited
Magenta have handled our payroll and invoicing for three years, and have had an extremely positive impact on Semantic. Between them the team now handle all my personal and professional needs.
Nick Warren. Managing Director, Semantic Limited
Keeley has handled all my tax affairs for many years and I cannot speak highly enough about the professional level of service she has provided. Her efficiency and knowledge mean that my tax affairs are handled swiftly and competently making the whole experience pleasurable and cost effective.
Linda Green
Just a note to say how impressed I have been with Magenta Accounts and the service that you have provided me within my first 6 months of setting up my business. With being a new business, making sure I generate income immediately is vital, so by knowing that you are taking away of all my financial duties from me such as making small payments to providing monthly management accounts allows me to focus more of my time on other aspects such as growing the business and generating revenue. Each member of staff provides a personal and prompt service and it is comforting to know that whoever I speak to at Magenta Accounts, each member of staff is fully aware of my accounts and the current situation. I would fully recommend your company to any business who is looking for a service that not only helps take away the stress of looking after money, but also helps you grow as a business.
Michael Dyble, Managing Director, Dybles Limited