Tax E-News

1. News

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No tax changes announced in Spring Statement

Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none were made by the Chancellor.

Scottish Income Tax rates for 2019/20

The Scottish Parliament has the power to set income tax rates on non-savings and non-dividend income for Scottish taxpayers.

Land and Buildings Transactions Tax

Land and Buildings Transactions Tax is the Scottish equivalent of Stamp Duty Land Tax. For residential properties, the rates and bands for land and buildings transactions tax (“LBTT”) will be unchanged for 2019/20, although the additional dwelling supplement will be increased from 3% to 4%.

Personal service company changes from April 2020

In the Autumn Budget the Chancellor announced that the "off payroll" workers rules that currently apply in the public sector would be rolled out to the private sector in 2020.

Advisory fuel rate for company cars

In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees' private mileage using their company car from 1 March 2019.

Disguised remuneration loan charge starts April 2019

This new charge will apply to certain loans to directors and employees that are still outstanding at 5 April 2019 and new arrangements put in place after that date.

Diary of main tax events

April/May 2019

Don’t lose your personal allowance!

For every £2 that your adjusted net income exceeds £100,000 the £11,850 personal allowance is reduced by £1.

Year end pension planning

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings.

Have you used your 2018/19 ISA allowance?

Your maximum annual investment in ISAs for 2018/19 is £20,000.

Consider other tax efficient investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)?

Year end capital tax planning

Have you used your 2018/19 £11,700 annual capital gains exemption?