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Monthly Archives: November 2017

Child benefit tax trap

A family claiming the weekly Child Benefit (currently, £20.70 a week for eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds £50,000 during a tax year. A … Continue reading

Posted in Business

Abolition of self-employed NIC to be deferred

The Low Incomes Tax Reform Group (LITRG) has welcomed a recent announcement by the Government that there will be a one-year delay before the removal of Class 2 National Insurance contributions (NICs) to enable consultation on the impact of its … Continue reading

Posted in Business

Smaller businesses to be drawn into the VAT net

The Office of Tax Simplification (OTS) published a report setting out a range of proposals for simplifying VAT. According to the OTS the tax is showing its age. What was meant to be a simple tax has become highly complex … Continue reading

Posted in Business

Clampdown on child maintenance cheats

If a parent owes child maintenance, deductions to recover that debt can currently only be made from a bank or building society account held solely by them. Unfortunately, a small minority of parents are cheating their way out of supporting … Continue reading

Posted in Business

Tax Diary November/December 2017

1 November 2017 – Due date for corporation tax due for the year ended 31 January 2017. 19 November 2017 – PAYE and NIC deductions due for month ended 5 November 2017. (If you pay your tax electronically the due … Continue reading

Posted in Business