Profile cover photo
Profile photo
The Waldron Partnership

Chancellor to deliver 2017's main tax and spend Budget on November 22 #Budget2017

#FinanceBill Sep 2017 published and includes many of the clauses removed earlier this year.

The Chartered Institute of Taxation (CIOT) is calling on the Government not to abolish income tax relief for legitimate work-related expenses for which they are not reimbursed by their employer.

Millions of workers will have to work an extra year before retiring after the Government announced plans to extend the retirement age to 68.

The state pension age had been due to rise by a year – from the current age of 67 – in 2044.

But David Gauke, the Work and Pensions Secretary, said the cash-saving move would be implemented from 2037, seven years earlier than planned.

Statutory rate changes from 1 April 2017 minimum wage rates will increase as below:

25 and over - £7.50 (up from £7.20)
21 to 24 (inclusive) - £7.05 (up from £6.95)
18 to 20 (inclusive) - £5.60 (up from £5.55)

In the Spring Budget 2017, the Government announced that it will consult on proposals to amend the rent-a-room relief rules to ensure it is targeted to support longer-term lettings.

With effect from 6 April 2018, the dividend allowance will reduce to £2,000. There are no planned changes to the rates of tax that apply to dividends in excess of £2,000.

From April 2017 two new annual allowances of £1,000, for trading and property income will be introduced. This means that from 2017/18 individuals with property or trading income below £1,000 will no longer need to declare or pay tax on that income.

Delay in MTD - 2018 – all unincorporated business above the VAT threshold (except large partnerships – turnover above £10m)

The tax and NIC advantages of salary sacrifice arrangements will be removed from April 2017. Such arrangements in place for pension contributions, childcare, cycle to work and ultra low emission cars, will not be effected by these changes. Any other arrangements in place before April 2017 will be protected until April 2018 and those relating to cars, accommodation and school fees will be protected until April 2021.
Wait while more posts are being loaded