Articles in the headline Category
The VAT Flat Rate Scheme changes from 1 Apr 2017 when new rules come into force in a heavy handed attempt to combat abuse of the system. The FRS differs from standard VAT accounting because you pay a percentage of your business turnover rather than paying the actual VAT arising on the difference between sales and purchases.
You continue to charge clients the headline rate of 20% VAT and you can potentially benefit by remitting a smaller percentage to the taxman. The FRS rates differ from sector to sector, but for …
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Two new sets of rules come into force over the next few years.
No more “10% Wear and Tear” allowance
The allowance is being abolished. Starting on 6 Apr 2016, landlords who rent out furnished accommodation will no longer be able to claim the flat rate 10% allowance every year, and instead will be permitted only to claim the actual costs of like-for-like renewals and replacements.
Restriction of loan interest relief
Over a three year period, starting on 6 Apr 2017, the amount of tax relief you can claim for loan interest paid, will …
New rules governing the entitlement to child benefit come into force on 7 Jan 2013.
Until now, child benefit has never been means tested and has always been paid to the mother of the child. If your household income exceeds £50,000 then the chances are that the child benefit will be clawed back from you, in stages, so that by the time your household income exceeds £60,000 the whole amount of your child benefit may be reduced to Nil.
The rules (as you might expect) are not quite as simple as that, …