Personal allowance and income tax threshold The personal allowance for 2019/20 is set at £12,500 (£11,850 in 2018/19), and the basic rate limit will be increased to £37,500 (£34,500 in 2018-19). As a result, the higher rate threshold will be… Read more

Temporary increase in the AIA Legislation will be introduced in Finance Bill 2018/19 to temporarily increase the annual investment allowance (AIA) limit to £1,000,000 from 1 January 2019 for two years. Transitional rules will apply where a business has a… Read more

VAT: no change in registration and deregistration thresholds The VAT registration and deregistration thresholds will remain unchanged for 2019/20. Therefore legislation will continue as follows: – the taxable turnover threshold that determines whether a person must be registered for VAT… Read more

Annual Tax on Enveloped Dwellings The annual charges for the Annual Tax on Enveloped Dwellings (ATED) will rise in line with inflation for the 2019/20 chargeable period. Annual chargeable amounts for the 2019/20 chargeable period will be as follows (2018/19… Read more

Voluntary tax returns Historically HMRC have exercised discretionary collection and management powers to accept and treat voluntary income and corporation tax self-assessment returns received on the same basis as tax returns received under a statutory notice to file. In the… Read more