By Emma - Monday, April 7th, 2008
The new tax year started yesterday and with it came the abolition of the 10% starting rate tax band and the reduction of the basic rate of tax from 22% to 20%. The higher rate, payable on income over £36,000, remains at 40%. The new personal allowance for tax year 2008/9 is £5,435. There is a new starting rate band of 10% for savings income limited to £2,320.
As usual there will be winners and losers under these changes. More information and a link to the HMRC website can be found here
Posted in Income Tax | 1 comment »
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By Philip - Wednesday, July 25th, 2007
Remember the Beatles and Taxman
(if you drive a car, car;) - I’ll tax the street;
(if you try to sit, sit;) - I’ll tax your seat;
(if you get too cold, cold;) - I’ll tax the heat;
(if you take a walk, walk;) - I’ll tax your feet.
Well following a long legal case ending up in the House of Lords, we do not need to add an extra line to the song,
(if your spouse draws dividends from a Limited Company)-I’ll tax that as your income
Yes I know it’s not quite up there as a lyric with John and Paul’s but thankfully the extra line in the lyric will not be necessary as the House of Lords has ruled that wives who draw dividends from a Limited Company should have those dividends taxed as their own income rather than their husband’s, where both spouses own the share capital of the limited company. Quite right too! Read about it here.
Posted in Income Tax, Miscellaneous, Tax | 1 comment »
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