Buy to Let : Taxed to Death

45p mileage allowance – per person or per vehicle?

Accounting, Businesses, Personal Tax, Uncategorized l

car on coinsOne way of paying for travel by private car is for a claim for business related mileage to be made, at up to 45p per business mile for the first 10,000 per annum and up to 25p per mile thereafter. This is typically using your own car, but it could be a hired, borrowed or shared car too.

A question which has recently arose is whether the 10,000 miles per annum is per person or per vehicle.

SHARE: facebooktwitterlinkedinfacebooktwitterlinkedin

Taxation of dividends – changes on the horizon

Accounting, Businesses, Investments, Personal Tax, Shares l

DividendsSince the Summer Budget, a topic dominating discussions with owners of shares has been the Chancellor’s proposed new tax on company dividends.

As a reminder, the Finance Bill 2016 will abolish the 10% tax credit on dividend income, which will cease to be grossed up in personal tax computations from 6 April 2016. In its place will be a £5,000 dividend tax allowance.

Until now we had no firm details about how this dividend tax allowance will fit within the structure of personal allowances and tax rates, however the accounting profession has been working with the Treasury to produce some guidance which should be published on GOV.UK in the next few days.

SHARE: facebooktwitterlinkedinfacebooktwitterlinkedin