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[optomistic] 28/11/2018 10:19

"Customers don’t need to do anything right now"

...never looked upon myself as being a 'customer' of the HMRC :-/

[maywillow] 28/11/2018 09:43

HMRC writes to taxpayers about Welsh rates of income tax

With four months to go, HMRC has written to two million individuals in Wales ahead of the introduction of the new Welsh rates of income tax (WRIT), outlining residency and compliance issues

28 Nov 2018
Pat Sweet
Pat Sweet

Reporter, Accountancy Daily, published by Croner-i Ltd
View profile and articles.

From 6 April 2019 taxpayers will pay WRIT if they have a main residence in Wales, regardless of where they work, which may mean changes to the amount of tax they pay on wages, pension and most other taxable income.

Tax rates on dividends and savings interest remains the same as for the rest of the UK, and there are also no changes to personal allowance.

Income tax will continue to be collected from pay and pensions through PAYE and self assessment in the same way it is now. But from 6 April, the Welsh government will set its own income tax rates and WRIT taxpayers will receive a new tax code, starting with C for Cymru.

Angela MacDonald, director general for HMRC customer services, said: ‘We want to help people pay the right tax so we’re writing to customers to let them know that they’ll now be paying WRIT.

‘Customers don’t need to do anything right now but should make sure to keep HMRC informed if their details change in the future.’

More information on the Welsh rates of income tax here:

Report by Pat Sweet

[dcarn] 30/10/2018 16:02

Opto,

Many thanks for that.

[eeza] 29/10/2018 18:50

From the BBC re: the Budget

"More exclusive analysis of the Budget for the BBC from Mark Stokes of Deloitte.

He says new restrictions to Private Residence Relief, which takes gains on the sale of your main home outside the charge to capital gains tax, will apply from April 2020.

Gains relating to the final 18 months of ownership are exempt from capital gains tax, regardless of whether the owner has occupied the property, but from April 2020 this period will be cut to nine months for most people.

In addition, the “lettings relief” which typically exempts up to £40,000 of gains when a taxpayer’s main residence has been let out, will only be available if the owner has lived in the property with their tenant."

I thought gains from your main house were exempt from tax. Anyone translate?

[grupo] 29/10/2018 18:12

Budget: personal taxes
Income tax boost as thresholds raised a year early
Terry Murden, Editor | October 29, 2018

Income tax own pic

The Chancellor is bringing his plans forward



Millions of workers will benefit from a decision to bring forward increase in personal tax allowances by one year.

Mr Hammond said he was under pressure to sacrifice a manifesto pledge to raise the basic allowance to £12,500 and the higher rate to £50,000 in order to finance a £20bn boost to the NHS.

He had planned to raise the threshold in two stages with the basic allowance currently £11,580 and the higher rate £46,351 in England.

Instead he brought the whole change forward by a year to April 2019.

The change will mean the basic rate taxpayer will pay £1,205 less tax, amount to a £130 a year tax saving. A higher rate taxpayer will have an average gain of £387.

It also puts pressure on the Scottish government which has already decided not to pass on the last increase in the threshold for higher rate payers.

“I didn’t come into politics to put taxes up,” said Mr Hammond. “Austerity is coming to an end but discipline will remain.”

However, Les Cameron, tax expert at Prudential, said: The bringing forward of the £12,500 personal allowance and £50,000 higher rate threshold will be welcome to those on lower incomes but we mustn’t forget that increasing personal allowances are bad news for higher earners.

“Those with incomes over £100,000 will see an effective tax rate of 60% on £25,000 of their incomes.”

He said the increase in high-rate tax thresholds means more people qualify for higher rate tax relief on pensions.

“The acceleration of the higher rate threshold means more people qualifying for higher rate tax relief on pensions – £100 of pension will be costing them £60 instead of £80.”

[grupo] 29/10/2018 18:11

Budget: personal taxes
Income tax boost as thresholds raised a year early
Terry Murden, Editor | October 29, 2018

Income tax own pic

The Chancellor is bringing his plans forward



Millions of workers will benefit from a decision to bring forward increase in personal tax allowances by one year.

Mr Hammond said he was under pressure to sacrifice a manifesto pledge to raise the basic allowance to £12,500 and the higher rate to £50,000 in order to finance a £20bn boost to the NHS.

He had planned to raise the threshold in two stages with the basic allowance currently £11,580 and the higher rate £46,351 in England.

Instead he brought the whole change forward by a year to April 2019.

The change will mean the basic rate taxpayer will pay £1,205 less tax, amount to a £130 a year tax saving. A higher rate taxpayer will have an average gain of £387.

It also puts pressure on the Scottish government which has already decided not to pass on the last increase in the threshold for higher rate payers.

“I didn’t come into politics to put taxes up,” said Mr Hammond. “Austerity is coming to an end but discipline will remain.”

However, Les Cameron, tax expert at Prudential, said: The bringing forward of the £12,500 personal allowance and £50,000 higher rate threshold will be welcome to those on lower incomes but we mustn’t forget that increasing personal allowances are bad news for higher earners.

“Those with incomes over £100,000 will see an effective tax rate of 60% on £25,000 of their incomes.”

He said the increase in high-rate tax thresholds means more people qualify for higher rate tax relief on pensions.

“The acceleration of the higher rate threshold means more people qualifying for higher rate tax relief on pensions – £100 of pension will be costing them £60 instead of £80.”

[optomistic] 24/10/2018 18:21

dcarn, it appears that you have had no response to your question. May I suggest you
put CGT in the epic box and then select the thread started and run by Gengulphus.
You will find him very informed on the subject.

regards
opto