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Regulations have been published which will increase the threshold under which self assessment taxpayers do not need to make payments on account from £500 to £1,000. The Income Tax (Payments on Account) (Amendment) Regulations 2008 (SI 2008/838) will come into force on 6 April 2009 and take affect for the 2009/10 tax year and subsequent years. The Regulations contain the necessary machinery to enable the threshold below which taxpayers do not need to make in-year payments on account of their annual income tax liability under the Income Tax Self Assessment (ITSA) system to be raised from £500 to £1000. Link |
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Thursday, 27 March 2008 | 1028 Hits |
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