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Topical Issues

TAXES:

Changes to the personal allowance as of September 2008. The personal allowance is the amount of money someone earns before they have to start paying tax – the basic allowance for 2008/09 tax year is £5,435. However, there will be a change in September 2008 when the allowance will be backdated to April 2008 to £6,035. This is called the Extra Personal Allowance and was announced by the Chancellor earlier this year following criticism about removing the 10p rate of tax.

The changes mean that From the first pay day on or after 7 September 2008, there will be a tax saving of approximately £120 over the course of the tax year. This means for those whose pay day in September is on or after 7 September, they will pay up to £60 less tax that month. 

For those who are paid monthly and their pay day is before 7 September, they will pay up to £70 less tax in October.

To add to the potential confusion, any tax reduction will depend on how much people have already paid. In some cases, people may even get a repayment included in their pay.  From September onwards, people who are paid monthly will pay the taxman up to £10 a month less tax; if they are paid weekly, they will hand over to the taxman up to £2.30 less tax. 

The basic rate tax band will reduce from £36,000 to £34,800. Anything above that amount will then fall into the 40% tax band. 

Contact

United Kingdom Office
Tel: +44 (0) 1273 617021

Leonia Crozier FCCA
+44 (0) 787 640 0324

Lourie Nel CA(SA), ACIS, MBA
+44 (0) 787 640 0278

Accountants and Business Advisors
  • Client Solutions

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  • Our Services

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GYL - Accountants and Business Advisers PDF Print E-mail

At GYL we offer specialist business advisory services on:

  • Assisting our clients to develop their business
  • Helping our clients to improve their internal procedures
  • Improve information reporting
  • Interim finance director placements

Based in the UK, we are experienced in offering business advisory and accounting services for businesses based in Europe, South East Asia and North America. Working in partnership with our clients we are dedicated to understanding our clients’ needs, assessing their requirements and co-determine solutions that enable our clients to help themselves.

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Services

We offer a range of services that will relieve your burden and allow you to concentrate on overseeing the day to day running of your business ....

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Clients

We draw on extensive experience across public, private, family and non family business environments in order to ensure best practice

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The Team

The team are competent, qualified and reliable professionals who apply a 'can do' - approach to all business tasks.

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More Info

United Kingdom Office

Email: admin@gylacc.com
Tel: +44 (0) 1273 617021

 

Address:
87 Lyndhurst Road,
Worthing,
BN11 2DL,
England

South African Office

  Email: admin@gylacc.com
  Tel: +44 (0) 1273 617021

 

  Address:
  PO Box 99,
  Little Brakriver, 
  6503,
  South Africa

Leonia Crozier FCCA


Email: leonia@gylllp.com
Tel: +44 (0) 787 640 0324

Lourie Nel CA(SA), ACIS, MBA

Email: ln@gylacc.com
Tel: 44 (0) 787 640 0278