Collecting debts through PAYE

The coding threshold allows taxpayers to have a tax underpayment of less than £3,000 collected via their tax code provided that they are in employment or are in receipt of a pension. The coding applies to certain debts such as … Continue reading

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Special Budget blog 2014: Savings and investments

The chancellor announced changes to savings and investments which will benefit individuals who regularly save. The first of these changes is a major reform to the ISA system. A new ISA (NISA) is to be introduced from 1 July 2014 … Continue reading

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Special Budget blog 2014: Income tax rates and allowances

In the budget, the Chancellor announced that from April 2015, the basic personal allowance for taxpayers born after 5 April 1948 will rise to £10,500. At the same time the basic rate limit will be reduced to £31,785. Taxpayers’ personal … Continue reading

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PPI refunds – Have you declared the interest received?

Individuals who have been successful in reclaiming miss-sold Payment Protection Insurance (PPI) may be unaware that any interest received as part of their settlement should be being declared on their self-assessment tax return. The HMRC have commented that; ‘The interest … Continue reading

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Selling your house – new potential capital gains issues!

Capital gains tax rules state that an individuals ‘sole or main residence’ is exempt from capital gains tax, if any personal residence e.g. a house, flat etc., was the individual’s ‘sole or main residence’ for only part of his or … Continue reading

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Avoid big tax bill on pension savings

On 6 April 2014 the lifetime allowance for pensions will be reduced to £1.25 million from the current £1.5 million. The lifetime allowance is the amount individuals can build up in their pension fund without paying an additional tax charge. … Continue reading

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Did you miss the Self Assessment filing deadline?

Around 850,000 people apparently missed the 31 January 2012 Self-Assessment filing deadline. If you are one of them you’ll have received a £100 penalty even if you don’t owe the taxman any money. You have 30 days to appeal if … Continue reading

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Penalties increased from 6 April 2011 for late self assessment tax returns

In the past if you submitted your Self Assessment Tax Return to H M Revenue & Customs (HMRC) after the 31st January filing date you faced a penalty of £100, unless you had no tax liability or were due a … Continue reading

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Self-Assessment Tax Return deadline

If you send in a paper version of your Self Assessment Return, rather than submit it online it must be with HMRC by 31st October or you’ll be fined £100. In previous years where you’ve missed the deadline you could … Continue reading

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