Keep the receipts

Most business owners are aware that they need to keep receipts if they want to secure a deduction for expenditure for business tax purposes, assuming that the expenditure is allowable for tax. This is particularly important if you purchase an … Continue reading

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Claim £100′s of tax relief if you wear a uniform!

Do you have to wear a uniform to work? Did you have to purchase it and wash it? This can apply to a worker if they simply wear a shirt with a logo or full head to toe attire, such … Continue reading

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Special Budget blog 2014: Seed Enterprise Investment Scheme

The Seed Enterprise Investment Scheme (SEIS) is designed to increase the level of investing in the early development of high growth potential businesses. The scheme is similar to the EIS but focuses on smaller, early stage companies carrying on a … Continue reading

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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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