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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Special Budget blog 2014: Options at retirement

One of the most significant changes in the 2014 Budget were the changes to pensions held in defined contribution schemes. The proposed changes, which are expected to come into effect from April 2015, will give savers the choice of whether … Continue reading

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Basic PAYE tools – 2014/15 update

The latest version of this basic PAYE tools software for the 2014/15 version is expected to be released on 3 April 2014. The 2014/15 version will be provided as an update to the existing version rather than as a separate … Continue reading

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62 ways to pay less tax – No. 6 Make the losses work

The value of shares quoted on the stock market has risen recently. This may encourage you to sell some investments before the end of this tax year (5 April 2013) in order to use your annual capital gains exemption and … Continue reading

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62 ways to pay less tax – No. 4 Should I buy assets or shares?

When buying a business, the purchaser should always stop and ask “should I buy assets or shares”? The seller will typically be keen to sell shares – it can have significant tax and non-tax advantages for him. But it is … Continue reading

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62 ways to pay less tax – No. 2 Tax breaks for green cars

Since 2009 the rate at which you can claim capital allowances (CAs), i.e. the Taxman’s version of depreciation, has been linked to CO­­­­­­­­­­­­­­­­­­­­­2 emissions. For cars with CO­­­2 emissions over 160g/km, you can claim CAs equal to just 8% of … Continue reading

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62 ways to pay less tax – No. 1 The classic car solution

At this time of year (P11D season) company car drivers get the bad news about the taxable benefit of having a company car – and employers have to face up to the additional (Class 1A) National Insurance charge of providing … Continue reading

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IR35 Tests

If you provide services through your own personal service company you should be aware of the tax law known as IR35. This tax rule imposes an extra charge on your company, if you would be treated as an employee of … Continue reading

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When a marriage ends….

Where a marriage ends, special tax rules come into play which can be particularly tricky if you own a business together. Timing the exchange of assets is vital. What steps can you take to avoid triggering a Capital Gains Tax … Continue reading

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