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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Special Budget blog 2014: Increase in the Annual Investment Allowance

The chancellor pleased many businesses in April with his announcement that the temporary increase in the annual investment allowance (AIA) is to be extended for a further year to 31 December 2015. From the 1st April 2014 the maximum amount … Continue reading

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Employees can save twice as much in workplace schemes

The save as you earn (SAYE) scheme is a savings related scheme where employees of participating companies can save to buy shares at a discount. SAYE’s are approved by HMRC who allow employees to make contributions and buy shares at … 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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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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Employment Allowance: up to £2,000 off your Class 1 NICs

From April 2014 most businesses, charities and community amateur sports clubs (CASCs) will be entitled to an annual ‘employment allowance’ of up to £2,000 to reduce their liability for employer’s Class 1 Employer National Insurance Contributions (NICs). HMRC have said this … 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. 5 Alternative to the office party

You normally have a Christmas party for your employees which the Taxman accepts as a tax-free benefit for directors and employees alike, provided the cost is less than £150 per head (including VAT). But what if the format is getting … Continue reading

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