Category: Tax

HMRC have now confirmed that the £30,000 tax exemption which applies to termination payments for loss of employment will remain. However, there are changes proposed which are likely to add to the cost of many severance payments. Summary of the key points: The first £30,000 of a termination payment for loss of employment will remain … Continued

More than half a million people have opened a Help to Buy ISA since the scheme was launched in December 2015. The Help to Buy ISA allows people to save up to £200 a month while receiving a 25% government bonus. The figures show that the average price of a home purchased using a Help … Continued

A third of workers globally do not have a retirement plan, according to research by Aegon. The survey of 14,400 employees and 1,600 retired people across 15 countries found that providing workers with access to workplace pension plans is a significant factor in ensuring that they are saving for their retirement. 41% of those surveyed … Continued

The deadline for the second payment on account for tax paid through self-assessment is 31 July 2016. Payment is required if the tax bill is more than £1,000, unless you’ve already paid more than 80% of all tax you owe. 2 payments are due each year – on 31 January and 31 July. Each payment … Continued

Tempting though it may be to hide our heads under the collective blankets, there’s no escaping the need to start pondering the impact of Brexit. It seems all but inevitable that this will now go ahead. And no-one knows how this is going to pan out, other than the transition is going to be painful. … Continued

1. Who do you want to inherit your assets? Without a Will, rules of intestacy dictate who gets your estate and this may not be the people you would want or possibly not in the proportions you would like. A surviving spouse may not receive the whole of the estate and will instead, have to … Continued

The changes in the taxation of dividends along with the abolition of tax deduction at source on interest paid is likely to cause additional compliance work for trustees. Neither the new dividend tax allowance nor the personal savings allowance will apply to trustees. Trustees of income interest in possession trusts have previously not had any … Continued

In a bid to help people locate their lost pension pots, the Pension Tracing Service has launched a new website. There is currently around £400 million in unclaimed pension savings, according to the Department for Work and Pensions. People can enter their former employers’ details into an online database and receive contact details for pension … Continued

House price growth was 9.2% in April 2016 compared to 10.1% the previous month, according to Halifax. The slowdown in growth follows a surge in buy-to-let activity before the introduction of new stamp duty land tax (SDLT) rates on 1 April 2016. 50% of properties sold in the last 2 weeks of March went to … Continued

Adults under 40 can save up to £4,000 annually while receiving a 25% government bonus each year using a lifetime ISA from April 2017. Money put into the account can be saved until the age of 60 and can be used as retirement income or withdrawn to purchase your first property. Elsewhere, annual ISA allowance … Continued