Category: Tax

One in four people planning to retire this year don’t feel ready to stop working, Prudential has found. The Class of 2014 study tracked the aspirations of people who plan to retire and found a changing attitude towards retirement: 13 per cent of people scheduled to retire in 2014 have postponed their plans 54 per cent … Continued

Two of the highest priorities for high earners in the run up to the end of the tax year is checking whether they should apply for Fixed Protection 2014 and whether they need to make a final contribution prior to 5 April 2014, making use of carry forward relief where appropriate. Please note that the … Continued

The present position (prior to 6 April 2014) A Limited Liability Partnership (LLP) is a hybrid: it has the status of an incorporated business, but LLP members (or partners) are considered to be self employed.  One practical consequence is that LLP members have unlimited liability. Contrast this with an unincorporated business partnership where partners are … Continued

Where a property has been an individual’s principle private residence (PPR) at some time during the period of ownership, the last 36 months of ownership have always been exempt in calculating capital gains tax. Where more than one residence is held, it is possible to make an election to nominate a particular property as the … Continued

Single Premium Insurance Bonds can be a very tax efficient investment product as the tax rules allow up to 5% of the capital value to be withdrawn tax free each year. If no withdrawals are made that year the 5% tax free amounts accumulate so that after say 6 years 30% could be withdrawn from … Continued

From 6 April 2013 new Statutory tests were introduced to determine whether individuals are resident in the UK or not, generally making the rules much clearer than previously. There will still be situations where someone’s tax residence isn’t clear cut where they spend substantial time overseas and also make visits to the UK. HMRC have … Continued

In the run up to the introduction of the Employment Allowance – which will reduce every employer’s national insurance bill by £2,000 – HMRC has released new figures about how much the scheme could save UK businesses and charities. The Government estimates that the tax cut will mean employers are nearly £5.5 billion better off … Continued

A reduction in the lifetime allowance (LTA) for pension savings could cost savers billions in unexpected tax charges according to research from Standard Life. The LTA – the maximum amount an individual can accrue in pension savings in their lifetime before triggering a tax charge – falls from £1.5 million to £1.25 million in April … Continued

Micro employers will be given until April 2016 to adapt to the real time information (RTI) system for reporting PAYE payments, HM Revenue & Customs (HMRC) has announced. Micro employers – those with fewer than 10 employees – who need more time to adapt to RTI can continue reporting PAYE information on or before the … Continued

The promised hike in the personal allowance to £10,000 is confirmed for the tax year 2014/15. The basic rate limit is £31,865 for 2014/15. This means that 40% taxpayers (if taxable income does not exceed £100,000) will partly benefit from the increase in personal allowance. The 45% band for 2014/15 applies to taxable income over … Continued