Category: Tax

If a car is provided by reason of an employment and is available for private use, there is ordinarily an income tax charge on an amount which is calculated as a variable percentage of the original list price, the variation depending on the level of the car’s CO2 emissions. Not surprisingly, company cars are not … Continued

Delivering the 2013 Autumn Statement, the Chancellor said the latest forecasts from the Office for Budget Responsibility proved that “Britain’s economic plan is working” but warned that the “job is not done.” George Osborne stressed that: • the deficit is down but it’s still too high • growth is up but productivity is too low … Continued

The traditional inheritance is becoming a thing of the past as more parents choose to give away assets during their lifetime, data from the Office for National Statistics (ONS) has suggested. The UK’s ageing population, alongside rising living and care costs, is also diminishing assets which might traditionally have been passed on to others, it … Continued

Guidance issued this year by the British Bankers’ Association has made it common practice for high street banks to freeze withdrawals from a joint account if one of the accountholders is mentally incapable, until an attorney or deputy is appointed. It is yet another reason for people to have a power of attorney in place … Continued

From 2015/16, married couples and civil partners can transfer up to £1,000 of their personal allowance to their partner, but only if neither individual pays tax at the 40% rate. It is therefore a modest tax break, worth a maximum of £200 each tax year, but every little helps (as we are often reminded)! The … Continued

On 6 April 2014, the annual and lifetime allowances for pension contributions will be reduced. It’s likely to affect a greater number of individuals than what Government figures suggest, according to pension provider Standard Life. What’s changing? • The maximum value of pension savings an individual can accrue in their lifetime before a tax charge … Continued

IHT business property relief is extremely valuable, as on your death it effectively eliminates inheritance tax on the value of the property. The problem is that, following recent case law, HMRC are likely to resist any claims on the grounds that the activity of letting properties is nothing more than an investment, even where the … Continued

The latest campaign from HMRC is aimed at chiropodists, psychologists and homeopaths who feel they might not have declared all of their income. It offers the usual time-limited disclosure opportunity in which to bring tax affairs up to date on preferential terms. The campaign is not intended for doctors and dentists, who were covered by … Continued

This valuable allowance is due to start for all businesses on 6 April 2014, and simply exempts the employer from the normal employer NICs of 13.8% of the earnings paid. The mechanics are that the allowance will be obtained via standard payroll software and HMRC’s RTI system. A facility will be added to the RTI … Continued