Category: Tax

It needs to be appreciated that Class 4 NICs are only not due by the self-employed with profits in excess of the lower annual profits limit if under 16 or he/she reached state pension age (SPA) before the start of the tax year in question. The start of the tax year is 7 April for … Continued

The BRC programme involves on-site visits to encourage taxpayers to keep better records, and to keep up to date. The checks help and encourage SMEs, say HMRC, to improve the standard of records they keep and consequently help them to send correct returns to HMRC. A new approach in specified geographical areas reflects the fact … Continued

This valuable relief is worth knowing about. It effectively extends the right to claim OVERPAYMENT RELIEF to cover tax overpaid where ordinarily the deadline of four years after the end of the tax year concerned has not been met. It can only apply if specific conditions are met. In particular you have to show that … Continued

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