From 6 April 2014 the pensions’ lifetime allowance will be reduced to £1.25 million from the present level of £1.5 million. If you have already built up pension savings of more than £1.25 million or have planned to do so in the expectation that the lifetime allowance would not reduce from the 2013-14 level, there […]
Capital allowances claims deadline
If you own the property that you trade from, for example a hotel or guest house, the purchase price of the property may have included the cost of certain integral features that it may be possible to submit a claim for capital allowances. The Finance Act 2012 included provisions that affect the ability to make […]
Tax issues for UK Vodafone shareholders
Following the announced sale by Vodafone of its stake in a US mobile phone network, Verizon Wireless, what are the UK tax implications for owners of Vodafone shares? The deal. It’s anticipated that Vodafone shareholders will receive shares in Verizon Communications, Verizon Wireless’s parent (with the base cost for capital gains tax purposes split between […]
Camerons tax break for married couples
If you are married, and if you and your spouse do not pay tax at the higher rates, you may benefit to the tune of £4 per week if the Conservative party wins the next election, or controls a coalition, from 2015. It is estimated that four million married couples, and fifteen thousand civil partnerships, […]
Thinking of selling all or part of your business?
If you have spent your working life building your business, when you reach the point at which you are considering a sale, planning is critical. VAT, corporation tax, income tax, stamp duty land tax, and capital gains tax are all standing in the wings waiting for you sign on the dotted line; so they can […]
Payroll giving award for HMRC
Payments that your employees make through a Payroll Giving Scheme are deducted from their pay before tax is deducted. This means that employees are given tax relief on their donation immediately – and at their highest rate of tax. It's easy to set up a Payroll Giving Scheme for your business. There's little in the […]
Adapting to Changes in the Market
Due to the turbulence of the current economy, businesses today are having to adapt to constant market shifts. The businesses that adapt best to this “new normal” will thrive as the market improves over the coming years. Every market changes, but some change faster than others. For example, the iron ore industry moves much slower […]
What is a salary sacrifice?
A salary sacrifice is a voluntary reduction in your salary in exchange for tax-free benefits. These benefits can include: • Child care vouchers • Cycle to work schemes • Bus passes for commuters • Canteen tokens • Staff car parking and vouchers The Government have also launched a consultation into the promotion of payroll giving. The aim is promote the […]
Landfill tax clarification
HMRC have published draft guidance on landfill tax. Materials that can be classified as naturally occurring, and therefore taxable at the lower rate of £2.50, include: “Group 1 of the 2011 Order allows the following waste materials to be lower rated: naturally occurring rock, clay, sand, gravel, sandstone, limestone, crushed stone china clay, construction stone, […]