HOW IT WORKS In 2012/13 and later tax years, a proportion of the child benefit received by an individual may be taxable if the individual has “adjusted net income” exceeding £50,000 and either: a. he was entitled to child benefit for any week in the tax year, and no other person who was his partner […]
The Personal Allowance Trap
As you may know, there is a nasty tax trap by reference to the gradual withdrawal of the personal allowance if your taxable income exceeds £100,000. This is via a reduction of £1 of allowance for every £2 of excess taxable income. For 2013/14 the trap potentially applies to even more taxpayers with the increase […]
The Budget 2013
PERSONAL Help for home buyers Two schemes are available. Help to buy: equity loan This scheme will run for three years from 1 April 2013 and is proposed to provide £3.5bn of additional investment. • The scheme will apply to new builds only • All house buyers can apply – this scheme is not restricted to first-time […]
Budget 2013 – a Budget for an aspiration nation?
The Chancellor delivered a bleak economic forecast when he stood up this afternoon, admitting growth in 2013 would be 0.6% – half the 1.2% he predicted four months ago in the autumn statement. However, growth forecasts for the economy in future years are forecast to be in more positive territory, with predictions of 1.8% growth […]
Using your Home for Business?
We always try to get you the best deal on this, by claiming the maximum possible for the extra costs of using your home as the base of your business but at the same time ensuring no adverse effect on the immensely valuable capital gains tax exemption when you sell your private residence and hopefully […]
Medic loses business mileage case
(Article courtesy of Abbey Tax Protection) After three Tribunal Hearings, the first of which was in October 2011, a self-employed consultant geriatrician has lost his long battle with HM Revenue & Customs (HMRC) over his business mileage claims. The First-Tier Tribunal (FTT) has decided that Dr Samadian cannot treat his home as the starting point […]
The Autumn Statement – What it Means for Business
The Chancellor delivered his Autumn Statement today, and I think it was a relatively good one (considering the pressure the Government is under to raise money!) for businesses and their owners – it’s clearly aimed at using business to kick start the economy. Here are the main things you need to know: Annual Investment Allowance […]
CIOT welcomes child benefit rule change
An article by nickhuber recently posted on Accounting Web, may be of interest to some of our clients The Chartered Institute of Taxation (CIOT) has welcomed a government decision not to penalise parents who opt of out receiving child benefit in order to avoid a tax charge when new rules come into force […]
Child Benefit Scares
The clawing back of child benefit in situations where one partner has an income of over £50,000 (in the current tax year) starts on 7 January 2013. Until then, there are plenty of scare stories doing the rounds; what is clear is that the system is likely to be an administrative nightmare if you find […]