As we are approaching the end of the 2014-15 tax year, individuals who own assets that are subject to capital gains tax (CGT) may be advised to consider the comments made in this article. If you dispose of a chargeable asset between 6 April 2014 and 5 April 2015 you are allowed gains of up […]
Government launches Pension Wise service
Pension wise will offer free and impartial guidance to people on the new pension freedoms which come into effect in April 2015. Pension wise will be a first port of call for consumers, offering free and impartial information and guidance to people with a defined contribution pension approaching retirement. From April 2015, over 300,000 individuals […]
Top ten excuses for late filing
As most self employed persons, certain pensioners and high income earners will be aware their self-assessment tax returns for 2013-14 have to be filed by the end of January 2015 in order to avoid late filing penalties There are also other costs (possible interest and further penalties) if you fail to pay your tax on […]
Employing staff for the first time
According to the tax office there are six things you need to consider when you are employing staff for the first time. They are: Decide how much to pay someone – you must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in the UK. You […]
The New Enterprise Allowance
ver 450 new businesses every week have been set up over the last year thanks to a government scheme which helps people on benefits to become their own boss. The New Enterprise Allowance (NEA) helps jobseekers, lone parents and people on sickness benefits with a good idea to set up their own business. New figures […]
Planning your business year end
Most of the tax planning that can be employed to reduce your business tax liabilities need to be considered and implemented prior to your year end date. If you are in business, you should consider at least one planning meeting with your professional advisor before the end of the tax year. This should be a […]
Work out your tax position sooner rather than later
If you are required to file a Self Assessment tax return there are compelling arguments to support the notion that you should calculate your tax position as soon as you can after the 5 April. Don’t forget, it is possible to work out your tax position for 2014-15 and consider your planning options before you […]
Is your income approaching �100,000
If you estimate that your taxable income for 2014-15 will marginally exceed £100,000, perhaps for the first time, you should consider your options. If your income does exceed £100,000 then for every £2 that your income exceeds this amount your personal tax allowance will be reduced by £1. As the basic personal allowance is £10,000 […]
Topping up your State Pension
The Government has indicated that it wants to offer more to existing pensioners and people who reach State Pension age before 6 April 2016 when the single-tier pension is introduced. To achieve this a new Class 3A voluntary contribution will be available from October 2015 to April 2017. The Class 3A contribution will allow people […]