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Autumn Statement by the Chancellor of the Exchequer
/in Accountancy, Accountants, Buy to let, Capital gains tax, CGT, Chancellor's Autumn Statement, Dulwich, Employee, Employer, IHT, Income tax, Inheritance Tax, ISAs, Land and property, Landlords, Lettings, Lettings income, London, Married couple's allowance, National Insurance, NIC, NIC's, Non-domiciled residents, Non-resident, Personal allowance, property investor, residency, savings income, South London, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax agents, Tax allowance, tax experts/by MarkOn 5 December 2013 George Osborne, Chancellor of the Exchequer, gave his Autumn Statement in Parliament. Key announcements included: A rise for the Personal Allowance, as was long-anticipated, to £10,000 in 2014/15; the higher 40% tax rate threshold also increasing to £41,865; A new, transferable, tax allowance of £1,000 for married couples and those in […]
Assets hidden offshore? Not for long!
/in Disclosure, Higher rate tax payers, HM Revenue and Customs, HMRC, Income tax, Information sharing, Inland Revenue, Non-domiciled residents, Tax, Tax determination, Tax fraud, tax inspector, Undeclared income/by MarkFinancial information sharing now reaches the Cayman Islands, Isle of Man, Jersey and Guernsey. On November 5th, Her Majesty’s Revenue & Customs (‘HMRC’) announced that the Cayman Islands had joined the ever-growing list of offshore territories which will now automatically share financial information with them in respect to UK taxpayers who may have accounts there. […]
HMRC now has landlords in their sights
/in Accountancy, Advice, Buy to let, Capital gains tax, CGT, Disclosure, HM Revenue and Customs, HMRC, Income tax, Inland Revenue, Land and property, Landlords, Lettings, Lettings income, penalties, penalty, Principal Private Residence, property investor, South London, Tax, Tax advice, Tax advisers, Taxes, Taxman, Undeclared income, Value Added Tax, VAT/by MarkHMRC (Her Majesty’s Revenue & Customs) has announced some new initiatives over the course of the last month and one of these is The Let Property campaign which is a campaign designed to recover undeclared tax from those receiving income from residential property lets. The idea is to encourage those landlords with under-declared income or […]
New tax break for married couples
/in Accountancy, Advice, Income tax, Married couple's allowance, Tax, Tax allowance/by MarkIn this recently filmed interview David Cameron said: “Marriage is a great institution and it helps to build good and strong societies so I think it’s right to back marriage properly in the Income Tax system – most other advanced industrial countries do and it and we should do it too.” So on the eve […]
Possible Reforms to Intestacy Rules
/in Capital gains tax, CGT, Inheritance Tax, Tax, Wills/by MarkFirstly we should mention that we are not solicitors and therefore you should seek professional advice (e.g. a solicitor) before making a will. What we did want to report on, however, is that the Ministry of Justice is proposing some changes to the intestacy rules governing England and Wales. The changes would affect the scenario […]
Stocks & Shares ISAs …
/in Investments, ISAs, Stocks & Shares/by MarkThe Pros and Cons of ‘Pound Cost Averaging’ ISAs represent a tax-efficient vehicle for savings because any interest gained on them does not attract tax. At Taxfile, particularly in respect of Stocks & Shares ISAs, we’re often asked whether a lump sum investment is better or worse than a regular ‘drip-feed’ of smaller payments. If […]
HMRC now see payments you receive via credit card!
/in Book keeping, Credit Cards, HM Revenue and Customs, HMRC, Income tax, Inland Revenue, Records, Self-assessment, South London, Tax, Undeclared income/by MarkOn September 1st 2013 new legislation kicked in which allows HMRC automatic access to data showing payments made to businesses via credit card, going back as long as 4 years. HMRC will receive this information direct from the companies who process credit card payments on behalf of businesses (‘merchant acquirers’). No personal data identifying the […]
Bank Base Rate to stay at 0.5% until 2016 (…probably)
/in Bank of England, Bank rate, Cash flow, Interest rates/by MarkMark Carney, the Bank Of England’s new Governor, has announced his ‘forward guidance’ that the Bank does not intend to raise Bank Rate from 0.5% until the unemployment rate falls to 7%, which it forecasts will happen in mid 2016 — three years away. The Governor hopes that the announcement of this 3 year plan […]
What 31 August means for Child Tax Credit (“CTC”) and Child Benefit
/in Child benefit, Child tax credits, CTC/by MarkOn 31 August, Child Benefit and Child Tax Credit (“CTC”) will cease for children, aged 16 at that date, who have left approved* education or training. However if they continue in approved training/education then these benefits may continue but only if the parent or claimant has told HMRC’s Child Benefit Office and/or Tax Credit Office […]
Received an SA302 form from HMRC?
/in Forms, HMRC, Income tax, SA302, Tax return, tax return amendment, Tax returns/by MarkIf you’re ever wondering why you were sent form SA302 through the post, it will usually be for one of 3 reasons: if you sent in a paper tax return asking HMRC to calculate the tax for you; if you made an amendment to your paper tax return; or if you sent HMRC a paper […]