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Business welcomes tax Tory plans
/in Accountancy, Accountants, Advice, Capital gains tax, CGT, Corporation tax, IHT, Income tax, Inheritance Tax, South London, Tax advice, Taxes/by TaxfileThe Tories yesterday set out proposals for easing the burden of tax and regulation on British businesses in an attempt to improve the economy’s competitiveness. However Chancellor George Osborne said that any tax reductions would have to be paid for by tax increases elsewhere, such as new environmental taxes: ” Any reductions in specific taxes […]
Types of tax-free investment
/in Accountancy, Accountants, HMRC, Inheritance Tax, ISAs, Tax, Tax advice, VCTs/by TaxfileThere are a number of ways investors can reduce their tax liability. Here are the most popular: • Cash Mini ISAs These are basically ordinary saving accounts but the interest you accumulate is free from tax. Anyone over 16 can put up to £3000 per tax year into a cash mini Isa. The good news […]
Welcome to the Inheritance Tax Blog
/in Accountancy, Accountants, HMRC, IHT, Inheritance Tax, South London, Tax, Tax advice, Tax enquiry/by TaxfileInheritance Tax (IHT) is a tax on the value of a person’s estate on death and on certain gifts made by an individual during their lifetime. There is a certain threshold when it comes to inheritance tax. This is defined as the amount above which inheritance tax becomes payable. If the estate, including any assets […]
National Insurance Contributions (NICs)
/in Accountancy, Accountants, National Insurance, NIC, Tax, Tax advice/by TaxfileNational Insurance was introduced in 1948 to build up your entitlement to certain social security benefits including the state benefit. The type and level of NiC’s depends on how much you earn and whether you are employed or self-employed. You stop paying National Insurance when you reach pension age, 65 for men and 60 for […]
Capital Gains Tax (CGT)
/in Accountancy, Accountants, South London, Tax advice, Taxes/by TaxfileCapital gains tax (CGT) is a tax on capital “gains”. If when you sell or give away an asset it has increased in value, you may be taxable on the profit. This does not apply when you sell personal belongings worth £6000 or less. You might have to pay capital gains tax if you: • […]
Tax Enquiry Nightmare Gets Worse
/in Accountancy, Accountants, Advice, London, Tax, Tax enquiry, Taxes/by MarkIf you are unlucky enough to be the subject of a tax enquiry by the tax man, it could now be an even worse nightmare for you than ever before. HMRC has recently introduced a new bonus scheme for the tax inspectors who conduct the enquiries, which means they have a vested interest in coming […]
Don’t forget 31 July deadline to renew Tax Credit info
/in Accountancy, Advice, Tax, Tax advice, Taxes/by Taxfile31 July is the date by which HMRC needs to receive your Tax Credit record update. You should have received your Renewal Pack by the end of June latest (if you haven’t, call 0845 300 3900). HMRC needs the renewal to check for any changes to your circumstances. Remember to read the instructions very carefully […]
Brussels wants to impose VAT on food & children’s clothes
/in Accountancy, Accountants, Advice, Book keeping, Tax, Tax advice, Taxes, VAT/by TaxfileThe European Commission is trying to harmonise VAT rates across its member countries. In so doing it wants the UK to fall in line with a rate of at least 5% on food and children’s clothing. When it joined the EU in 1973 the UK had fought very hard not to have to charge VAT […]
Taxman’s mistakes mean 1 million pay wrong bill
/in Accountancy, Accountants, Advice, London, Tax, Tax advice, Taxes/by MarkThere are more than a million of us in the UK who are paying the wrong amount of tax, thanks to the taxman. £157 million was overpaid to the Revenue last year, according to the National Audit Office (NAO). 540,000 of us – that’s over half a million – were overcharged, but still others were […]
Taxman wants powers to seize tax straight from bank accounts
/in Accountancy, Accountants, Advice, London, Tax, Tax advice, Taxes/by MarkHM Revenue & Customs is seeking the right to seize unpaid tax straight out of bank and building society accounts, without consent. Apparently such powers would be used only against deliberate tax evaders in a bid to avoid seeking a court order. They are part of a consultative document called, “Modernising Powers, Deterrents and Safeguards“. […]