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Your personal tax allowance
/in Accountants, Advice, Capital gains tax, CGT, HMRC, IHT, Income tax, Inheritance Tax, London, South London, Tax advice, Tax advisers/by TaxfileEveryone who lives in the UK is entitled to a personal allowance. This is the amount of income you can receive each year without having to pay tax on it. Depending on your circumstances, you may also be able to claim certain other allowances. There are three levels of personal allowance for 2007/2008 tax year: […]
What is the Construction Industry Scheme?
/in Accountants, Advice, CIS, Construction Industry Scheme, Contractor, HMRC, New CIS, Subcontractor, Tax advice, Tax advisers, Taxes, Tulse Hill/by TaxfileThe Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors. A contractor is a business or other concern that pays subcontractors for construction work. A subcontractor on the other hand is a business that carries out construction work for a contractor. Under the […]
Taxfile knows everything about taxi drivers’ tax!
/in Accountancy, Accountants, Cab drivers, Capital allowance, hire purchase, Mileage allowance, South London, Tax, Tax advice, Tax enquiry, Taxes, taxi accounts, Taxi drivers/by TaxfileThere are a few things that need to be considered when it comes to taxi drivers’ tax. Among them we can mention the following: •Mileage Allowances Taxi drivers can claim as an alternative to vehicle running costs mileage allowances of 40p for the first 10,000 miles and 25p per mile thereafter. You may not claim […]
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 […]