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22 October
Oct 22
22nd October 2018

Autumn Statement Update Key Changes & Updates for Individuals The biggest surprise after announcing in the last budget that there would be cuts to tax credits was the decision to keep the current regime, it had after all faced fierce resistance from both houses. The Chancellor did however make some changes to the benefits & tax system for individuals. Pensions A single tier pension for new pensioners from April 2016 has been set at £155.65 per week but not everyone will be entitled to the full single tier rate. The basic state pension is set to rise by £3.35 to £119.30 per week next year. With those in retirement benefitting from their state pension increasing by the hig...

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22 October
Oct 22
22nd October 2018

Inheritance Tax Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free: the result can be a substantial tax saving. We give guidance below on some of the main opportunities for minimising the impact of the tax. It is however important for you to seek specific professional advice appropriate to your personal circumstances. Scope of the tax When a person dies IHT becomes due on their estate. Some lifetime gifts are treated as chargeable transfers but most are ignored providing the donor...

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22 October
Oct 22
22nd October 2018

Business Plans Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. It is one of the most important aspects of starting a new business. Your plan should provide a thorough examination of the way in which the business will commence and develop. It should describe the business, product or service, market, mode of operation, capital requirements and projected financial results. Why does a business need a plan? Preparing a business plan will help you to set clear objectives for your business and clarify your thinking. It will also help to set targets for future performance and monitor finan...

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22 October
Oct 22
22nd October 2018

The Basic's of VAT VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with heavy penalties for breaches of the legislation. Ignorance is not an acceptable excuse for not complying with the rules. We highlight below some of the areas that you need to consider. It is however important for you to seek specific professional advice appropriate to your circumstances. What is VAT?   Scope A transaction is within the scope of VAT if: •  there is a supply of goods or services•  made in the UK•  by a taxable person•  in the course or fur...

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22 October
Oct 22
22nd October 2018

Attack On Pension Savings It is expected that the chancellor will announce in the Budget on the 16th March 2016 a flat rate tax relief on pension contributions. This has come under a lot of scrutiny from many financial professionals but is seen as the lesser of two evils when considered alongside a ‘Pension ISA’. The chancellor is considering a flat rate of between 20% and 33% which if set at 25% could have a major impact on those already in pension schemes/those planning their retirement investments. For those who have workplace pensions with defined fixed pension contributions this could reduce their monthly take home pay. As an example an individual on £60,000 salary, paying 5% ...

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17 October
Oct 17
17th October 2018

Concerns grow as taxpayers go on blissfully unaware of tax changes There is no hiding from the fact that huge changes to the tax system comes into effect from April, the introduction of the Personal Savings Allowance and the Dividend Allowance, will see radical changes to individuals tax bills, across all tax bands. Many will find their employment income reduced, due to changes to tax codes, to compensate for their interest not being taxed at source, which for many will be inconvenient, savings is for growing and wages is for enjoying. An individual earning £45,000 and receiving interest of £4,000 could see a reduction in their take home salary of £116.66 per month or if not included ...

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17 October
Oct 17
17th October 2018

Business Rates Revaluation 2017 – how will your business be affected? Many business owners face uncertainty as the business rates revaluation looms with April 2017 just around the corner, bringing with it the first review of business rates in seven years. Although little has been confirmed, there is widespread speculation that some areas will face drastic increases, such as Dover Street in Mayfair with an earmarked 415% increase, due to the soaring property values. Other areas such as the town of Redcar in Yorkshire can sit somewhat comfortably with speculation that rates may get a reduction of 38%, correlating again with the falling property value in such areas. The government defen...

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17 October
Oct 17
17th October 2018

Filing Tax/Accounts with HMRC Every 3 Months! Are you Prepared? Many people have reported still feeling in the dark about HMRCs new propositions when it comes to filing business and personal tax returns online from 2018, although one thing is for sure; we are certainly stepping into the Digital era. This time of year the word ‘deadline’ looms over all of our heads as the paper tax return must be filed by October 31st, albeit it only this way for two more years. Statistics show however, that the majority are already making the switch with only 11 percent of us filing by paper in 2015. Despite online filing becoming increasingly more common for businesses, research highlights that man...

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17 October
Oct 17
17th October 2018

HMRC recover debts of up to £17,000 though PAYE codes From April 2015, HMRC bought in a new legislation which gave them the power to collect debts of up to £17,000 through an individual’s tax code, even without the individual’s consent. From the 2015 / 2016 tax year, this new method of debt collection referred to as ‘coding-out’ saw an increase from the previous collection limit of £3000 for earnings less than £30,000. The upper limit for how much debt can be coded out is linked to the tax payer’s income. There is a graduated scale so that the maximum £17,000 can be coded out for a person with earnings over £90,000. There is no change for those with earnings less than £...

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17 October
Oct 17
17th October 2018

You The Taxpayers to face the highest Tax Burden for 30 years The Institute for Fiscal Studies have recently claimed that UK taxpayers are facing the highest Tax Burden for 30 years. Over 37% of Britain’s National Income will be drawn from your tax receipts for the first time since 1986. These tax increases derive from a number of new legislations such as higher tax on dividend income, increase in tax on insurance premiums, higher vehicle excise duty and a new restriction on pension contributions for those on very high incomes. Hundreds of thousands of people, are suddenly paying a higher rate of tax as the threshold has failed to keep up with rising inflation, however the government ...

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