Have you utilised your exempt amount for capital gains tax purposes

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 to £11,000 tax free. If you...

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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 a year with defined contribution pension savings...

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Muras Matters: Changes to Tax on Residential Property Owned by a Company

Changes to Tax on Residential Property Owned by a Company    Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property owned through a corporate vehicle. It was introduced to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence through a company. The legislation is drafted very widely however and will have implications for UK...

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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 time. Any balance of self-assessment tax...

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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 may have to do other employment checks...

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Muras Matters: Self Assessment ‘Time to Pay’

  Self Assessment ‘Time to Pay’ Time to Pay! As stated in Muras Matters last week the deadline for filing Self Assessment Tax Returns and paying any outstanding tax due is 31 January 2015. Taxpayers struggling to pay their tax liability however may, under certain circumstances, be able to enter into a ‘Time to Pay’ arrangement with HM Revenue & Customs. In order to...

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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 published today (19 December 2014) show...

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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 for 2014-15 this means that when your...

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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 to top up their additional State Pension. The...

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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 to top up their additional State Pension. The...

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