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We like to keep ahead of the curve wherever we can – whether that’s technological advances, legislation, or just what’s happening in accounting. Then share it all as free advice on our blog page.

View Private Pensions Tax Relief

Private Pensions Tax Relief

There was much speculation prior to the budget last month, that the tax relief for higher rate tax payers was going to be scrapped, or reduced. Many pundits were expecting a flat-rate tax deduction of 33% rather than tax relief for higher rate taxpayers of 40%. Fortunately, for those who may have been affected by…

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View Company Capital Gains Relief Is Frozen

Company Capital Gains Relief Is Frozen

Before the Autumn Budget, the capital gains tax (CGT) calculations of companies included a relief called the indexation allowance. Basically, this allowed a company to increase the acquisition cost of an asset by the annual rate of inflation. Without this relief, any CGT payable on the sale of the asset would increase. Instead of deducting…

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View First Time Buyer Bonanza

First Time Buyer Bonanza

HMRC have laid out the detail of their budget plans to support first time home buyers in their quest to buy their first home. There are fears that this strategy will simply drive up prices as demand is stimulated, and that this will replace stamp duty savings with house prices that once again move beyond…

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View End Of Year Tax Planning – It’s Time

End Of Year Tax Planning – It’s Time

We are moving closer to the end of the current tax year – 2017-18 – and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2018. To capitalise on these opportunities, we need to…

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View Check That Your Bank Deposits Are Protected

Check That Your Bank Deposits Are Protected

The Financial Services Compensation Scheme (FSCS) is the place to go if your bank or other regulated organisation is unable to pay claims against it. For most this means our deposits with banks authorised to hold deposits by the Financial Conduct Authority (FCA and the Prudential Regulation Authority (PRA) will be able to recover funds…

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View Small Businesses Could Be Drawn Into The VAT Net

Small Businesses Could Be Drawn Into The VAT Net

The Office of Tax Simplification (OTS) published a report setting out a range of proposals for simplifying VAT. According to them, the tax is showing its age. What was meant to be a simple tax has become highly complex and it has not kept pace with changes in society. The biggest issue identified in the report…

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View If You’re Paying Tax in Jan 2018, Read This

If You’re Paying Tax in Jan 2018, Read This

If your business is a limited company, and your tax year ends 31 March 2017, any corporation tax due for that year is payable 1 January 2018. Unlike your self-employed counterparts – see below – no payments on account are required for 2017-18. If you are a self-employed business person, sole trader or in partnership,…

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View Beware Of Child Benefit Tax Trap

Beware Of Child Benefit Tax Trap

A family claiming the weekly Child Benefit (currently, £20.70 a week for eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds £50,000 during a tax year. A tax charge was introduced a number of years ago, known as the ‘High Income Child…

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View Abolition of Self Employed NIC To Be Deferred

Abolition of Self Employed NIC To Be Deferred

The Low Incomes Tax Reform Group (LITRG) has welcomed a recent announcement by the Government that there will be a one-year delay before the removal of Class 2 National Insurance contributions (NICs) to enable consultation on the impact of its abolition on the self employed with low incomes. If Class 2 NICs were abolished, those…

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