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View What You Can Claim On Staff Entertainment

What You Can Claim On Staff Entertainment

AKA: Can you claim back on drinks? Michele is a former HMRC Higher Officer who worked for HMRC from ‘88 to ‘16. She has the rare ability to explain to laymen and experts alike, in as simple terms or as detailed as her audience would like. She was recently asked a question regarding staff entertainment. Given…

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View Tax Return Submitting Rules

Tax Return Submitting Rules

When it comes to Tax Return rules, you probably asking one thing. Should you or shouldn’t you? Well, we’ll give you some tax return advice. According to HMRC, you are required to send in a tax return in the last tax year if: you were self-employed – you can deduct allowable expenses you got £2,500 or…

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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 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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View Options For People With Debt Issues

Options For People With Debt Issues

The government are considering plans to offer people with serious debt issues time to consider their options. They are seeking views to develop a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected time to act by seeking financial advice about…

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View Is a £662 Tax Rebate Owed To You?

Is a £662 Tax Rebate Owed To You?

You may be missing out on a tax rebate. If one party to a marriage or civil partnership has earnings below the personal tax allowance (£11,500 for 2017-18) and their spouse does not pay tax at the higher 40% rate, then they should be claiming the Marriage Allowance. For 2017-18 this tax break is worth…

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View Gazumping On Property Could Become A Thing Of The Past

Gazumping On Property Could Become A Thing Of The Past

The government seems to be taking steps to streamline the process of buying and selling property. In particular, they are seeking views on ending the practice known as gazumping: where an offer can be accepted and then disregarded when a higher offer is received. In many countries this is illegal, once an offer is accepted…

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View Are You Lending Money To Your Company?

Are You Lending Money To Your Company?

If you’re lending money to your own company here are the tax implications There is a whole raft of legislation that seeks to penalise directors and shareholders if they’re borrowing or lending money from or to their company. These regulations include possible benefit in kind charges for the director/shareholder, and additional corporation tax payments of…

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