This has always been worth considering towards the end of a tax year, but the potential tax savings are now substantial and careful planning can be highly effective. Specifically, for a married couple or civil partnership it is worth up to £5,656 each tax year. The exemption is £10,100 x 2 = £20,200 at a […]
We mentioned the new restrictions in the September 2010 edition of Tax E-News, and now it has been decided to delay most of them until 6 April 2012 instead of introducing them from 6 April 2011. Specifically, the advantageous tax regime is only likely to apply from 6 April 2012 if the property in the […]
If you are expecting to pay CGT at the new rate of 28% on all or part of a capital gain on a sale in the current tax year, there may be scope to reduce the rate. This involves making a contribution to your pension scheme or a donation to a charity.It works by reducing […]
The new rules applying from 6 April are now known, with flexibility being the name of the game. Annuity rates are very low at present, with no signs of that changing, and the new rules will allow you to draw income from your pension fund without having to buy an annuity. If you have a […]
HMRC have just announced a consultation on their planned programme of checks of business records within the small and medium enterprise (SME) sector. They attempt to justify the introduction of this programme by claiming that research by the OECD suggests (to HMRC that is) that poor business record keeping is responsible for a loss of […]
The government has announced more details of shared parental leave arrangements designed to help families balance work and life commitments. Announcing the plans, Deputy Prime Minister Nick Clegg said: “Despite the fact fathers can request flexible working, many feel reluctant to do so. And, when a child is born, men are still only entitled to […]
The government has launched a new consultation on plans improve the way in which workplace disputes are resolved. The proposals, published on 27 January alongside an Employer’s Charter, come after tribunal claims rose to 236,000 last year – a record figure and a rise of 56 per cent on 2009 – with businesses involved each […]
Employers are being offered extra help to get to grips with new responsibilities under workplace pensions reform. As part of its work to maximise compliance with new employer duties to automatically enrol eligible staff into workplace pension schemes, the Pensions Regulator has issued a new edition of a leaflet explaining work-based pension schemes. This will […]
The Low Incomes Tax Reform Group (LITRG) has issued guidance on what action to take if someone receives a tax calculation letter for the 2007-08 tax year from HM Revenue and Customs (HMRC). The LITRG, an initiative of the Chartered Institute of Taxation, said that while many taxpayers would be due repayments, an estimated 450,000 […]
HM Revenue & Customs (HMRC) has hit back at suggestions that more than £1.3 billion in national insurance contributions (NICs) has been lost. HMRC spoke out after Ian Liddell-Grainger, chair of the All Party Parliamentary Taxation Group, said that a kitty of unaccredited contributions for more than nine million people had built up over the […]
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