People moving into long-term care will continue to benefit from capital gains tax relief for up to three years after moving out of their home, to give them more time to decide whether or not to sell. Under current rules, a homeowner has three years in which to sell their main residence after moving out […]
Savers have just a few months to make the most of their annual ISA allowances before the end of the current tax year. The ISA allowance for the 2013-14 tax year, which ends on 5 April, stands at £11,520, of which up to £5,760 can be invested in a cash ISA and the balance into […]
Current pensioners are to be offered a time-limited opportunity to make extra national insurance contributions (NICs) to top up their state pension. The scheme, announced as part of the Autumn Statement on 5 December, will also apply to people who reach state pension age before the introduction of a new single-tier pension on 6 April […]
HMRC is urging those who have to file a Self Assessment return for the first time to register for its online services now. The process of registration can take up to seven working days to complete and involves HMRC sending you an activation code in the post. It’s therefore important not to leave this to […]
Following announcements made as part of the Autumn Statement the government has announced some further information ‘false self-employment’ via intermediaries. The government believes that employment intermediaries are increasingly being used to disguise employment as self-employment. The largest business sector being the construction industry where the government believes 200,000 workers are engaged via intermediaries. However, there […]
The government has announced how the new system of shared parental leave will operate for employees and employers. Earlier this year the government invited views on how the system for shared parental leave and pay should operate. The consultation considered how the new system should work and align with current arrangements for maternity and paternity […]
The Percentage Threshold Scheme (PTS), which allows employers to reclaim Statutory Sick Pay (SSP) in certain circumstances, is abolished from 6 April 2014. Under PTS employers can reclaim SSP where the SSP paid is more than 13% of the Class 1 NIC due for the month. Employers are not entitled to recover any of the […]
Earlier in December 2013 the Office for Budget Responsibility (OBR) published its updated forecast for the UK economy and Chancellor George Osborne responded to that forecast in a statement to the House of Commons later on that day. This statement was followed by the issue of draft legislation together with consultation documents. Some of the […]
Not part of the Autumn Statement, but you need to know about the new rates from 1 December 2013 which show a reduction in most situations as under with the previous rates in brackets where a change applies: engine size petrol diesel LPG 1,400 cc or less 14p (15p) 9p (10p) 1,600 cc or […]
If you let out a UK residence you are naturally liable to UK income tax on the net profit. That is the case even if you are not tax resident in the UK, but that does not mean you have to pay any CGT on the gain on sale if you live abroad. Well, not […]
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