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    Tapered pension tax relief for those with high income

    For most taxpayers the maximum pension input annual allowance is currently £40,000. However, from 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance. For those persons affected the allowance tapers by £1 for every £2 that their adjusted income exceeds £150,000 down to a minimum annual [...]

    in News on October 18, 2018 Comments 0
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    2015/16 Personal annual allowance lapses on 5 April 2019

    To utilize the 2015/16 unused relief any additional pension savings would need to be paid to the pension fund by 5 April 2019, otherwise the relief from 2015/16 will lapse. Note however that for some taxpayers the method of calculating unused relief for 2015/16 is extremely complicated as the government changed the pension rules part [...]

    in News on October 18, 2018 Comments 0
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    Check your pension savings personal allowance

    HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. For most taxpayers the maximum amount of pension savings that qualifies for tax relief each tax year is £40,000. It is possible to increase this amount by utilising unused relief brought [...]

    in News on October 16, 2018 Comments 0
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    Marketing to Millennials

    Born between 1980 and 2000, Millennials are now a key target market for businesses. So how do you market your products and services to this tech-savvy generation? Millennials were the last generation to have witnessed the pre-digital era and they were also the first generation to fully experience the internet age. We have all read [...]

    in News on October 16, 2018 Comments 0
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    Don’t forget there may be tax to pay on your dividends in January

    The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% national tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019. [...]

    in News on October 16, 2018 Comments 0
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    Class 2 NICs to continue for Self-employed

    In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits. The flat rate contributions were due to cease on 5 April […]

    in News on October 16, 2018 Comments 0
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    Spreading the 2019 Loan Charge

      Last month we alerted you to the requirement to register with HMRC by 30 September 2018 in order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019.   This new tax charge applies to any outstanding loans that exist as a result of a disguised remuneration tax avoidance […]

    in News on July 25, 2018 Comments 0
  • new-Scotland

    Welsh Income Tax Starts 6 April 2019

      From 6 April 2019, the Welsh Government (like the Scottish Government) will be able to set and vary the rate of Income Tax paid by Taxpayers who live in Wales.   As in Scotland the system will be administered by HMRC. Taxpayers resident in Wales who are employed or in receipt of a taxable […]

    in News on July 23, 2018 Comments 0
  • news-Alexa

    Ask Alexa To Contact HMRC for Help

      HMRC has launched new and innovative technology to help more than 3 million customers renew their tax credits. HMRC has developed a customer-focused service through Amazon Alexa specifically for those seeking help with their tax credits renewals.   Customers with Amazon Alexa-enabled devices can ask Alexa to ‘open HMRC’ and ask for help and […]

    in News on July 20, 2018 Comments 0
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    CGT on Property Sales due within 30 days from 2020

      Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of CGT from 6 April 2020.   Currently non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days. The new legislation extends this reporting […]

    in News on July 18, 2018 Comments 0