Personal Tax

  • news-house-tax

    The Budget – personal tax considerations

      Notable changes are listed below:   First-time buyers will pay no stamp duty on homes costing no more than £300,000. First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will […]

    in Personal Tax on January 3, 2018 Comments 0
  • news-pension-staging

    What happens if you can’t pay your tax on time?

      Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time.   If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what […]

    in Personal Tax on May 31, 2017 Comments 0
  • news-home

    Additional IHT relief for passing on family home started 6 April

      For deaths on or after 6 April 2017 there is now an additional £100,000 inheritance tax (IHT) allowance where the family home is passed on to direct descendants. This was originally announced on 8 July 2015 and that date is relevant where the deceased has downsized to a lower value property.   This additional […]

    in Personal Tax on May 17, 2017 Comments 0
  • news-child

    Should we give shares to children and pay £5,000 dividends tax free?

      The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018).   Such a strategy needs to be carefully structured as […]

    in Personal Tax on May 10, 2017 Comments 0
  • news-moneybox

    Don’t lose your personal allowance

      For every £2 that your adjusted net income exceeds £100,000, the £11,000 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.   The restriction applies between £100,000 and £122,000 adjusted net income. Another way that you […]

    in Personal Tax on April 17, 2017 Comments 0
  • news-sheet

    Year end Capital Tax planning

      Have you used your 2016/17 £11,100 annual capital gains exemption? Consider selling shares where the gain is less than £11,100 before 6 April 2017. Also, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your […]

    in Personal Tax on March 29, 2017 Comments 0
  • news-coin

    Consider other tax efficient investments

      If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off 30% of the amount invested against your tax bill as well as capital gains tax (CGT) deferral. An even more generous tax break is available for investment in […]

    in Personal Tax on March 27, 2017 Comments 0
  • news-money-2

    Personal tax and National Insurance changes for 2017-18

      In no particular order changes already announced include:   The personal tax allowance will increase to £11,500 and the higher rate threshold will rise to £45,000. The annual ISA limit will increase to £20,000. Both employers and employees will start paying NICs on weekly earnings above £157. The government will legislate for a new […]

    in Personal Tax on March 17, 2017 Comments 0
  • news-house-tax

    Property sales- trading or capital gain?

      In the December edition of this newsletter we flagged up that new anti-avoidance legislation in Finance Act 2016 will tax certain transactions in UK land as trading transactions instead of capital gains.   Just before Christmas, HMRC issued guidance to clarify the scope of the new rules. The legislation as enacted in Finance Act […]

    in Business Tax, Personal Tax on March 8, 2017 Comments 0
  • news-pensions

    Make Pension payments before the 6th of April

      The current annual pension limit remains at £40,000. In addition, unused relief from the previous three tax years may be utilised once the current £40,000 limit has been used. However, the relief from 2013/14 will lapse on 6 April 2017.   If, for example, you have £10,000 unused allowance from 2013/14 you would need […]

    in Personal Tax on March 6, 2017 Comments 0