Personal Tax

  • Don’t forget your 2016/2017 ISA allowance

      The current ISA allowance is £15,240, rising to £20,000 for 2017/18. Remember that there is no longer a 50% restriction on the amount that you can invest in a cash ISA; the £15,240 annual limit covers all ISA investments which could be in shares, bonds, cash or certain other investments.  

    in Personal Tax on March 3, 2017 Comments 0
  • news-income-100k

    New government savings scheme starts in April 2017

      From April 2017,adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year. They will be able to continue making contributions up to the age of 50. The government will add a 25% bonus to these contributions. This means that individuals […]

    in Personal Tax on March 1, 2017 Comments 0
  • news-digital-tax

    Making tax digital to be delayed

      The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster. It would significantly increase burdens on small businesses. In their report they comment that the overall […]

    in Business Tax, Personal Tax on February 10, 2017 Comments 0
  • news-self-assesment

    Three months to go

      All UK taxpayers may benefit from pausing, taking a deep breath, and considering their planning options as we approach the run-up to yet another tax year end.   Individuals   The prime areas for consideration are where income levels are threatening to break through into the higher rates of Income Tax. For 2016-17, these […]

    in Business Tax, Personal Tax on January 30, 2017 Comments 0
  • news-euro

    Proposed changes to UK Domicile Rules

      Where an individual is resident but not domiciled in the UK there are special rules that apply to that person’s overseas income and capital gains. Plus only their UK assets are charged to inheritance tax. The government has been consulting this summer on possible changes to the rules from 6 April 2017.   Currently […]

    in Personal Tax on December 23, 2016 Comments 0
  • news-calculator

    Limits on certain claims for tax relief Income Tax

      From 6 April 2013, the total amount of certain Income Tax reliefs that can be used to reduce your total taxable income is limited to £50,000, or 25% of your adjusted total income, if higher.   The main reliefs subject to this limit are:   trade loss relief against general income and early trade […]

    in Personal Tax on December 5, 2016 Comments 0
  • news-tax-returns

    How long do you need to keep tax records?

      The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:   Income Tax and Capital Gains Tax   If you are not in business One year from the 31 […]

    in Business Tax, Personal Tax on December 2, 2016 Comments 0
  • news-business-relief

    When is a hobby a trade?

      We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car boot sales.   If […]

    in Business Tax, Personal Tax on November 30, 2016 Comments 0
  • news-investment

    Have you declared your overseas income and gains?

      Where an individual is resident in the UK, he or she is generally taxable on worldwide income and gains whether or not it is brought back into the UK. Again, there can be significant interest and penalties on top of the unpaid tax if HMRC find out.   HMRC now exchange information involving savings […]

    in Personal Tax on November 25, 2016 Comments 0
  • news-coupels-tax

    Splitting the income of married couples

      Where a married couple hold savings accounts and other investments in joint names, the income from those investments is split 50:50 for tax purposes, unless there is an election to allocate the income in accordance with their beneficial interests. This is particularly important where the couples’ marginal tax rates are different now that there […]

    in Personal Tax on November 21, 2016 Comments 0