Scam emails

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Always be suspicious of any email mentioning a refund from a “tax credit office agent”. Look out for links to fake version of the GOV.UK website. Never provide details or similarly sensitive information on the basis of an email request. HMRC’s director general of benefits and credits, Nick Lodge, HMRC, said the department never asks […]

Dividend Tax – Summer Budget 2015

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From April 2016 Dividend Tax Allowance of £5,000 a year meaning that the first £5000 of dividends received will not be taxed. However the tax credit attaching to dividends is to be abolished and a new dividend tax rate 7.5% for basic rate taxpayers, 32.5% for higher rate and 38.1% for additional rate. We calculate […]

Flexible pensions to go ahead in 2015

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In his March 2014 Budget, the Chancellor announced that there would be significant changes to allow individuals to have greater access to their pension funds from 2015. The proposed changes have been consulted on during the summer and the Treasury have now published the outcome, together with draft pensions legislation, enabling the new flexible regime […]

Gift Aid on sale of donated goods

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HMRC has amended its guidance for charities that claim Gift Aid on the sale of donated goods. Gift Aid normally only applies to gifts of money by an individual. However, in certain situations, Gift Aid can be claimed by charities or community amateur sports clubs on the income from the sale of supporters’ goods on […]

Consultation planned on employee’s travel rules

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The Office of Tax Simplification is seeking to make the current tax rules for dealing with travelling and subsistence claims clearer for both employees and employers. As a result, the treasury are consulting on possible changes to the rules and the way that such expenses are reported. The government intends for any new rules to […]

Improved tax breaks for innovative companies

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There are currently two very generous tax breaks for companies involved in research and development (R&D) , particularly those that go on to patent their products or inventions. Many such companies may not be claiming all the relief that they are entitled to. Firstly, R&D tax credit relief provides companies with an enhanced corporation tax […]

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