Budget 2014 – Transferable tax allowance for married couples and civil partners – but not until 5 April 2015

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Transferable tax allowance for married couples and civil partners – From 2015-16 tax year, a spouse or civil partner can apply to transfer £1,050 of their personal allowance to their spouse or civil partner. The spouse or civil partner will receive the transferable allowance as a reduction to their income tax liability at the basic […]

Budget 2014 – Social investment tax relief

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Social investment tax relief – HMRC have stated: “As announced at Budget 2013, legislation will be introduced in Finance Bill 2014 to provide a range of income and capital gains tax reliefs, to provide incentives for investment by individuals in qualifying social enterprises. Income tax relief will be available at 30 per cent of the […]

Inheritance Tax planning before 6 April 2014

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Remember to make full use of your annual inheritance Tax exemptions. The general annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it). Also consider making regular gifts out of your income to minimise the growth of your estate that will be liable to IHT.

Maximise tax relief for capital expenditure

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Those running a business should take advantage of the temporary increase in the Annual Investment Allowance (AIA) to £250,000.  The limit for this tax break continues until 31 December 2014, although there are complex transitional rules. Annual Investment Allowance provides a 100% tax write off for plant and equipment used in your business, and extends […]

Due dates in April 2014

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1 April – Corporation tax for year to 30 June 2013. 5 April – End of 2013/14 tax year. 19 April – PAYE & NIC deductions, and CIS. 19 April – Final RTI FPS due by this date. Indicate that this is Final Submission for the Tax Year and answer Annual Declaration questions – note […]

Avoid losing your personal allowance

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Keep in mind that for every £2 that your adjusted net income exceeds £100,000 the £9,440 personal allowance is reduced by £1. Pension contributions and Gift Aid are an effective way to help reduce adjusted net income and save tax at an effective rate of 60%.

DIY PAYE changes set for 2014/15

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HMRC plans to implement two new services granting greater control to directors and employees over their tax codes. 1)      Directors and employees are now able to notify HMRC if they think their tax code is incorrect. A simple online form will now allow users to contact HMRC directly. You need to follow this link to […]

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