Rate changes – the personal tax allowance will increase to £10,600 from April 2015 and by a further £200 a year for the next two years. The age related personal allowance will be removed completely from April 2016. The threshold for the point at which the 40p rate starts will increase above inflation from £42,385.. read more →

Time is ticking away if you want to do some serious tax planning in this financial year… With a general election on the horizon, taxation – and each party’s various policies regarding wealth – will be high on the agenda in the coming weeks and months.  You may therefore be forgiven for thinking that the.. read more →

One of my clients received the following email, apparently from HMRC… According to your tax payments for 2014 year period we found that you gave a wrong legal address in your last tax payment. In order to avoid penalty fees on your tax dues we ask you to contact our specialist having checked the previous.. read more →

If you estimate that your taxable income for 2014-15 will marginally exceed £100,000, perhaps for the first time, you should consider your options. If your income does exceed £100,000 then for every £2 that your income exceeds this amount your personal tax allowance will be reduced by £1. As the basic personal allowance is £10,000.. read more →

No one likes the idea of getting a penalty from HMRC. I have explained below the most common penalties and how to avoid them. Self Assessment returns need to be filed by anyone whom HMRC has sent a notice to, generally: ~ company directors ~ self employed / partners in a partnership ~ people with untaxed income,.. read more →