HMRC has kindly published a list of the tax changes that affect individuals from 6th April 2015. I have reproduced the list below. Individuals over the age of 55 have flexible access to their defined contribution pension savings. The Income Tax Personal Allowance increases to £10,600. The higher rate Income Tax threshold increases to £42,385… read more →
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 →
Under which circumstances should tenants pay their landlord’s tax direct to HMRC? There is an obligation on letting agents and tenants to operate the non-resident landlord scheme (NRL scheme) under certain conditions. Letting agents of a non-resident landlord must: deduct tax from the landlord’s UK rental income; and pay the tax to HMRC. Tenants (where.. read more →
A gift to a charity or community amateur sports club (CASC) is precious in many ways. It expresses your appreciation in a beneficial way and potentially helps the charity/CASC continue doing what they do into the future. If you decide to gift aid your donation it also allows them to reclaim basic rate tax on.. read more →
The government has issued a consultation document on implementing a capital gains tax charge on non-residents disposing of UK property. The charge is to take effect from April 2015. The initial consultation period has closed and the government is considering the representations made. Many questions remain to be answered: will principal private residence relief be.. read more →
Just like ladies’ hats at Royal Ascot and strawberries and cream at Wimbledon, summer would not be the same without some contact from HMRC. Now in their third year, HMRC’s annual tax calculations (P800) are being sent out to approximately two million people who pay tax under Pay As You Earn (PAYE) and whose other.. read more →
David K Crossley CTA, ATT
Member of the Chartered Institute of Taxation