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28 November 2018

The annual Capital Gains Tax (CGT) exemption for individuals is £11,700 for 2018-19. A husband and wife each benefit from a separate exemption. Same-sex couples who acquire a legal status as civil partners are treated in the same way as married couples for
CGT purposes.

CGT is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by...

28 November 2018

The Inheritance Tax rules can be difficult to fathom when an expat or another person with connections to the UK living outside the country dies. The liability to Inheritance Tax in the UK depends primarily on the domicile of the deceased. If the deceased
is deemed to be domiciled in the UK for tax purposes, they will generally be subject to Inheritance Tax in the UK regardless of where...

28 November 2018

Employees who use their own money to buy things they need for their job can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for their work.

There is no tax relief available if your employer pays you back in full for an item you have bought for work. In addition, you cannot claim tax relief if your...

28 November 2018

The coding threshold entitles taxpayers to have tax underpayments collected via their tax code, provided they are in employment or in receipt of a UK-based pension. The coding process applies to certain debts such as Self-Assessment liabilities, tax credit
overpayments and outstanding Class 2 NIC contributions. Instead of paying off debts in a lump sum, money is collected in equal...

28 November 2018

Automatic enrolment for workplace pensions encourages many employees to start making provision for their retirement with employers, and as a bonus, government also contributes to their pension pot.

The law states that employers must automatically enrol workers into a workplace pension, if they are aged between 22 and State Pension Age, earn more than the minimum earning threshold (...

28 November 2018

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel
used for private travel. HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses...

28 November 2018

The VAT Flat Rate Scheme (FRS) has been designed to simplify a way a business accounts for VAT, and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable turnover
in the next 12 months to be no more than £150,000.

In April 2017, HMRC introduced a 'limited cost trader' test that can...

28 November 2018

Investment clubs are loosely defined as a group of people who get together to buy and sell shares on the stock market with a view to making a profit. An investment club does not have any special legal status and usually operates as a kind of informal partnership.
These clubs can offer an interesting perspective to investors helping to hone their skills, share risk and benefit from new...

28 November 2018

In the current tax year, anyone with taxable income of less than £16,850 will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £11,850
personal allowance. However, it is important to note that if your total non-savings income exceeds £16,850 then the starting rate...

22 November 2018

The Gigabit Broadband Voucher Scheme was launched in March this year to help small businesses and local communities connect and gain access to full fibre superfast broadband speeds. The vouchers can be used by small businesses and the local communities surrounding
them. The scheme is part of a series of Government initiatives to build nationwide full fibre broadband coverage by 2033....

22 November 2018

It can be very difficult for small businesses to know what options are available when their customers owe them money. This can arise when business owners are uncomfortable chasing a debt for fear of upsetting their customer and losing valuable business.

The Government has been working to tackle this issue as nearly a quarter of UK businesses report that late payments are a threat to...

22 November 2018

Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the PTA can avoid having to phone or write to HMRC.

Every individual in the UK that pays tax has a PTA, but taxpayers must sign up in order to access and use the service. This can be done...

22 November 2018

To mark the occasion of Talk Money Week, HMRC has published a news release trumpeting five tax saving opportunities. Whilst these tax saving opportunities are routinely available to many taxpayers, it is unusual to see them all listed together. HMRC's list
serves as a useful reminder of some simple measures taxpayers can take to legitimately reduce the amount of tax they pay.

The...

22 November 2018

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes, if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.

Taxpayers that need to complete a Self Assessment return for the first time, should inform HMRC as soon as possible. The latest date that HMRC...

22 November 2018

It is important to understand how Capital Gains Tax (CGT) works when someone dies, and more importantly how this affects the computation of gains and losses by those who have inherited an asset as well as the personal representatives (such as executors and
administrators) of an estate.

As a general rule, there is no CGT charge upon death. This is often referred to as a CGT uplift...

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