Monthly Archives: January 2016

Wasted opportunity

Most of the UK taxes have exemptions and allowances that apply for each tax year. Many are increased in each year in the March budget. Almost none are transferrable from one tax year to another.

If you don’t utilise an allowance, in most cases it is lost forever.

This article lists some of the basic allowances you...

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Pensions and tax relief

At present, until 5 April 2016, there are opportunities to pay more into your pension fund and still qualify for tax relief. The maximum, for some tax payers, is doubled in 2015-16 from £40,000 to £80,000. This is due to a technical issue that aligns the pension input period with the tax year.

It is also...

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What is the current rate of capital gains tax

If you sell an asset that is subject to CGT the rate of tax you will pay will be 0%, 18% or 28%.

In the current tax year 2015-16, you are allowed to make gains of up to £11,100 tax free. In fact the first £11,100 of all gains are free of tax.

If all your taxable...

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Right to rent checks

From 1 February 2016 landlords and others involved in the rental of property will need to verify that their tenants have the right to be in the UK.

This is a further level of red tape that will need to be considered from next month. The details published by the Home Office are set out below:

What...

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Ways to save money in 2016

 HM Treasury have published a number of money saving strategies that are available this year. We have reproduced a number of the ideas below.

If you’re saving for a deposit for your first home, you can earn a bonus with the Help to Buy: ISA.

If you’re saving to buy your first home, you can put away...

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Warning, bogus Council Tax refund scams

The Valuation Office Agency has issued the following warning regarding persons or organisations claiming to be able to reduce your council tax band for a fee.

“We are aware of a number of Council Tax refund scams that are currently operating around the country. Someone may telephone you, or appear personally at your door, claiming to...

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Review of airside VAT free shopping

A review has been launched by George Osborne to make sure shoppers share in the reduction in VAT in future. At present, it seems that retailers, particularly the larger retailers, are pocking the cash benefits and not passing them on to customers.

Here’s what a recent announcement on this topic confirmed:

The Chancellor, George Osborne, has launched...

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Tax Diary January/February 2016

1 January 2016 - Due date for Corporation Tax due for the year ended 31 March 2015.

 19 January 2016 - PAYE and NIC deductions due for month ended 5 January 2016. (If you pay your tax electronically the due date is 22 January 2016.)

 19 January 2016 - Filing deadline for the CIS300 monthly return for...

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Car fuel advisory rates changes

 From 1 December 2015, the advisory fuel rates have changed to:

1400cc or less: petrol 11p per mile, LPG 7p per mile

1401-2000cc: petrol 13p per mile, LPG 9p per mile

Over 2000cc: petrol 20p per mile, LPG 13p per mile

Diesel rates:

1600cc or less: 9p per mile

1601-2000cc: 11p per mile

Over 2000cc: 13p per mile

 

These rates can be used...

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Other changes proposed

The government has also published its intention to change a number of other tax reporting issues. Some of the more impactful for smaller businesses and Self Assessment tax payers are reproduced below:

  1. Simple Assessment – legislation will be introduced in Finance Bill 2016 to provide a new power to allow HMRC to make an assessment of...
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