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TAX BENEFITS OF MAKING PENSION CONTRIBUTIONS
Personal Pension Contributions As a reminder, Personal Pension Contributions made by individuals are paid ‘net’ of basic rate income tax (20%) since HM Revenue & Customs (HMRC) pay the 20% tax into the pension scheme. For example, if you pay £8,000 in to your...
TIPS FOR MINIMISING INHERITANCE TAX – LIFETIME GIFTS
It is important to remember that the current Nil Rate Band is £325,000. This is the amount up to which an Estate has no IHT to pay. Furthermore, the Residence Nil Rate Band (RNRB) enables individuals to benefit from a further Nil Rate Band which can generally only be...
SHOULD I EXTRACT THE PROFITS FROM MY LIMITED COMPANY?
Salary It is relatively common practice for director/shareholders of ‘ownermanaged companies’ (e.g. companies that are owned and managed by a single person or more than one individual such as husband and wife etc.) to pay themselves a salary sufficient to gain a...
MAKING TAX DIGITAL FOR VAT – ACT NOW!
What does ‘MTD for VAT’ mean for my business? Many businesses will already be used to filing their VAT returns online through HMRC’s gateway, but under MTD for VAT, this in isolation is no longer an option and the new requirements represent a major change. Businesses...
MAKING A GIFT? DON’T FORGET TO TELL THE TAXMAN!
How can Capital Gains Tax be payable when I haven’t actually made a gain? Any transfer of an asset by an individual to a ‘connected person’ is deemed to take place at market value for CGT purposes. This applies to any asset which is a chargeable asset for CGT...
REPORTING BENEFITS AND EXPENSES PROVIDED
Do all businesses need to complete the forms and which benefits/expenses are reportable? Not every business will need to prepare forms P11D since they are only required if the employer has provided reportable and/or taxable benefits or expenses to employees during the...
THE NEW TAX YEAR
Income Tax and Capital Gains Tax The personal allowance is increasing by just over 5% to £12,500 across the UK, meaning any individual with taxable income up to that amount in the tax year ending 5 April 2020 will not pay any income tax at all. A typical basic-rate...
THE END OF THE TAX YEAR
As always at this time of year, it is advisable to review your tax affairs, making the most of opportunities to maximise your income and minimise your tax. Some tax planning may require action to be taken before 5 April. I will highlight below a few of these: Gift Aid...
INHERITANCE TAX – THE RESIDENCE NIL RATE BAND
Nil Rate Band Each individual is entitled to an Inheritance Tax ‘Nil Rate Band’ (NRB) on their death of £325,000 (the NRB will be frozen at this level until April 2021, after which date it is expected to increase in line with the Consumer Prices Index). If the value...
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