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29 July
Jul 29
29th July 2019

From April 2020 a number of changes are being introduced to Capital Gains Tax. The changes, impacting the owners of residential property, centre on reductions in tax reliefs and changes to how Capital Gains Tax is collected by HMRC. We look into one of the changes below. Payment of your Capital Gains Tax liability HMRC will begin collecting any Capital Gains Tax (CGT) you owe from the sale of a residential property with 30 days of the sale. The changes, which come into force in April 2020, wi...

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16 October
Oct 16
16th October 2018

Attack On Pension Savings It is expected that the chancellor will announce in the Budget on the 16th March 2016 a flat rate tax relief on pension contributions. This has come under a lot of scrutiny from many financial professionals but is seen as the lesser of two evils when considered alongside a ‘Pension ISA’. The chancellor is considering a flat rate of between 20% and 33% which if set at 25% could have a major impact on those already in pension schemes/those planning their retirement investments. For those who have workplace pensions with defined fixed pension contributions this could reduce their monthly take home pay. As an example an individual on £60,000 salary, paying 5% ...

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16 October
Oct 16
16th October 2018

Filing Personal Tax/Accounts with HMRC Every 3 Months! Are you Prepared? Many people have reported still feeling in the dark about HMRCs new propositions when it comes to filing business and personal tax returns online from 2018, although one thing is for sure; we are certainly stepping into the Digital era. This time of year the word ‘deadline’ looms over all of our heads as the paper tax return must be filed by October 31st, albeit it only this way for two more years. Statistics show however, that the majority are already making the switch with only 11 percent of us filing by paper in 2015. Despite online filing becoming increasingly more common for businesses, research highlights...

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16 October
Oct 16
16th October 2018

You The Taxpayers to face the highest Tax Burden for 30 years The Institute for Fiscal Studies have recently claimed that UK taxpayers are facing the highest Tax Burden for 30 years. Over 37% of Britain’s National Income will be drawn from your tax receipts for the first time since 1986. These tax increases derive from a number of new legislations such as higher tax on dividend income, increase in tax on insurance premiums, higher vehicle excise duty and a new restriction on pension contributions for those on very high incomes. Hundreds of thousands of people, are suddenly paying a higher rate of tax as the threshold has failed to keep up with rising inflation, however the government ...

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16 October
Oct 16
16th October 2018

The 2017 car tax changes explained From next month, the way that vehicle tax is calculated will change, affecting all of us with vehicles registered with the DVLA from 1 April 2017. Vehicle tax for the first year will be based on CO2 emissions and after that the amount of tax that needs to be paid will depend on the type of vehicle. Unlike the current system, in which low-emission vehicles and petrol cars are exempt, the new Vehicle Excise Duty (VED) will only be free for vehicles with no tailpipe emissions (electric and hydrogen cars only). These new regulations will mean that all new cars will face a significant increase in their tax demands during the first year of registration and f...

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