The Office of Tax Simplification (OTS) recently published a detailed review into the taxation of savings income. The OTS’s stated aim was to review the application of the tax system to savings and investment income, and highlight ways in which any ‘real complexities’ can be removed. Within the report, nine areas for further development were … Continue reading OTS Publishes Review into Simplifying the Taxation of Savings Income
From 6 April 2016 a 0% rate will apply to savings income of up to £1,000 and, in line with this, from the same date, banks and building societies will no longer deduct tax from the interest they pay to depositors who hold Non-ISA accounts. The introduction of the new Personal Savings Allowance (PSA) will … Continue reading New Tax Allowance for Savings Income
As of the 6 April 2015, the starting rate of tax on savings income has been reduced to 0%, and the starting rate band has increased from £2,880 to £5,000. The starting rate is available to people whose gross non-savings salary is less than their personal allowance plus the starting rate band. Therefore, for 2015/16 … Continue reading 0% Starting Tax Rate Consideration
CODE NUMBERS Check your code to ensure you have been given the correct personal allowances, including relief for pension contributions and gift aid donations if liable to higher rate tax. PENSIONS With a general election a few weeks away it cannot be certain that the current generous reliefs will remain in place. It is important … Continue reading Year End Tax Planning – Points for review before 5 April!
http://www.youtube.com/watch?v=NUwV2I5HtC8 To find out what other announcements were made in the Chancellor's Budget, read our Budget Summary.
Our updated Tax Tables are available here - find out what the new rates mean for you. If would like to read our summary of the 2015 Budget, then please follow this link: Budget Summary 2015 The main issues include: Farmers averaging - Farmers will be able to average their profits over five years instead of … Continue reading Budget 2015 and 2015/16 Tax Tables
The Government is proposing a new Tax-Free Childcare scheme which will help around 2.5 million working families, which was one of the major announcements in the 2013 budget. HOW MUCH HELP CAN I GET? Eligible families will get 20% of their annual childcare costs up to £6,000 per child, paid for by the Government. This … Continue reading Tax-Free Childcare
Liquidation is a type of insolvency proceeding that applies only to companies, according to the Insolvency Service. It is distinct from bankruptcy, which is limited to individuals. Liquidation requires a liquidator who will “wind up” a limited company’s legal affairs by performing a series of specific steps. The company will cease to exist once this … Continue reading Tips for Small Businesses to Avoid Liquidation