Tax Planning Tips: Does the Marriage Allowance Apply To You?

The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil partner to transfer 10% of their personal allowance (rounded up to the nearest … Read More

Amy FowlerTax Planning Tips: Does the Marriage Allowance Apply To You?

Tax Planning Tips: How to Preserve Your Personal Allowance

Not all taxpayers are able to benefit from the personal allowance – once income exceeds £100,000 the allowance is gradually reduced until it is eliminated in full. However, there are steps which can be taken to reduce income and preserve entitlement to the personal allowance. The personal allowance is set at £11,850 for 2018/19, rising … Read More

Amy FowlerTax Planning Tips: How to Preserve Your Personal Allowance

Tax Planning Tips: Making the Most of Your Allowances

Are you using all the allowances available to you? The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances on offer. … Read More

Amy FowlerTax Planning Tips: Making the Most of Your Allowances

Maximise Your Earnings For 18/19 With These End Of Year Tax Tips

As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance The personal allowance is reduced by £1 for every £2 by which income exceeds £100,000. For 2018/19, the personal tax allowance is … Read More

Amy FowlerMaximise Your Earnings For 18/19 With These End Of Year Tax Tips

Taxpayers could face penalties if they fail to declare income on foreign assets

HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation … Read More

Amy FowlerTaxpayers could face penalties if they fail to declare income on foreign assets

Stamp duty reduction may help over 1 million people get onto the housing ladder

According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief, part of the UK government’s housing policy … Read More

Amy FowlerStamp duty reduction may help over 1 million people get onto the housing ladder

12 Tax Saving Tips for Small Businesses [INFOGRAPHIC]

As a small business owner, there are many ways to save tax and become even more profitable in your business. However, with so much to do in your business and so many hats to wear, it can be difficult to keep track of which savings you are entitled to. With this in mind, our Senior … Read More

Amy Fowler12 Tax Saving Tips for Small Businesses [INFOGRAPHIC]

Bank of England raises UK interest rates

competex-bank-of-england-raises-interest-rate

Source: BBC The Bank of England has raised the interest rate from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no doubt increase the interest costs of residential mortgages that have variable or tracker rates. It … Read More

Amy FowlerBank of England raises UK interest rates

Consultation on pensions cold calling ban

competex-ban-cold-calling-pensions

Source: Gov.uk HMRC has launched a consultation on draft proposals to ban pensions cold calling. Under the proposals, unsolicited marketing calls relating to pensions could be banned, alongside cold calls that offer a ‘free pension review’. The government also outlined its intention to ban cold calls that promote retirement income products, such as drawdown. The … Read More

Amy FowlerConsultation on pensions cold calling ban

Making Tax Digital for VAT

competex-making-tax-digital-vat

Source: HMRC HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) will be … Read More

Amy FowlerMaking Tax Digital for VAT