Today’s June 2010 budget changes should include an increase of £1,000 in the personal Income Tax allowance for basic rate taxpayers. This increase in Income Tax allowance means that all those earning up to £37,400 will have their tax-free Income Tax personal allowance increased by 15.4%, from £6,475 to £7,475.
Posts Tagged ‘Personal Tax’
June 2010 Budget changes set to increase Income Tax allowance by £1000
Tuesday, June 22nd, 2010Happy New Tax Year! The Tax Savings Checklist for 2010/11
Monday, April 12th, 2010The new tax year, which began on 6th April 2o1o, offers a golden opportunity for tax savings. Make use of your brand new tax allowances to fine-tune your financial planning, and minimise tax. With financial advice you can streamline your savings strategy by getting the best savings rate and fully utilising your ISA cash allowances. You can ensure you take advantage of your allowances for Capital Gains Tax, if you are selling an asset. You can plan to maximise tax reliefs from pensions contributions. You can gain 30% tax relief on investments in Venture Capital Trusts (VCTs). You can take the necessary steps to avoid 40% Inheritance Tax on wealth passing to your children and heirs. If you are an employer, you can plan for the upcoming government NEST scheme, which will require you to have, or set up, a pensions department that offers a pension to all employees.
Tax matters: HMRC seeks Swiss bank name lists
Thursday, February 18th, 2010
A disk containing 1,500 names of Swiss bank account holders is being sought by Her Majesty’s Revenue Commissioners, to home in on UK citizens who may be guilty of tax evasion.
Record-keeping and independent tax advice crucial when dealing with HMRC
Friday, December 11th, 2009With an increasing volume of information and advice from HMRC now being offered not face to face, but by telephone, the onus is on the caller to record in writing the tax advice they are given, if they wish to depend on that advice at a later date.
In such situations, problems arise when a taxpayer acts (or refrains from acting) based on undocumented telephone advice, or on their recollection of what HMRC said, according to the Low Incomes Tax Reform Group (LITRG).
New eco-tax on way as Copenhagen hots up for climate week
Thursday, December 3rd, 2009The government has promised a new personal tax to help the environment, in the week when Copenhagen gears up for its international conference on climate change. The new ‘eco-tax’ would aim to vastly reduce the amount of plastic in circulation, by imposing a charge on the use of plastic carrier bags in shops and supermarkets. Despite [...]
Five ways to cut your personal tax bill
Tuesday, November 24th, 2009
Are you one of the 33m* people in the UK who could reduce your personal tax bill? Here are five ways to help you with efficient tax planning.
Small steps will lead to big difference on the road to climate change
Friday, November 13th, 2009
Don’t knock ‘eco gestures’ – on the long journey toward practical solutions on climate change we need to begin with small steps in our daily lives. Starting with small steps by changing attitudes to climate change, we will get there.
Interest in ethical investment tempered by scepticism
Tuesday, November 10th, 2009Seventy per cent of people in Great Britain consider their outlook and lifestyle to be green and ethical, and 49% of people with savings and investments would like to make a difference with their money by making an ethical investment. These are the findings of the UK Sustainable Investment and Finance Association (UKSIF) published this [...]
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