The number of higher rate taxpayers will have to double, if government is to sustain budget changes that propose a higher personal tax allowance of £10,000, a leading accountancy firm has claimed. Read More
Posts Tagged ‘Tax’
Budget Changes may push 3m more lower rate taxpayers into higher tax net
Monday, June 28th, 2010June 2010 Budget – Principle First’s Budget Roundup
Tuesday, June 22nd, 2010
Chancellor George Osborne called it ‘the unavoidable budget’ but promised there would be no small print in his plan to clear the government’s budget deficit of £155bn over the next 4 years. Here is our summary of the June 2010 budget in easy to read points. Click headline above
June 2010 Budget Changes – Capital Gains Tax hike to 28%
Tuesday, June 22nd, 2010As part of today’s June 2010 budget changes, the Chancellor George Osborne has announced an increase in Capital Gains Tax for higher earners from 18% to 28%, effective from midnight tonight. This will relate to higher earners who earn more than £44,875 (i.e. who have taxable income of more than £37,400). For those paying the basic rate [...]
June 2010 Budget changes set to increase Income Tax allowance by £1000
Tuesday, June 22nd, 2010Today’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.
Capital Gains Tax could hit elderly in nursing homes
Wednesday, June 2nd, 2010
Elderly care home residents could face a hefty capital gains tax bill on selling their home. Are you or your family affected? Click on headline to read more.
High earners tax may miss target
Thursday, March 11th, 2010Government plans to review tax on high earners could hit many on salaries lower than the £130,000 target group. Those who receive a performance-related bonus, for instance, could be subject to hefty tax recovery charges.
Company pension schemes creaking under weight of deficits – PPF
Tuesday, February 9th, 2010
Three-quarters of final salary company pension schemes in the UK are now in deficit, potentially jeopardising the pensions provision of thousands of workers, according to the Pension Protection Fund.
Turn trading losses into tax relief with pension contributions
Wednesday, December 16th, 2009Not everything that has come from the Chancellor in the past year has been bad news for high earners.
Last April’s Budget 2009 extended the facility for employers to carry back trading losses for up to three years.
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).
Public lose out on tax claims, says LITRG
Monday, December 7th, 2009Many claimants seeking tax credits may miss out on up to £500 of their entitlements, because the Revenue (HMRC) is failing to make them aware of their full entitlements.
While backdating of tax claims is automatic for people with children, there is no automatic backdating of tax credit claims for people with no children, who were in work prior to submitting a claim – even though they are entitled to backdate for up to three months, according to the Low Incomes Tax Reform Group (LITRG).
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