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Tax Tips

Please find below all the articles that have been categorised as 'Tax Tips'.

Marriage Tax Allowance

Could you be missing out on up to a £212 per year tax break


If you married or in a civil partnership, you may be entitled to a £212 tax break called the Marriage Tax Allowance. To be eligible you and your spouse need to meet the following criteria:

  • You must be married or in a civil partnership.
  • Both of you must have been born after the 6th April 1935
  • You or your spouse needs to have total income below £10,600…
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Don’t get a Tax Hangover from your Christmas Party

While some might complain about Christmas paraphernalia popping up in the shops earlier and earlier each year, the tax-savvy will tell you that planning ahead for the Christmas party is vital if you want to avoid giving HMRC an unplanned and costly gift.


The annual celebration is a time to relax and to toast the successes of the year.

And it is perhaps an opportunity to get reacquainted with colleagues on a more personal basis, after a year of simply nodding to them on the way in…

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Follower Notices and Accelerated Payment Notices (APNs)

When a court or the tribunal issue a ruling that potentially resolves a large number of cases, many ‘followers’ (i.e. taxpayers with similar circumstances) agree to settle their affairs with HMRC, but some do not. They argue that small differences in the arrangements mean that the decision does not apply to them. HMRC will issue a follower notice to such taxpayers requesting them to settle the liability they believe is due.

Alongside the ‘follower’ rules are the accelerated payment rules. HMRC may issue an accelerated payment notice (APN) requesting…

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The future for intermediaries

The Summer Budget 2015 contained an announcement that the government is to consult on proposals toimprove the effectiveness of the existing intermediaries legislation, commonly known as IR35. The reason for this review was given as the perceived unfairness that two people could be doing the same job and pay very different levels of tax depending on how they are engaged. A consultation document has now been published (Intermediaries Legislation (IR35): discussion document), which sets out the rationale for change, the options to be discussed and the…

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Tax-free Childcare

There are a number of ways to save or invest for children – some accounts are tax-efficient but rigid, others are often flexible but liable to tax. Interest earned from CTFs and Junior ISAs is paid tax-free, but the money is effectively locked in until the child is 18, at which time it belongs to the child. Standard savings accounts usually offer lower interest rates and the interest is likely to be taxable, but there will be flexibility on withdrawals and transfers, enabling the parent to keep a…

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August Question and Answers

Q. I have realised that I made a mistake on my most recent VAT return. What should I do?

A. You can adjust your current VAT account to correct errors on past returns if the error:

– was below the reporting threshold (broadly, less than £10,000, or up to 1% of your box 6 figure (up to a maximum of £50,000);
– was not deliberate; and
– relates to an accounting period that ended less than 4 years ago.

When you submit your next return, add the net value to box 1 for…

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Employment Allowance

The Summer Budget 2015 contained two announcements affecting the employment allowance (EA).

Broadly, the EA potentially cuts every company’s NIC payments by allowing businesses and charities to offset up to £2,000 (2015-16) against their employer (secondary) PAYE NIC liabilities.

From April 2016, eligible employers will be able to reduce their employer Class 1 NICs liability by up to £3,000 per tax year, instead of the current £2,000.

Secondary Class 1 NICs are ‘excluded liabilities’, and therefore do not qualify for EA, if they are incurred:

– employing someone for personal, family or…

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Help to Buy ISAs

The new help-to-buy ISA, which is expected to be available from Autumn 2015, will enable first-time buyers to save up to £200 a month towards their first home. Investors will receive £50 from the government for every £200 saved, up to a maximum of £3,000. This means that the maximum that can be saved in a help-to-buy ISA is £12,000. The government bonus is added to this amount, so total savings towards the property purchase can be up to £15,000.

Accounts will be limited to one per person rather…

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Tax-free Childcare

Tax-free childcare is part of the government’s long-term plan to support working families and will provide up to 1.8m families across the UK with up to £2,000 of childcare support per year, per child, via a new online system. It was originally planned that the scheme would launch in Autumn 2015, but, as a result of a direct legal challenge from a small group of childcare voucher providers, development of the scheme was suspended. However, the Supreme Court has recently ruled that government proposals for delivering tax-free childcare…

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Landlords Tax Reform

Once the dust has settled on what was a radical far reaching budget by Chancellor of the Exchequer George Osborne, one of the more unexpected changes was the reform that will be brought in to change the way that property landlords will be taxed in future.  There were several changes which we will examine in this blog

Tax relief on mortgage interest

Currently where a loan or mortgage is taken out to purchase, or renovate an investment property full tax relief…

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