The number of company insolvencies has reached the highest level since 2014, according to the latest data. Read more
New research has revealed that workers in the UK choose to miss out on £140 million a year in unclaimed work expenses, rather than go through the complex expense claim process. Read more
Company directors who attempt to “sidestep” their tax liabilities by forcing their company into insolvency will face tougher penalties from next year. Read more
In the 2018 to 2019 tax year, HMRC opened 5,537 inheritance tax (IHT) investigations, which equated to almost a quarter (23 per cent) of the 22,000 estates on which the tax is applicable. Read more
HM Revenue & Customs (HMRC) collected £122 million in extra tax from overseas assets in the 2018/19 tax year, following the introduction of the new Common Reporting Standard (CRS) tax regime. Read more
Following the announcement of a new campaign against unfair payment practices, Chancellor Philip Hammond has said that late payments add an “unacceptable” financial and operational burden on small business owners. Read more
The number of electric cars in Britain recently hit the 200,000 milestone, indicating that the UK is finally coming round to the inevitable idea of an emission-free future. Read more
In an attempt to tackle fraud in the construction industry, HM Revenue & Customs (HMRC) is be introducing a domestic reverse charge which will take effect from October 2019. Read more
Most small and medium-sized enterprises (SMEs) fear taking action over late payments, according to a new white paper published by Paul Uppal MP, the Small Business Commissioner. Read more
A radio presenter has become the latest high profile person to win an IR35 tribunal case against HM Revenue & Customs (HMRC). Read more
The total value of UK goods and services exports increased by four per cent in 2019, a new report has revealed. Read more
According to the latest research, managing travel costs and business expenses are the two biggest headaches for businesses in the UK. Read more
HM Revenue & Customs (HMRC) has published a Making Tax Digital (MTD) ‘Mythbusters’ helpsheet to clarify the current situation regarding businesses and MTD. Read more
At present, when someone dies within seven years of passing on money, property or possessions to loved ones, tax of up to 40 per cent must be paid. Read more
Are you perplexed by the thought of personal tax planning? Don’t worry – you’re not alone.
Reducing our tax bill is not something we’re taught about in school, so when it gets round to tax filing season, a huge number of us are left out in the dark.
Sadly, this means we often pay much more tax than we should be paying. So, what can be done? Personal tax planning is a topic our tax experts spend a lot of time thinking about, so we’ve asked them to come up with five quick tips which will help you save money – starting from today!
1. Pensions, pensions, pensions
Individuals can contribute to their pension pots tax-free, providing they don’t go over the £40,000 annual limit. They can also contribute a further £2,880 towards a pension for a non-earning spouse or child, saving them even more in tax. This not only helps future-proof you and your family’s retirement income, but can also help keep you out of the higher or additional rate tax bands.
Have you opened an Individual Savings Account (ISA) for you and your family? The allowance for 2019/20 is £20,000 per person, meaning you can start generating interest tax-free from today.
3. Fight back against Inheritance Tax
Individuals can gift up to £3,000 of gifts each year to family and friends without incurring Inheritance Tax. Remember, this allowance can be rolled over by up to one year.
4. Beware employee benefits
Most employee benefits – such as company cars – are now taxable as regular income. If you don’t actually need a company car, substituting it for cash and contributing it towards your pension, for example, may be a more tax-efficient option.
5. Marriage has its benefits
All married couples in the UK are entitled to the Marriage Allowance, but very few are even aware it exists. The allowance allows you to transfer £1,250 of your Personal Allowance to your husband, wife or civil partner, providing they earn more than you and are within the basic rate tax band. To benefit, the partner transferring their allowance must normally have an income below the Personal Allowance – currently £12,500.
This can result in annual tax savings of up to £250 a year.
Get more advice today
We provide a comprehensive personal tax planning service which is specifically tailored to the needs of individual clients. Our focus is to minimise our clients’ tax exposure whilst ensuring all compliance requirements are met.
For more information and advice please contact our Personal Tax Manager David Alden via firstname.lastname@example.org or simply call 01482 326916 to get help today!