by Alastair Wood | May 1, 2014 | Tax Advice
The real question is what is the maximum dividend I can draw without hitting one of many tax bands, there is not just the 40% band to consider now, but the Higher income child benefit charge (HICBC) which affects the earner in a household with income over £50k. The...
by Alastair Wood | Mar 19, 2014 | Tax Advice
The 2014 Budget had a few highlights but there was very little for business (certainly the SME market), but a number of small positives for individuals which is not unexpected in the year before an election. In summary: For individuals Personal allowance will reach...
by Alastair Wood | Feb 27, 2014 | Tax Advice
As was mentioned in our post on the 2013 Budget from April 2014 most employers will be able to claim a £2,000 annual allowance to set against the employer’s class 1 NICs due on their employees’ wages and so reduce the payroll cost of being an employer. ...
by Alastair Wood | Feb 19, 2014 | Tax Advice
The NI rates for next tax year were announced in the autumn and have increased by the usual inflationary amount, the attempt to consolidate the tax and NI systems seems to be on hold as tax and NI thresholds remain different: The personal tax free allowance is now...
by Alastair Wood | Feb 13, 2014 | Tax Advice
As the housing market improves so does the opportunity to improve your home and trade it up for a gain. HMRC are not tolerant of people using this relief unfairly and the rules while simple must be followed to benefit from this relief. In summary no capital gains...
by Alastair Wood | Feb 6, 2014 | Tax Advice
Clients sometimes call me to say they are late with their VAT return and my usual response is to say do not worry as provided you get the next 12 months returns in on time there is not an issue. But what happens if you are late again? The first time you pay your VAT...
