Archive | General News

Summer Budget Blog – July 2015

It is hard to reconcile the Chancellor’s announcement that there will be no increase in tax rates, with the change he has announced to the taxation of dividends, as this change will inevitably result in an increase in the rate of tax payable on dividends.   It seems to me that what the Revenue are […]

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Budget 2015 Update

WOW!  What a Budget Day The pre-Election Budget 2015 was always bound to be an exciting one, so we thought you might appreciate some of the top news items from The Independent: TAX * The income tax personal allowance is to rise to £10,800 next year and £11,000 the year after, making typical working taxpayer […]

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Bands of Taxable Income & Tax Rates

Bands of taxable income and corresponding tax rates   2014-15 2015-16 Per cent of income / £ a year year Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Starting rate for savings income (*) 10% 0% Dividend ordinary rate 10% 10% Dividend upper rate 32.5% 32.5% Dividend additional rate 37.5% 37.5% […]

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Check Your Income Tax Allowances

Income tax allowances 2014-15 2015-16 Change £ a year Personal Allowance those born after 5 April 1948 10,000 10,600 600 those born between 6 April 1938 and 5 April 1948 10,500 10,600 100 those born before 6 April 1938 10,660 10,660 – Income limit for personal allowance (*1) 100,000 100,000 – Income limit for personal […]

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Workplace Pensions Reform

PAYE – Auto-enrolment in pensions Statutory Changes for October 2012 – Workplace Pensions Reform From 1 October 2012, changes to the pensions law (the Workplace Pensions Reform) started to affect employers. The changes mean that employers now have to enrol their employees into a pension scheme and pay into that scheme. The date when the […]

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Do You Have Self-Employed Earnings?

HMRC Targets Employees With Self-Employed Earnings HMRC have launched a second incomes campaign which gives employees who have undisclosed income from self-employment the opportunity to bring their tax affairs up to date on preferential terms. A taxpayer who wishes to take advantage of this scheme should complete a notification form, and then file a disclosure […]

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