Income Tax

Best late tax returns excuses and expense claims

HMRC has exposed the most original excuses for late tax return and expense claims ahead of the 31 January deadline From being too busy touring the country to claiming to seeing aliens, the following excuses were all used in unsuccessful…
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Tax Tip: Tax Free Dividends?

From 6 April 2016, the notional 10% tax credit on dividends is abolished and a £5,000 tax free dividend allowance is introduced. Dividends above this level are taxed at 7.5% (basic rate), 32.5% (higher rate), and 38.1% (additional rate). Dividends received by…
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Festive tax return figures down

Over 24,000 people submitted their self-assessment tax returns over the holiday period this year, ahead of the 31 January deadline. According to figures by HMRC, more than 16,000 people submitted their tax return on New Year’s Eve, while almost 2,000 took time…
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Employee shareholder status abolished following ‘abuse’

The only genuinely unexpected measure in yesterday’s Autumn Statement is the ending of favourable tax treatment of employee shareholders, a policy introduced in 2013. Employee shareholder status was originally intended as a way of allowing small companies to grow rapidly…
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HMRC warning on Entrepreneurs’ Relief tax avoidance scheme

New guidance has been issued by HM Revenue & Customs concerning a recently discovered capital gains tax avoidance scheme. HM Revenue & Customs has identified a scheme that attempts to exploit Entrepreneurs’ Relief by turning income into a capital gain,…
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The Autumn Statement: Tax Rates

Recent debates about fairness in the UK tax system have tended to centre on tax rates as they have traditionally done. It makes for good political headlines whether one is increasing or decreasing tax rates and headline rates translate easily…
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The Autumn Statement: Tax & National Insurance

The government will publish its Autumn Statement on 23 November 2016. This week’s blog will see four posts on what someone might expect to see over the next four or five years by way of reforming our overly complex tax…
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The Autumn Statement: Taxing Income & Capital

The government will publish its Autumn Statement on 23 November 2016. This week’s blog will see four posts on what someone might expect to see over the next four or five years by way of reforming our overly complex tax…
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HMRC Reassures Buy-to-Let Landlords

An unannounced amendment to the Finance Bill, under which gains from certain property disposals will be charged to income or corporation tax rather than capital gains, should not adversely affect buy-to-let investors, according to the National Landlords Association. The government…
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