Budget 2014 – Income tax bands
on 21 March 2014
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The 20% basic rate band is set at £31,865 for 2014/15 and will fall to £31,785 for 2015/16. This means … Read More
No income tax on director and employee loans up to £10,000
on 20 March 2014
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The current £5,000 limit for cheap or interest free loans to directors and employees increases to £10,000 from 6 April … Read More
Budget 2014 – National Insurance simplification for self employed – FROM APRIL 2016 (or maybe 2015…)
on 19 March 2014
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The Government intends to simplify the administrative process for the self-employed by using Self Assessment to collect Class 2 NICs … Read More
Annual Investment Allowance (AIA) (100% capital allowances on equipment purchases)
on 19 March 2014
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Annual Investment Allowance (AIA) – The Government will increase the current maximum of the AIA from £250,000 to £500,000. These … Read More
Budget 2014 – Transferable tax allowance for married couples and civil partners – but not until 5 April 2015
on 19 March 2014
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Transferable tax allowance for married couples and civil partners – From 2015-16 tax year, a spouse or civil partner can … Read More
Budget 2014 – Social investment tax relief
on 19 March 2014
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Social investment tax relief – HMRC have stated: “As announced at Budget 2013, legislation will be introduced in Finance Bill … Read More
Inheritance Tax planning before 6 April 2014
on 19 March 2014
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Remember to make full use of your annual inheritance Tax exemptions. The general annual exemption is £3,000 per donor (plus … Read More
Maximise tax relief for capital expenditure
on 19 March 2014
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Those running a business should take advantage of the temporary increase in the Annual Investment Allowance (AIA) to £250,000. The … Read More
Make charitable payments under Gift Aid to save more tax
on 18 March 2014
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Higher rate taxpayers should make any charitable payments under Gift Aid so that you obtain additional tax relief. The charity … Read More
Due dates in April 2014
on 17 March 2014
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1 April – Corporation tax for year to 30 June 2013. 5 April – End of 2013/14 tax year. 19 … Read More