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Tax News

New Year’s Resolutions to Save Tax

New Year’s Resolutions to Save Tax

Date posted: 6th Jan 2020

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the…

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Pension Planning 2020

Pension Planning 2020

Date posted: 6th Jan 2020

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their…

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Inheritance tax – Gifts out of Surplus Income

Inheritance tax – Gifts out of Surplus Income

Date posted: 6th Jan 2020

Inheritance tax only applies to gifts of capital. There is currently a very generous exemption from inheritance tax for regular gifts out of income. In order to qualify…

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Passing on the Family home

Passing on the Family home

Date posted: 6th Jan 2020

The Labour party were proposing to reverse the recent Tory party inheritance tax cuts if elected. They were referring to the additional nil rate band for passing on…

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Conservative Party Elected with Working Majority

Conservative Party Elected with Working Majority

Date posted: 6th Jan 2020

Now that Boris Johnson and his Conservative party have won the General Election will we finally “Get Brexit Done”?  More importantly, can the Government now get on with…

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Finance Bill should now proceed

Finance Bill should now proceed

Date posted: 6th Jan 2020

Now that the General Election is out of the way, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more…

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Tax to Pay on your Dividends in January

Tax to Pay on your Dividends in January

Date posted: 6th Jan 2020

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax…

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Tax planning a new year priority says Darlington tax expert

Tax planning a new year priority says Darlington tax expert

Date posted: 5th Dec 2019

As the new year approaches, many people turn their minds to resolutions, healthy eating, exercise and filing their tax return! However, in the view of Lee Watson, tax…

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Member’s voluntary liquidations – important tax update

Member’s voluntary liquidations – important tax update

Date posted: 5th Dec 2019

It is usually the case that, when a company enters a member’s voluntary liquidation (“MVL”), any proceeds subsequently distributed to the shareholders are treated for tax purposes as…

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CYCLE TO WORK SCHEME, GET ON YOUR BIKE!

CYCLE TO WORK SCHEME, GET ON YOUR BIKE!

Date posted: 5th Dec 2019

The government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the cycle to work scheme has been removed. This will…

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