Tag: Tax Hike

Who can claim Entrepreneur’s Relief?

Claiming Entrepreneur’s Relief could save you a substantial amount of money in capital gains tax. Entrepreneur’s Relief is a government scheme that was introduced in 2008 as an incentive to encourage entrepreneurship. The scheme reduces the amount of Capital Gains Tax paid by individuals disposing of business assets to just 10%. Individuals that meet the…




What is IR35 and how can it affect the tax a contractor pays?

Contractors falling inside of IR35 could see their net income reduced by up to 30%, so it’s important to have a good understanding of what IR35 is and how it works. In a bid to encourage entrepreneurship, the government offers tax benefits to contractors working as limited companies to reduce the risks involved with setting…




How To Get Yourself Out Of A Tax Panic

It’s no good us telling you to get your tax affairs in order before Christmas as we enter the new year but it is worth bearing in mind for next year if you want to avoid those same feelings of dread. Until then here are some of our top tips on how to prevent a…




How Much Do You Really Save By Doing Your Own Tax Returns?

According to the most recent government statistics 750,000 people failed to complete their self- assessment tax return by the January 31 deadline. This is despite the £100 late filing penalty being applied after this date. It is reasonable to assume that a good proportion of these late payers were late due to difficulties completing the…




R&D Tax Relief Claims Rising

The number of companies claiming tax relief for research and development has increased according to data released by HMRC but critics say not enough is being done to encourage innovation. R&D tax credits are nothing new having first been introduced 18 years ago to help companies invest more in research and development. During the period…




New Rules End Paying Tax Bills With Personal Credit Cards

January is generally an anxious time of the year for the nation’s growing number of self-employed but a new rule being introduced this month could leave many unable to pay their Self-Assessment returns on time. This is because new rules introduced by the EU will as of January 13 make it illegal to pay tax…




Further Disappointment For Landlords As Legal Challenge Over Tax Fails

It has been a good 12 months for landlords – particularly those paying the higher rate of income tax – as an attempt to challenge the new tax increase fails. The legal challenge led by Cherie Booth called for a judicial review of the new rules which are seen as unfairly penalising landlords. The new…




Biggest Earners Asked Shoulder More Of The Tax Burden

According to data released by the institute of Fiscal Studies (IFS) the number of adults paying tax has fallen dramatically since 2007-08 as the government has passed more of the burden to higher earners. The study shows that only 56% of adults pay income tax in the UK at a time when the government needs…




Will UK Businesses Be More Likely To Liquidate Over New Tax Rules

According to the FT this month thousands of business owners may end up seeing liquidation as a better option than seeing their tax bills triple after a tightening of rules set to be introduced this year. The article explains how new rules on dividend taxation could expose firms to rates as high as 38.1% when…




Permanent Non-Dom Tax Status Scrapped

This month’s Budget certainly had a sting in its tail for non doms who will now be forced to look very carefully at how long they have lived in the country and the money they earn overseas. The tax loophole which allowed people who have lived in the country for 15 of the last 20…