Our accountancy blog is updated monthly with our opinions on a variety of issues affecting our clients and the industry sectors we cover.
Generally speaking, an individual’s ‘sole or main residence’ is exempt from capital gains tax. If a house, etc., was the individual’s ‘sole or main residence’ for only part of his or her period of ownership, then a time apportionment calculation is made. However, under a rule dating back to the introduction of the tax nearly […]
The Chancellor of the Exchequer delivered the 2013 Autumn statement on 5 December 2013. Key changes announced are as follows: 2014/15 rates and allowances As announced in the Budget 2013, individuals born after 5 April 2013 will have a personal allowance of £10,000 for 2014/15. The basic rate limit will be £31,865. Transferable personal allowance […]
The Chancellor announced in the March 2013 Budget the introduction of a new “Employment Allowance”. HMRC has recently issued more details of the new measure. Worth up to £2,000 the allowance will be able to be set-off against employers’ National Insurance Contributions (NIC) bills from April 2014. The press release from HMRC makes it clear […]
The 1st of October is not usually a date which has much meaning in the business world. It is not a significant deadline for Personal Tax or PAYE. Nor is it synonymous with VAT or any deadlines for filling in the many forms required for all of the different taxes. It is therefore a day […]
In most cases any benefit that an employee receives will be taxable. The value of the gift needs to be declared on forms which are filed with HMRC annually. This blog is however about the few concessions that have been made by HMRC which aren’t treated as taxable. There aren’t many of them but when […]