PART 1 – Pension contributions – have you fully utilised your annual allowance? This allowance is up to a maximum of £40,000 per annum for UK individuals under 75. However, this is tapered down by £1 for every £2 for taxpayers whose income is between £150,000 and £210,000 to a minimum of £10,000. It is…
Category Archives: Blog
10
Mar
Mar
Your maximum annual investment in ISAs for 2019/20 is £20,000. Your investment needs to be made before 6 April 2020. In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2019/20 tax year, you can invest £4,368 into a Junior ISA for any child under…
09
Mar
Mar
The new bank feed in Xero Due to new EU standards on banking, which came into effect in the EU on 14th September 2019, automatic bank feeds in Xero are changing. The Financial Conduct Authority in the UK allowed most UK banks more time (to 14th March 2020) to phase in these new requirements in…
09
Mar
Mar
There are frequent rumours that pension tax relief will change in the Budget. This is even more likely this year as the new Government looks for additional tax revenue to fund its ambitious spending pledges such as the HS2 rail link. There is speculation that the restriction for those with income over £150,000 may be…
06
Mar
Mar
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 employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the…
06
Mar
Mar
The employment allowance has been a great help to small businesses and charities and this is set to continue, however the following changes take effect from 6 April 2020: In addition to the changes to eligibility listed below, there is a new requirement to make a new claim for the Employment Allowance each tax year,…
A question I get asked a lot is “Do you enjoy your job?”. Many people think being an accountant is boring and are fascinated to know what is really involved. So I thought I’d put pen to paper and explain why my job is so interesting and I’ve planned a series of blogs exploring different…
05
Mar
Mar
Have you used your 2019/20 £12,000 annual capital gains exemption? Consider selling shares where the gain is less than £12,000 before 6 April 2020. Also, if you have any worthless shares consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your income…
04
Mar
Mar
Another tax relief that may be further restricted or even abolished is CGT entrepreneurs’ relief. This relief allows business owners to pay just 10% CGT on the first £10 million of capital gains when they dispose of their business and was tightened up in the Autumn 2018 Budget. When first introduced, the relief only applied…
We are expecting major changes to inheritance tax (IHT) in the March Budget following two reviews by the Office of Tax Simplification (OTS) and also a report by an All Party Parliamentary Committee. IHT is perceived as a complicated tax with numerous fairly trivial reliefs and exemptions. Currently the tax only generally applies to transfers…
