Monthly Archives: May 2014

 There are a number of assets that you can sell at a profit without paying capital gains tax (CGT) on the sale. They include: Any car that is owned personally, and not by a business. Personal possessions worth up to … Continue reading →

HMRC have had recent successes in the courts that have neutralised tax schemes utilising charity tax reliefs. Here’s what they have to say on the GOV.uk website: HM Revenue and Customs (HMRC) successfully challenged the tax avoidance scheme used by … Continue reading →

Institute for Fiscal Studies director, Paul Johnson, recently spoke at the annual Chartered Tax Advisor Address. He pointed out a number of the unnecessary complications and policies that have left the UK tax system more complex and less efficient.  “For … Continue reading →

Consider this case study: Bill Smith, a self-employed electrician, purchased a brand new van 15 March 2014 for £18,000. Due to a downturn in the local economy his trading profits for the year to 31 March 2014 were just £9,400. Fortunately, … Continue reading →

HMRC have published further clarification regarding who can, or cannot, claim the new £2,000 a year NIC Employment Allowance. Extracts from the update are set out below: Public authorities Public authorities (such as local authorities, town councils and parish councils) … Continue reading →