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Monthly Archives: May 2014

Tax free gains

 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

Posted in Business

Charity based tax schemes quashed

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

Posted in Business

Tax anomalies

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

Posted in Business

Why it\’s important to plan

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

Posted in Business

NIC employment allowance

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

Posted in Business