The tax year end is approaching and calls for a review of personal finances.
Overseas investors who buy UK residential properties only pay UK tax on the gains accrued since 6 April 2015, and they pay no UK tax on the gains made from selling UK commercial properties. This gives them a big tax advantage over UK-based investors.
The Chancellor’s 2014 Budget was designed to assist “the doers, the makers and the savers”, and it contained major and unexpected improvements to both pensions and savings. Who needs annuities? George Osborne’s statement that as a result of his changes, “no one will have to buy an annuity” triggered major falls in the shares of […]
Our 12 Quick Tax Tips Don’t waste your (or your partner’s) £9,440 personal allowance. Watch your tax band – the number of higher rate taxpayers is growing. Don’t ignore national insurance contributions –they are really a tax at up to 25.8%. Think marginal tax rates – the system now creates 60% (and higher) marginal rates. […]
Higher rate taxpayers could be losing the opportunity to reclaim overpaid tax as HMRC has excused many from having to complete annual tax returns. This may particularly arise if you are taxed under PAYE and your tax code for the year had been reduced in order to collect higher rate tax on interest you habitually […]