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hjs|accountants: July 2013

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Monday, 15 July 2013. Change in IHT Tax Loans. A change in the way that loans are treated for inheritance tax (IHT) purposes could increase the taxable value of your estate on death, and therefore the amount of tax payable. This change will affect IHT calculated on deaths occurring after the Finance Act 2013 is passed - expected within the next month - but it will apply to loans which are already in place. What does this change mean, in practical terms? Posted by Gareth Stokes. Subscribe to: Posts (Atom).

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hjs|accountants: December 2013

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Tuesday, 10 December 2013. Summary of Autumn Statement. Autumn Statement - 5 December 2013. George Osborne presented his Autumn Statement to Parliament amid mixed messages spilling from the Treasury, and promoted in the national press, about what he would, and would not give away. The reported economic indicators were encouraging:. 14% growth in the UK expected for 2013, 2.2% for 2014. Increase in jobs this year of 400,000. Personal taxes and related matters. Personal Tax and National Insurance 2014-15.

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hjs|accountants: May 2014

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Monday, 12 May 2014. Landlords targetted by HMRC. A new scheme aimed at landlords who may owe tax due to misunderstanding the rules or deliberate evasion was launched last Autumn. Unusually, the campaign does not currently have a finish date and will run until at least March 2015. HMRC will allow landlords to come forward voluntarily throughout the entire time period that the disclosure opportunity remains open. Posted by Gareth Stokes. Thursday, 1 May 2014. Renewing tax credit claims. Claims should be r...

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hjs|accountants: March 2014

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Thursday, 13 March 2014. The importance of Receipts. Most business owners are aware that they need to keep receipts if they want to secure a deduction for expenditure for business tax purposes, assuming that the expenditure is allowable for tax purposes. This is particularly important if you purchase an asset: a vehicle, equipment, computers and so on, as these can be high value items and the loss of tax relief would be significant. Property owners should carefully document any improvements to their prop...

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hjs|accountants: The End of Private Residence Elections?

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Wednesday, 2 July 2014. The End of Private Residence Elections? At present taxpayers, who own more than one property used as residences by them, can make a formal election to determine which of their properties should be considered their private residence for tax purposes. If this change is enacted it could take effect from as early as April 2015. Home owners with more than one property should consider their options now. Posted by Gareth Stokes. Subscribe to: Post Comments (Atom).

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hjs|accountants: September 2013

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Monday, 30 September 2013. National Minimum Wage - New Rates. The National Minimum Wage rise comes into effect on 1 October 2013. The regulations increase the hourly rate of the National Minimum Wage (NMW) as follows:. 8226; For adults aged 21 years and older the NMW rises to £6.31 (a rise of 12p) . 8226; The rate for apprentices under the age of 19 or in the first year of their apprenticeship increases to £2.68 (a rise of 3p). Posted by Gareth Stokes. Tuesday, 17 September 2013. However, where the due d...

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hjs|accountants: April 2013

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Thursday, 4 April 2013. Cracking down on outstanding VAT Returns. HM Revenue and Customs (HMRC) are currently looking closely at the tax affairs of businesses which have not submitted all their VAT returns. All businesses which are VAT registered but which had VAT returns outstanding (and may therefore have underpaid VAT) were given until the end of February to bring everything up to date, under the VAT Outstanding Returns Campaign. Virtually all VAT-registered businesses must now submit their VAT Return...

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hjs|accountants: Landlords targetted by HMRC

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Monday, 12 May 2014. Landlords targetted by HMRC. A new scheme aimed at landlords who may owe tax due to misunderstanding the rules or deliberate evasion was launched last Autumn. Unusually, the campaign does not currently have a finish date and will run until at least March 2015. HMRC will allow landlords to come forward voluntarily throughout the entire time period that the disclosure opportunity remains open. Posted by Gareth Stokes. Subscribe to: Post Comments (Atom). Landlords targetted by HMRC.

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hjs|accountants: October 2013

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Monday, 28 October 2013. Fraudulent Emails from HMRC. Taxpayers are reminded that the problem of fraudulent emails continues. The emails are part of a 'phishing' exercise that uses bogus e-mails and websites to trick taxpayers into supplying confidential or personal information. These emails aren’t genuine HMRC messages and should be disregarded. Any email that appears to be fraudulent should not be opened before verifying the authenticity of the email. Posted by Gareth Stokes. Thursday, 10 October 2013.