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The Government’s tax changes for UK landlords, announced in this summer’s Budget, will significantly eat into landlords’ profits and, in many cases, will wipe them out completely.

 

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Posted by on in Individuals

One of the most often used and valuable of the Capital Gains Tax (CGT) exemptions covers the sale of the family home. CGT is a tax on the profit made from selling certain assets such as property, shares or other investment e.g. antiques and fine art. There are a number of exemptions available which can reduce or remove a taxpayer's liability to CGT.

In general there is no CGT charge on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as Private Residence Relief.

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Posted by on in Individuals

The 2013-14 tax return deadline for taxpayers who continue to submit paper Self Assessment returns is 31 October 2014. Late submission of a Self Assessment return will become immediately liable to a £100 late filing penalty. The penalty will apply even if there is no liability or if any tax due is paid in full by 31 January 2015.

The fixed £100 penalty for failing to file a tax return on or before the filing date applies to paper returns received on or after 1 November 2014. The penalties also apply to online returns received on or after 1 February 2015.

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Posted by on in Individuals

Although we are now at the beginning of a new calendar year (2014) we are in the last quarter of the current personal tax year (2013/14).

Whether you are a business person, property landlord or pay significant amounts of tax as an employed or retired person there is now a short window of opportunity to examine your likely earnings for the 2013-14 tax year and, more importantly, see what can be done to minimise those liabilities.

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Posted by on in Individuals

The promised hike in the personal allowance to £10,000 is confirmed for the tax year 2014/15.

The basic rate limit is £31,865 for 2014/15. This means that 40% taxpayers (if taxable income does not exceed £100,000) will partly benefit from the increase in personal allowance.

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Tagged in: Individuals Payroll Tax
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