Blog posts tagged in Individuals
Prior to the release of the 2016 Autumn budget let's remind the new Chancellor of the Exchequer, Philip Hammond of what he said as an MP
“A taxpayer is entitled to know with certainty – be it an individual or a multinational corporation – what he may or may not do in planning his tax affairs. He is entitled to expect that his treatment be laid down in statute, not determined by administrative fiat; he is entitled to expect that another taxpayer in similar circumstances will receive treatment similar to his; and he is entitled to be protected from retrospective or retroactive legislation.”
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.
As announced in the 2013 Autumn Statement, capital gains tax (CGT) is to apply to non-residents disposing of UK residential property, on gains arising on disposals after 5 April 2015.
Before then CGT was not applied to non residents (other than those carrying on a trade in the UK and, since April 2013, on companies subject to the 'annual tax on enveloped dwellings' (ATED)
The deadline for completing tax returns is 31 January
Young men working in the communications industry are the most likely to miss the looming tax return deadline, HM Revenue and Customs figures suggest.
If you are required to file a Self Assessment tax return there are compelling arguments to support the notion that you should calculate your tax position as soon as you can after the 5 April. Don’t forget, it is possible to work out your tax position for 2014-15 and consider your planning options before you file the return. Certainly, we can undertake this for you.
By the end of May or early June 2015 you should be able to draw together most of the information.
©UKTaxworld / Infomanagement
An interesting consultation document has been issued by HM Treasury which looks at the possible restriction of the UK personal allowance entitlement for non-residents. Currently, many non-residents with taxable income arising from the UK can benefit from the personal allowance.
The personal allowance has increased significantly over recent years and is currently £10,000. The increase in the personal allowance was one of the main policies of the new coalition government when it came into office in May 2010.The allowance is set to increase further to £10,500 from April 2015.
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.
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.
MPs have joined the debate over the controversial new powers granted to HMRC by George Osborne in this year's Budget
In a report this morning, the Treasury Select Committee (TSC) criticised plans to grant HMRC new powers to recover funds directly from taxpayers’ bank accounts and said they were “of great concern”.
©ICAEW economia - Ellie Clayton
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.