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Want to pay-off your student loan in full?

14/05/2019

Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect

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Tax on a private pension you inherit

14/05/2019

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that

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CGT and chattels

14/05/2019

A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of certain personal assets that are worth considering. That is because these assets or possessions with a predictable

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Entrepreneurs’ relief minimum period increased from April 2019

14/05/2019

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard

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The scope of CGT incorporation relief

14/05/2019

Where a taxpayer owns a business as a sole trader or in partnership, a Capital Gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise

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Employee Car Ownership Scheme (ECOS)

14/05/2019

An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of an ECOS can be seen as a halfway measure between providing a

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HMRC phishing emails warning

14/05/2019

HMRC continues to warn of the ever-present problem of fraudulent phishing emails. The emails typically look to obtain taxpayers personal and or financial information such as passwords, credit card or bank account details. The phishing emails often

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Using the Help to Save scheme

14/05/2019

The Help to Save scheme for people on low incomes was launched in September 2018. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits, to save and receive a 50% government

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Be Data Aware campaign

09/05/2019

The Information Commissioner's Office (ICO) has launched a new "Be Data Aware" campaign to help people understand how organisations might be using their personal data to target them online and why, and how people can control who is

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Landlords, time to consider your options?

07/05/2019

Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private residence. The government has said that the measures are being

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Submitting P11Ds is just the start of your obligations

07/05/2019

We would like to remind employers that the deadline for submitting the 2018-19 forms P11D, P11D(b) and P9D is 6 July 2019. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional

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Last call, are you ready for revised digital filing of your VAT returns?

07/05/2019

Most VAT registered businesses with a turnover above the VAT threshold need to be ready to keep digital records for VAT purposes, and to file their VAT returns, as required by the new Making Tax Digital (MTD) rules. What does this mean? For VAT

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Chargeable benefits from cheap loans

07/05/2019

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan

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How to treat post-cessation items if property business ceases

07/05/2019

There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Income Tax or

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What is a Close Company?

07/05/2019

A Close Company is broadly defined as a company that is controlled by: five or fewer participators or any number of participators who are also directors or where more than half the assets would be distributed to five or fewer participators, or

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Child benefit payments

07/05/2019

The weekly rates of child benefit for the only or eldest child in a family is currently £20.70 and the weekly rate for all other children is £13.70. These rates have remained unchanged for some time. Taxpayers entitled to the child

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NICs and termination payments

30/04/2019

The National Insurance Contributions (NICs) Bill was introduced into Parliament on 25 April 2019. The Bill will see the introduction of a new 13.8% Employer Class 1A NIC charge on termination payments and sporting testimonials that are already liable

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What is business relief for Inheritance Tax purposes?

30/04/2019

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. Currently, no tax is payable when a person’s estate is worth £325,000 or

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