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Specialist Areas In the June 2010 ‘Emergency Budget’, the Coalition Government announced that the maximum expenditure on machinery and vehicles qualifying for the 100% Annual Investment Allowance will be reduced from £100,000 to £25,000 a year, with effect from 6 April 2012 (1 April 2012 for companies). Special transitional rules apply where the trader’s accounting date is [...]
Barter transactions between businesses can be beneficial to both parties, but they can cause tax problems. The starting point is that each party is treated as making a sale to the other. The first problem is the value to be ascribed to that transaction. HMRC’s published guidance for traders is that: ‘Even if you do [...]
As part of last month’s Autumn Statement, the Chancellor of the Exchequer confirmed the tax rates and allowances for next year. As previously announced, the personal allowance will rise from the current £7,475 to £8,105, an above-inflation increase of £630 which will produce a saving, for basic rate taxpayers, of £126. There will be no [...]
These new ISAs (Individual Savings Accounts) were launched on 1 November 2011. The main features of the Junior ISA are: • Children living in the UK who do not have a Child Trust Fund (see below) will be able to have a Junior ISA • There will be two types of ISA ‘cash’ and ‘stocks [...]
HMRC’s Tax Health Plan has been running since January 2010 and was set up to recover unpaid tax from medical professionals. It offered relatively low penalty rates to doctors and dentists who brought their tax affairs into line but warned that those who did not disclose unpaid tax liabilities would face higher penalties later. In [...]
There are two different sections within the NHS Pension Scheme (NHSPS). NHS Staff who joined the NHSPS prior to 1st April 2008 are in the 1995 Section. Anyone joining for the first time on or after 1st April 2008 will be in the 2008 Section. 1995 Section members, in service on 1st October 2009, will [...]
