Following the announced sale by Vodafone of its stake in a US mobile phone network, Verizon Wireless, what are the UK tax implications for owners of Vodafone shares? The deal. It’s anticipated that Vodafone shareholders will receive shares in Verizon Communications, Verizon Wireless’s parent (with the base cost for capital gains tax purposes split between […]
Category Archives: Personal Taxes
Business Taxes, PAYE, Personal Taxes, Self Assessment, Tax Planning
High Income Child Benefit Charge (HICBC)
05
Sep
Sep
The HICBC was introduced on 7 January 2013 and applies to couples where: One partner has received Child Benefit payments after 7 January 2013, and Either partner has income in excess of £50,000 a year. The person with the highest income, if both are over £50,000, will be liable to pay the charge. It will […]
03
Sep
Sep
HMRC are looking to increase this activity, which involves the collection of tax debts by way of reducing your Code Number used when calculating PAYE deductions on earnings. There would be no change to the current £3,000 maximum that can be coded out for individuals earning less than £30,000, and the current coding out limit […]
Business Taxes, PAYE, Personal Taxes, Self Assessment, Tax Planning
100% Tax Write-off for a Low Emission Car
03
Sep
Sep
If you buy a new car for your business that has CO2 emissions of no more than 95g/km, you can claim a full deduction against your business profits. There are approximately 30 cars that fall into this category, but the list is growing. If you run your business as a limited company, the private use […]
20
May
May
HOW IT WORKS In 2012/13 and later tax years, a proportion of the child benefit received by an individual may be taxable if the individual has “adjusted net income” exceeding £50,000 and either: a. he was entitled to child benefit for any week in the tax year, and no other person who was his partner […]
Business Taxes, PAYE, Personal Taxes, Tax Planning
Budget 2013 implications for Directors Loan Accounts
03
May
May
Budget 2013 announced various anti avoidance measures aimed at “loans to participators”, this is the technical term for what we call “your overdrawn directors loan account”. The Rules Where a company makes a loan or advance to a participator (which to all intents and purposes means you as a director), it must account for tax […]
02
Apr
Apr
As you may know, there is a nasty tax trap by reference to the gradual withdrawal of the personal allowance if your taxable income exceeds £100,000. This is via a reduction of £1 of allowance for every £2 of excess taxable income. For 2013/14 the trap potentially applies to even more taxpayers with the increase […]
21
Mar
Mar
PERSONAL Help for home buyers Two schemes are available. Help to buy: equity loan This scheme will run for three years from 1 April 2013 and is proposed to provide £3.5bn of additional investment. • The scheme will apply to new builds only • All house buyers can apply – this scheme is not restricted to first-time […]
Business Taxes, PAYE, Personal Taxes, Self Assessment, Tax Planning
Budget 2013 – a Budget for an aspiration nation?
20
Mar
Mar
The Chancellor delivered a bleak economic forecast when he stood up this afternoon, admitting growth in 2013 would be 0.6% – half the 1.2% he predicted four months ago in the autumn statement. However, growth forecasts for the economy in future years are forecast to be in more positive territory, with predictions of 1.8% growth […]