Article Database - Topic: 'Income tax' - Keyword: 'Allowances'

 
700,000 missing out on tax allowance Publication date: 04.03.2019
Article database » Income tax » Allowances
700,000 missing out on tax allowance..Married couples are losers! HMRC estimates that 700,000 couples who are eligible for the marriage allowance (MA) are losing out by not claiming it. HMRC’s poor guidance might be a factor behind the missed claims ( yr.17, iss.9, pg.6 , see The next step ). While the MA is only worth around £230 per year, many...
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New tax and NI bands - how much better off will you be? Publication date: 13.11.2018
Article database » Income tax » Allowances
The Chancellor announced a substantial hike in the thresholds for basic rate tax and NI. At first sight these look generous, but looks can be deceiving. How much better off might you be from April 2019?
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Allocating personal allowances Publication date: 26.06.2017
Article database » Income tax » Allowances
Allocating personal allowances..Earlier article. In our earlier article ( yr.17, iss.17, pg.3 , see The next step ) regarding how you can reallocate your tax-free personal allowances to improve your tax position we included two tables of calculations. These omitted a couple steps and so while the result was correct, i.e. the reallocation produced a...
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Getting more from your tax-free allowances Publication date: 26.05.2017
Article database » Income tax » Allowances
Government tinkering with the tax rates and allowances now means you should approach working out your tax bill differently. Relying on usual practice or HMRC to get it right might mean paying too much. How can you ensure you don’t?
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How does the new tax-free trading allowance work? Publication date: 28.04.2017
Article database » Accounts » Miscellaneous
In April 2017 two new tax-free allowances for were introduced for micro businesses. One applies to trading and miscellaneous income and could save you tax on up to £1,000. How can you take advantage of it?
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The trouble with the “marriage allowance” Publication date: 02.02.2017
Article database » Income tax » Allowances
Latest statistics show that many couples are overlooking their entitlement to the marriage allowance which allows the transfer of unused personal allowances between them. HMRC’s guidance might be partly to blame. What’s the full story?
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Maximising the nil rate tax bands Publication date: 28.06.2016
Article database » Income tax » Allowances
For 2016/17 using your basic personal tax-free allowance, starting tax rate and the new zero rate bands for savings income and dividends allows you to engineer up to £22,000 tax free. How is it done?
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Introducing the new tax allowances Publication date: 24.02.2016
Article database » Income tax » Allowances
New tax-free allowances will be given to shareholders and investors from 6 April 2016. How might these affect your tax bill and is there any planning you can do?
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The transferable tax allowance shambles Publication date: 20.10.2015
Article database » Income tax » Allowances
The transferable tax allowance shambles..Late starter. The transferable tax allowance (TTA) for married couples has been available since 6 April 2015. However, HMRC is doing a superb job of stopping anyone from claiming it. It has had since late 2013 to provide a claim process for the TTA, yet as of October 2015 it isn’t accessible. What’s more,...
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Procedure for transferring tax allowance Publication date: 04.03.2015
Article database » Income tax » Allowances
Procedure for transferring tax allowance..Transferable allowance. In February 2015 we reminded you about the introduction of the transferable personal tax-free allowances for married couples ( yr.15, iss.10, pg.8 , see The next step ). It comes into effect on 6 April 2015, but despite having 18 months’ notice to prepare, HMRC isn’t yet ready to...
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