Archive for March, 2012

Getting the Correct Tax Code

March 23, 2012

The last two years has been a difficult time for the HMRC’s National Insurance and PAYE Service. Soon after its launch vast numbers of incorrect tax code numbers were sent out and it automatically issued thousands of demands for tax that people had no idea. After being stung by criticism, HMRC has become more proactive […]

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Budget 2012; What Does it Mean to You

March 22, 2012

For individuals The income tax personal allowance is set to rise again, not just as scheduled in April 2012, but next year too. It will go up further in April 2013 to £9025.00. This is a step forward towards raising it up to £10000.00. On the otherhand, the 50p tax rate is to be brought […]

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Budget 2012; Key Points at a Glance

March 22, 2012

Income tax Personal allowance to be raised up to £9,205 from April 2013; this is a move according to the government that will make 24 million people £220 a year better off. But 300,000 more people will be drawn into the higher rate – 40% – tax band from 2013/14 as the threshold is brought […]

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Chancellor Cuts the 50p Tax Rate for Top Earners

March 22, 2012

The Chancellor yesterday announced that he is ready to cut the top tax rate for earnings over £150,000. He went on to say that the 50p tax rate raised “next to nothing” apart from being counter productive. On the other side of the axis, he will raise the threshold at which people start paying tax […]

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What Counts as a Fair and Reasonable VAT Claim?

March 16, 2012

Where you buy goods or services that are used only for business, the view of HMRC is that you can reclaim a fair and reasonable proportion of the VAT. But in some cases you can reclaim the entire amount.

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UK Trade Gap less than Expected in January 2012

March 13, 2012

The UK’s trade deficit was less than expected in January, thanks to a surge in exports of cars to the US, China and Russia according to the official figures. The deficit on seasonally adjusted trade in goods and services was £1.8bn in January 2011, compared with £1.2bn in December 2011. The UK’s goods trade deficit […]

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Get to Know the Benefits from Tax Credits

March 9, 2012

There are different benefits for people who work less than 16 hours a week and for people who work 16 hours or more. How will the tax credit be calculated based on hours or work? If you have more than one job, you should add the hours from both jobs together.However, if the number of […]

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Millions to Receive Payment Protection Insurance Letters

March 9, 2012

Banks are in the process of writing to millions of customers explaining that they might have been mis-sold payment protection insurance (PPI). According to the Financial Services Authority (FSA) these letters must be written in clear jargon free language. FSA has outlined what these letters should contain, including details of a time limit for making […]

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Tax Deductions for Buying a Franchise

March 2, 2012

Any activity where you pay to use a trade name, agency, system or just someone’s expertise is a franchise. There can be a heavy up-front fees associated with franchises, yet there are no special tax rules to say whether or not you’ll get a tax deduction for these.

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