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News from InAccountancy

Higher rate pension savers missing out on tax relief

24th January 2013 | Written by In Accountancy | Categories : News

Figures from HMRC show that 55 per cent of the estimated 900,000 higher rate taxpayers in the UK contribute to defined contribution pension schemes. They have an average salary of £51,580 and make contributions of £425 each month on average.
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Fancy a challenge? Opening a small business will definitely give you that…

24th January 2013 | Written by In Accountancy | Categories : News

In owning and managing your own small business, the responsibilities and demands fall largely on one person – the owner. You may employ workers and involve your nearest and dearest but the responsibility for achieving success or carrying failure largely
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The HMRC Direct Sellers tax campaign

24th January 2013 | Written by In Accountancy | Categories : News

Direct selling involves selling directly to customers without the need for a shop. Selling can involve demonstrating a product in a customer’s home, sometimes at a party, while some agents sell door to door, often using catalogues. Direct sellers take
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Have you completed your tax return online?

17th January 2013 | Written by In Accountancy | Categories : News

Recent legislation changes have led to HMRC being given more power than ever before when it comes to penalising the tax payer and they have wasted no time in utilising these new powers.


Child Benefit Changes – what you need to know

14th January 2013 | Written by In Accountancy | Categories : Pensions and Payroll, Personal Tax

Child Benefit changes – what you need to know. If you or your partner earns in excess of £50,000 this year, you will lose 1% of the Child Benefit you currently receive for every £100 of income above this limit.
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Ten ways to cut Inheritance Tax liability

3rd January 2013 | Written by In Accountancy | Categories : News

As a starting point, every individual is entitled to a nil rate band, under which no inheritance tax is payable. For the current tax year, the nil rate band is £325,000. Any inheritable assets over that threshold figure can attract
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If tax avoidance is legal, why is it such a hot topic?

31st December 2012 | Written by In Accountancy | Categories : News

The traditional British view of tax evasion and tax avoidance is black and white: tax evasion is illegal, while tax avoidance is legal. In this time-honoured view, there was even a sense that, while tax evasion was clearly wrong, there
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Banking and tax planning for moving abroad

31st December 2012 | Written by In Accountancy | Categories : News

Overall, the number of British people moving to live abroad is still rising, with about 10% of British people now living overseas, according to Government figures. If you are there already or are thinking about moving abroad, your financial arrangements
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Tax liability for dividend income and interest income

28th November 2012 | Written by In Accountancy | Categories : News

UK dividends are income from UK company shares, unit trusts and open ended investment companies. Dividend income is not the same as income from interest and for taxable purposes the two are treated by HMRC separately and differently.


Filing an online tax return late – will your excuse stand up?

28th November 2012 | Written by In Accountancy | Categories : News

When you file an online return, Her Majesty’s Revenue and Customs (HMRC) expects you to do everything possible to meet the deadline and makes it quite clear that if you file a return late and you don’t have a ‘reasonable
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Government action against tax avoidance

22nd November 2012 | Written by In Accountancy | Categories : News

The Chief Secretary to the Treasury, Danny Alexander, in September 2012, made a number of announcements about actions the Government is taking to tackle tax avoidance. The operation of two components of the strategy were highlighted – the workings of
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HMRC are interested in Bonuses and Commission

22nd November 2012 | Written by In Accountancy | Categories : News

If an employer pays an employee a bonus or commission, it’s seen by Her Majesty’s Customs and Excise (HMRC) as part of the pay for the job, with a liability to pay tax and National Insurance (NI) contributions on them
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