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Finance Markets - News
Fri, 30 Jul 2010 17:04:20 +0000
European equities markets were mostly lower Friday after the US gross domestic product was reported only 2.4 percent higher in the second quarter, close to expectations but well below the revised 3.7 percent growth in the first quarter. The FTSE 100 was down 1.05 percent to 5,258.02 in London, while the FTSE 250 dropped 1.25 percent [...]
Fri, 30 Jul 2010 13:37:25 +0000
Official figures have revealed the world’s largest economy experienced annualised growth of 2.4% in the April to June period, according to the US Commerce Department. The figure came in slightly below expectations but it is the first of three estimates and could be revised up or down in the next few months. However, the growth has [...]
Fri, 30 Jul 2010 11:45:26 +0000
Nationalised lender Bradford & Bingley (B&B) today announced it returned to profit in the first half. The bank posted a pre-tax profit of £896 million for the six months to the end of June, after posing a loss of £160 million in the same period a year ago. Meanwhile, operating costs fell from £65 million to £59 [...]
Personal Tax
Personal tax (income tax and capital gains tax) is arguably the most understood of all of the taxes, as most of the population pay it in a very visible way. Since the introduction of self assessment, the self employed, the employed, investors and trusts all need to understand the new rules, to minimise their overall tax exposure.
If you are selected by the Inland Revenue to fill in a self assessment personal tax return, because you are self employed, a higher rate taxpayer, a director, a property investor, or another reason, you need to make sure that this return correctly discloses all taxable income sources and claims all valid tax deductions.
Specific areas which we are typically asked to advise on include:
- Income and capital gains tax on buy-to-let residential properties,
- Disclosure and taxation of benefits in kind,
- Income tax on pension and investment income,
- Utilising both spouses' basic rate income tax bands and CGT annual exemptions,
- Filing and payment deadlines, together with the self assessment interest and penalty regime for when these deadlines are breached,
- Claiming maximum relief for contributions into pensions.
Disclosing and then agreeing your personal tax liability with the Inland Revenue is principally achieved by the completing and filing of a self assessment tax return..
Understanding this complicated tax system and paying the minimum amount of personal tax, at the correct time, through the correct mechanism, should satisfy our client. We may even be able to suggest ways to restructure your affairs to save further tax.
External Links
Next Tax Date
Deadline for submitting P46 (car) for employees whose car/fuel benefits changed during the quarter to 5 July 2010