Major changes to Stamp Duty Land Tax rates for the taxation of UK property worth more than £2 million were announced in the budget earlier this year. A significant change is the proposed introduction of an annual charge on residential properties worth more than £2 million which are held by a Company, regardless of whether […]
Tag Archives | Tax
Real Time Information
Real Time Information (RTI) is a priority Government programme aimed at improving the operation of Pay As You Earn (PAYE). It will operate online. At present, employers and pension providers send information about tax and national insurance contributions (NICs) to HM Revenue & Customs (HMRC) after the end of each tax year. This means that […]
Year End planning: Income Tax
There are numerous matters for taxpayers to consider when reviewing their income tax position, several of which are set out below. Age related allowances The higher personal allowances for 65 and 75-year-olds are subject to an income limit of £24,000 for 2011-12. It may be possible to replace taxable income with tax-exempt income through, for […]