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How to shield income from taxation
- 3rd December 2020
- Posted by: shayne
- Category: Tax
No CommentsTax planning tips to keep more of your income. “How can I legitimately reduce my tax bill” or “how can I keep more of my income” are two similar questions we get asked fairly regularly, often by clients who seek to validate how they are managing their finances. With recent governments cracking down on tax
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Cryptoassets and tax
- 4th August 2020
- Posted by: shayne
- Category: Cryptocurrency, Tax
HMRC’s evolving stance on taxing cryptocurrencies. Since the launch of Bitcoin in 2009, cryptocurrencies have grown steadily into the public consciousness and the taxman’s too. Once the realm of geeks and hackers, cryptocurrencies are becoming more mainstream. In late 2017, the price of a single Bitcoin surged to about $20,000 before falling away dramatically. Yes,
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Making the most of a windfall
- 1st June 2020
- Posted by: shayne
- Category: Tax
What to consider if you come into big money. Anyone who watched ITV’s recent drama Quiz, depicting Charles Ingram cheating his way to £1m on Who Wants to Be a Millionaire? back in 2001, can be forgiven for dreaming of scooping a windfall. Those dreams are likely to become more vivid this year, with the
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Tax card 2020/21
- 31st March 2020
- Posted by: shayne
- Category: Tax
Tax card 2020/21 Income tax allowances 2020/21 2019/20 Personal allowance* £12,500 £12,500 Personal savings allowance · Basic-rate taxpayer · Higher-rate taxpayer · Additional-rate taxpayer £1,000 £500 £0 £1,000 £500 £0 Dividend allowance at 0% £2,000 £2,000 Marriage/civil partner transferable allowance** £1,250 £1,250 Trading/property allowance*** £1,000 £1,000 Rent-a-room allowance £7,500 £7,500 Blind person’s
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High earners and the tapered allowance
- 6th January 2020
- Posted by: shayne
- Category: Tax
High earners and the tapered allowance Controversial taper rules explained. High earners will be familiar with the tapered annual allowance. After all, it spent most of 2019 mired in controversy after medical professionals in England snubbed overtime shifts amid fears of being clobbered with unexpectedly high tax bills. In December 2018, the number of senior
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Reclaiming overpaid tax
- 2nd May 2019
- Posted by: shayne
- Category: Tax
Reclaiming overpaid tax How to claim tax back through PAYE or self-assessment. Nobody likes paying tax, but most people would like to receive a brown envelope through the post from HMRC containing a tax rebate. Over the next couple of months, the Revenue will start issuing notifications to people who have paid too much tax
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Tax Card 2019/20
- 8th February 2019
- Posted by: shayne
- Category: Tax
Tax Card 2019/20 TAXABLE INCOME TAX BANDS AND RATES 2019/20 2018/19 Starting rate* of 0% on savings up to £5,000 £5,000 Basic-rate band £37,500 £34,500 Higher-rate band £37,501 to £150,000 £34,501 to £150,000 Additional-rate band Over £150,000 Over £150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45% Dividend ordinary rate
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Year-End Tax Guide 2017/18
- 22nd January 2018
- Posted by: shayne
- Category: Tax, Year End Tax Guide
Year-End Tax Guide 2017/18 Personal allowances and reliefs The personal allowance for the current tax year is £11,500. Non-savings income above the personal allowance is taxed at rates from 20% to 45%. A higher marginal tax rate may be payable between £100,000 and £123,000 when the personal allowance is gradually withdrawn, giving an effective marginal
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Tax Card 2018/19
- 18th January 2018
- Posted by: shayne
- Category: Tax
Tax Card 2018/19 TAXABLE INCOME BANDS AND TAX RATES 2018/19 2017/18 Starting rate* of 0% on savings up to £5,000 £5,000 Basic rate band £34,500 £33,500 Higher rate band £34,501 – £150,000 £33,501 – £150,000 Additional rate band Over £150,000 Over £150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45% 45%
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Tax Card 2017/18
- 22nd March 2017
- Posted by: shayne
- Category: Tax
Tax Card 2017/18 TAXABLE INCOME BANDS AND TAX RATES 2017/18 2016/17 Starting rate of 0% on savings up to £5,000* £5,000* Basic rate band Scottish basic rate band £33,500 £31,500 £32,000 £32,000 Higher rate band Scottish higher rate band £33,501-£150,000 £31,501-£150,000 £32,001-£150,000 £32,001-£150,000 Basic rate 20% 20% Higher rate 40% 40% Additional rate 45%
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