Capital Tax Changes 2014/2015

Capital Tax Changes 2014/2015

Selling Your Home When you sell your home, any gain you make is tax free if you have lived there for the entire period you owned it. If you occupied the property as your main home (or elected for it to be treated as your main home) for just part of the time you owned...
Capital Tax Changes 2014/2015

Individual Tax changes 2014/2015

Income Tax Allowances The standard personal allowance will increase to £10,000 from 6 April 2014, but the age allowances for those born before 6 April 1948 are frozen. Allowances for 2014/15 are… Personal allowance (born after 5 April 1948): £10,000 Personal...
Capital Tax Changes 2014/2015

Small Business Tax Changes 2014

Business Rates From April 2014 businesses will be able to spread the payment of their business rates over 12 months instead of 10. The increase in business rates for the year to 31 March 2015 will be capped at 2%. The high level of small business rates relief (SBRR)...
Capital Tax Changes 2014/2015

Autumn Statement Newsletter – Employment

NIC Exemption for Young Employees From 6 April 2015 employers will not pay class 1 employer’s NICs on the wages of employees aged under 21, where the employee earns less than the upper earnings limit (£813 per week in 2015/16). The employee will pay NICs on...
Capital Tax Changes 2014/2015

Use of Home Calculation

S34 Income Tax (Trading and Other Income) Act 2005.This page looks at some of the types of expenditure that may be allowable. It should not be seen as an exhaustive list. What is allowable depends on the facts in each case.Expenses broadly fall into two categories,...