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First Minister Nicola Sturgeon has announced plans that income tax rates in Scotland will be frozen, with no increases in the basic, higher or additional rates. However the significant cuts (reduction in income tax liabilities) which would result from the increases to the higher rate threshold proposed by the UK government would not be adopted
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Personal taxation The 40% income tax threshold will rise from £42,385 now to £45,000 in April 2017 Tax-free personal allowance to rise to £11,500 in April 2017, and £12,500 by 2020 Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers 0.5% rise in insurance premium tax
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Today George Osborne will deliver his eighth budget since becoming Chancellor. It has been four months since his last report into the state of the UK’s finances, and since then growth has dipped and tax receipts are lower. On top of all this is the looming “Brexit” referendum, to decide Britain’s future in the European
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There’s nothing better than completing your tax return and finding out you are due a refund – brilliant! However I received a text message today from “HMRC” and it got me thinking, how do you know whether correspondence you receive from HMRC is genuine or not? I received the following text message from someone claiming
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Many company directors will soon be receiving PAYE coding notices for 2016/17, meaning the tax due on dividends drawn will be collected through PAYE. The rules on dividends are set to change from 6th April 2016. Up to now as a company director you could take your personal allowance plus just over £31,000 in dividends
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Almost all businesses will operate a payroll. Find out why I think it’s useful to outsource your payroll. Getting pay figures right and making sure the correct information is sent to HM Revenue and Customs (HMRC) is of the utmost importance. Since the introduction of the Real Time Information (RTI) scheme in April 2013, employers
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We are all well aware of the national minimum wage, but soon to be introduced is the national living wage. Not sure what it is? Let me explain. The national minimum wage was first introduced way back in April 1999 when Labour were in power by the Low Pay Commission. Its started at just £3.00
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Starting your own business is both an exciting move and a massive step for you – well done! For many new business owner, priorities lie in bringing in money and driving the new business forward. Often bookkeeping and paperwork can get neglected. Here we look at the ten most common bookkeeping mistakes made by new
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The deadline for submitting self-assessment tax returns is less than two weeks away. There’s an automatic £100 penalty for missing the 31st January deadline. Of the 11 million people who have registered for self assessment or need to fill in a tax return, 4.5 million this year have yet to complete one. Here are seven
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I was in Austalia… Evidently travelling to the other side of the world is not a reasonable excuse for filing your tax return late. HMRC has revealed its annual top 10 late filing excuses and some of them are hilarious! My pet dog ate my tax return and all the reminders I was up a