From 6 April 2015 married couples and civil partners may be eligible for a new tax break.
The new transferable tax allowance means spouses and civil partners can transfer up to 10% of their personal tax-free allowance to the other partner, which means £1,060 for the 2015/16 tax year.
Capital Allowances – NEW anti-avoidance rules for plant & machinery. The government announced the new rules on 26 February 2015. It’s intention to remove the opportunity for tax avoidance in this area.
Legislation introduced on 17 July 2014 means that those who have used a tax avoidance scheme may have to make a payment in advance to HM Revenue and Customs (HMRC) in relation to their use of the scheme, before the final tax amount has been agreed or determined. This is known as an advanced payment.
In 2013 George Osborne announced a £2,000 employment allowance which removed the first £2,000 of employers’ National Insurance contributions. This tax cut is estimated to benefit 1.25 million businesses and 35,000 charities. It is also predicted that 450,000 businesses will drop out of paying employers’ National Insurance completely.
In February 2013 the Isle of Man signed an agreement with the UK to co-operate with HMRC to ensure UK resident investors are fully compliant with regard to their UK tax affairs
Much has been written about the new tax charge on Child Benefit where a member of the household has income in excess of £50,000 pa.
In order to avoid the tax return hassle some people may be best advised to stop receiving the benefit payments.
