Posts Tagged ‘tax’

Capital Gains Tax Planning

When it comes to capital gains tax planning, here is our guide to tax efficiency when selling business assets for profit.

While capital gains tax (CGT) is paid by relatively few people, around 211,000 in 2013/14 according to HMRC, it can represent a significant cost for those affected.

The current tax-free allowance is £11,100, and everything above this will be taxed at either 10% or 20% depending on whether you’re a basic or higher/additional rate taxpayer. So capital gains tax planning is essential NOW for a brighter future. Warrington IFA Can Help

Money Management – May 2016

In this month’s money management, we look at:

  • Buying your first home

    Buy to Let

    Landlords and how buy-to-let investors rushed to complete before the April 2016 stamp duty changes took effect.
  • How the national living wage has now become a legal requirement for employers.
  • A number of changes to capital gains tax and entrepreneurs’ relief have been introduced for 2016/17.
  • We also look at the attitudes of senior managers can often be an obstacle to the introduction of flexible working.
  • Stamp duty changes lead to buy-to-let surge.
  • Changes to stamp duty introduced in April 2016 have been linked to changes in the buy-to-let market.

Budget – July 2015

Budget findings and implications:

Budget

Budget July 2015

The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. The information in this blog is based upon our understanding of the Summer Budget 2015, in respect of which specific implementation details may change when the final legislation and supporting documentation are published.

This blog is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. You should not make any investment decisions based upon its content.

Pension freedoms: the new changes and you

Pension freedoms, what does it all mean:

The 6 April 2015 saw the highly anticipated pension reforms announced in March 2014 quietly redefine the traditional retirement landscape. Known as the new ‘pension freedoms’ these changes will give individuals a much wider range of options on how to access their pension pots when they retire.

Whether you want to guarantee that you will receive a regular income throughout your twilight years or you want to take your money and turn it into some kind of productive assets, these reforms will let you make it easier for your money to do what you want it to.

So, what do these new freedoms mean in practice?

A YouGov survey, published a week after the reforms came into effect, found that:

  • 30% of people surveyed said they planned to exhaust all their savings within a decade
  • 16% would spend some of their funds on a holiday
  • 10% planned to buy a car
  • 23% would make new investments such as ISAs
  • 11% would pay off their mortgage
  • 8% would clear other debts.
  • 15% said they would help their children.

Just 12% planned to withdraw all their funds within a year, with 6% intending to take out more than £20,000.

Being married has it's tax perks


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If you are married or in a civil partnership then the changes in the budget will allow you to claim part of your spouse/partner tax allowances if they earn less than £10,600 this year.   You have to earn less than £42,385.  

It’s simple to make a claim, simply visit the HMRC website and complete your application online HMRC.  It’s another great tax planning tool, so if you would like to know how to save even more tax, speak to one of our advisers today.


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