SELF-ASSESSMENT - 27.08.2024
Why encourage clients to file early?
HMRC revealed that nearly 300,000 taxpayers filed their 2023/24 tax return in the first week of the 2024/25 tax year. What advantages does early filing offer, and why should you encourage clients to do so?
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SALARY SACRIFICE - 19.06.2024
How can clients side-step the OpRA rules?
The optional remuneration arrangement (OpRA) rules have been around for several years. They aim to cancel the tax and NI advantages offered by salary sacrifice schemes. But how can clients still secure these advantages for their employees?
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PARTNERSHIPS - 21.05.2024
Partnerships: tax consequences of changes in ownership
The founding partners of a trading partnership are approaching retirement, having steadily reduced their involvement in the trade in recent years. They will sell their interest to a family friend. What will be the main tax consequences of this, and is there any other advice you can give?
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INCOME TAX - 30.04.2024
Can relocating reduce your income tax bill?
In 2024/25 there are six tiers of Scottish income rates and thresholds with a top rate of 48%. Our subscriber currently lives in the Scottish borders but is thinking of moving a few miles south to England. What might he save in tax?
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PROFIT EXTRACTION - 18.03.2024
Avoiding or reversing inefficient profit extraction
The end of the tax year is almost here and it’s time to check your tax position. You may have room to take more tax-efficient income from your company, or you might discover you’ve overdone it. What steps can you take to rescue the situation?
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TAX PLANNING - 05.03.2024
Threshold tax and benefit traps on families
The media like to bandy about the phrase “stealth tax”. In reality what they call stealth tax isn’t at all. However, there are genuine cliff-edge income thresholds that result in unfair tax charges. What are they and how can you avoid them?
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