Personal Tax

personal finances

Personal Finances

Key announcements affecting your personal finances.   Personal and trust taxes A summary of the income, inheritance, and capital gains tax changes that have been announced. Pensions and investments The pension annual allowance has been £50,000 since 2011/12, but it is being reduced to £40,000 from 2014/15. Other announcements for your finances The Chancellor announced

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personal and trust taxes

Personal & Trust Taxes

Income Tax Income tax personal allowance   The income tax personal allowance for individuals born after 5 April 1948 is increasing from £8,105 to £9,440 for 2013/14 and further increasing to £10,000 in 2014/15. In subsequent years the income tax personal allowance will be amended by the increase in the consumer prices index. To compensate

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Pensions and Investments

Pensions and Investments

Reducing the pension annual and lifetime allowances   The pension annual allowance has been £50,000 since 2011/12, but it is being reduced to £40,000 from 2014/15. Unused annual allowance from the three previous ‘pension input period’ years (annual periods commencing from when the pension started or from when the first contribution was made after 6

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Relocation Expenses

How Employees Relocation Expenses Apply?

This guide explains your tax and National Insurance Contributions (NICs) obligations if you provide expenses and benefits to an employee in connection with a change in their main residence. (Relocation Expenses) HMRC treats different types of employer support for an employee’s relocation differently; there’s an exemption for certain expenses and benefits connected to relocations that

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