The Pension Tracing Service is a useful resource service for savers concerned about forgotten pensions. A million people have now used the free government service in order to track down their lost pension savings. The service has links to more than 320,000 pension-scheme administrators which you can use to search for your forgotten pension. You can search… Read more »
Posts Categorized: Friday Tax Tip’s
Save On Your Care Costs
The average cost of staying in a care home is around £30,000 a year and many won’t be able to rely on the state to pick up the bill. Alongside with this, is the increase in ageing population and longer life expectancy. This means that you might end up facing some hefty bills in your… Read more »
Tax-Free Rental Income
The government’s Rent-a-Room scheme allows you to earn up to £7,500 per year tax free by letting out furnished accommodation in your home. You don’t have to do anything as you will be automatically exempted from tax on your rental income. You can also opt in to the scheme at any time if: you… Read more »
Tax-Free Life Insurance
Life Insurance offered by employers is considered an employee incentive as it provides peace of mind that their families will have some financial assistance if they were to die. However, one problem with Life Insurance is that it gives rise to a taxable benefit-in-kind. The tax-efficient alternative for this problem would be to look at… Read more »
Tax-Free Holidays For Your Family
Your employer can pay for two trips per tax year for your spouse and children when you have to work abroad for a continuous period of at least 60 days without any charge to tax on the costs arising on you. If necessary, you should delay or bring forward a trip to be able to… Read more »
Substantially Reduce Stamp Duty
Multiple Dwellings Relief is a relief you can claim when you buy multiple dwellings. Dwellings are buildings or part of a building that is suitable for use as a single dwelling or is in the process of being constructed for such use. This relief is not just for purchases for property portfolio but it is also… Read more »
‘I Do’ To Wedding Tax Relief
As more and more couples are deciding to live together before getting married, they now tend to request gifts of cash rather than the traditional gifts such as kettles and china tea cups. This is why guests should take advantage of the tax relief available on their gifts to the bride and groom. All or part… Read more »
Delay Tax On Bonus Payments
Paying a director’s salary or bonus is a Corporation Tax deductible cost for a company. The taxman could dispute a deduction if the remuneration is excessive compared to the company’s income. However, the timing of a tax deduction is a different matter. Nine-month rule: According to the Corporation Tax rules, a deduction can be… Read more »
Avoid Capital Gains Tax On Divorce
One prevalent issue with divorce is the separation of assets from one spouse to another. Although assets can generally be transferred between spouses at no gain or no loss when spouses are still ‘living together’, this treatment ceases after the tax year in which separation occurs. HMRC treats spouses as ‘living together‘ unless separated: under a court… Read more »
National lottery syndicate tax rules
Businesses all over the country run lottery syndicates. Find out more about national lottery syndicate tax rules. In lottery syndicates, staff members usually put in an agreed amount each week and the designated employee will use the funds to buy lottery tickets. If the lucky numbers come up, the prize will be equally shared by… Read more »
