The Christmas Party

For those of you who are organising a well deserved works party this Christmas we have sketched out below the current reliefs available: The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. Also as long as the criteria below are followed, there will be no taxable…

Making Gains

Unless you qualify for Entrepreneurs’ Relief, all taxable capital gains in excess of the annual exemption, presently £10,100, would be taxable at 18%. There has been speculation that this rate will increase to discourage schemes to have income treated as capital gains. Next year, 2010-11, the top rate of income tax will be 50%, with…

Avoiding the high income tax rates

From 6 April 2010 the 50% income tax rate comes into play – for those with income over £150,000. For those earning over £100,000 personal allowances are withdrawn, creating an eye-watering marginal rate of 61.5% There are options. If you are concerned about the impact of this new tax band on your taxed income do…

Property tax update

Business Rates Business rates became due on most vacant business property from 1 April 2008 when previously such properties were exempt from rates. In last year’s Pre Budget report the Chancellor announced an exemption from business rates for empty properties which had a rateable value of less than £15,000, but only for the 2009/10 financial…