Bottomline
Summer 2012
It's 1:20pm on Sunday 20th May, 2012
Tax planning for children
Children can have tax-free income of up to £7,475 in 2011/12. However, investment income of more than £100 a year derived from a gift from a living parent is taxed as that parent’s income if the child is under 18 years old and unmarried. Older teenagers could work in a parent’s business for a reasonable [...]
Posted by
Tony Medcalf
in
Advice for Family businesses, Advice for Individuals, Tax, Wealth management
On March 27 2012
Year end tax planning for directors and employees
Income over £150,000 is taxed at 50% (42.5% on dividends). You might be able to avoid this additional rate next year by bringing forward a bonus or dividend into 2011/12, or avoid it this year by delaying such income until 2012/13. You can use a similar strategy to keep your income below the level at [...]
Posted by
Tony Medcalf
in
Advice for Businesses, Tax
On March 27 2012
Capital gains tax (CGT) planning
Every individual has an annual CGT exempt amount, which in 2011/12 and 2012/13 makes the first £10,600 of gains free of tax. Gains above the annual exempt amount are taxed at 18% where taxable gains and income are less than the basic rate limit of £35,000 in 2010/11 (£34,370 in 2012/13) and at 28% on [...]
Posted by
Tony Medcalf
in
Tax
On March 26 2012
Budget analysis: Personal allowance
“The increase in Personal Allowance by £1,100 to £9,205 is of course welcomed and will reduce the tax burden for many in region.” says tax partner Tony Medcalf. “However, it is disappointing that the Chancellor has not taken the opportunity to remove the anomaly of the reduction of the personal allowance for taxpayers with income [...]
Posted by
Tony Medcalf
in
Moore and Smalley comment, The Budget
On March 22 2012
Budget 2012: 50p tax rate cut, will they or won’t they?
Tony Medcalf, tax partner at Moore and Smalley, outlines his expectations for the Budget. Once again, there’s been plenty of speculation in the run up to this Budget about the 50p tax rate, with many continuing to lament it for being ineffective as a revenue generator. However, with the current state of the economy, Government [...]
Posted by
Tony Medcalf
in
The Budget
On March 19 2012
Controlled Foreign Companies full reform
On 6 December 2011, the Government published draft clauses for legislation to be included in Finance Bill 2012, and other tax updates. The draft clauses will be open to consultation until 10 February 2012. This included the issue of draft clauses for the full reform of the ‘Controlled Foreign Companies’ rules. The UK has Controlled [...]
Posted by
Tony Medcalf
in
Advice for Businesses, Tax
On February 1 2012
VAT and property – Opt to tax explained
If you have an interest in property, whether freehold or leasehold, and use it for your own business purposes and do not rent it to others, it is generally unlikely that you will need to consider opting to tax the property. However, if you wish to generate additional income from the property, or dispose of [...]
Posted by
Tony Medcalf
in
Advice for Businesses, Tax
On January 26 2012
Making mileage of your employees’ travel
Are your employees’ business travel arrangements as cost-effective and tax-effective as they might be?
Posted by
Tony Medcalf
in
Advice for Businesses, Tax
On January 24 2012
