• Changes Ahead for Dividends

    April 2016 will see a significant change to the taxation of dividend income. The changes are aimed at reducing the perceived tax planning advantage gained when businesses are incorporated and profits extracted in the main by way of dividends. The new proposal are: to introduce a tax-free annual Dividend Allowance of £5,000 to abolish the

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  • Pension Annual allowance – Latest Budget Proposals

    From April 2016, individuals with annual income of more than £150,000 (including employers and their own pension contributions) could see their annual pension allowance reduced considerably. At present the annual allowance is £40,000. However, under new proposals outlined by the Chancellor this will be reduced by £1 for every £2 of income over £150,000 down to a

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  • Tax Payment on Account

    July 2015 is the month in which the second 2014/15 tax year payment on account falls due. The 31 January 2015 and 31 July 2015 tax payments are, at present, based on your Tax and National Insurance liability for the tax year ended 5 April 2014. Can the July 2015 payment be reduced? The self-assessment

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  • Expenses Claims

    As specialist accountants for doctors we have submitted hundreds of tax-allowable expenses claims to HM Revenue & Customs (HMRC) resulting in significant tax refunds for many. Current tax rules allow for expenses claims to be submitted for the previous 4 tax years and can include previously unclaimed professional subscriptions, unreimbursed mileage, private pension contributions, medical equipment, examination costs

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