New Savings allowance

A new savings allowance is available to basic and higher rate taxpayers for 2016/17. The amount available depends on the individual’s circumstances: If any of the individual’s income for the year is additional rate income then the individual’s savings allowance for the year will be nil. If any of the individual’s income for the year…

Parking fines ruled not deductible

A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines. The company, G4S Cash Solutions, tried to reduce their corporation tax bill by approximately £580,000 but the first-tier tribunal has ruled in HMRC’s favour in rejecting the claim for the deduction of the fines. The company…

The limits that you need to be aware of if you are you thinking about making a pension contribution before the end of the tax year

Reviewing your pension position is always a good idea before the end of a tax year. As we are approaching the end of the 2015/16 tax year now is a very good time for giving this some thought. Making contributions can preserve personal allowances for anyone whose income is above £100,000. Pension contributions can be made…