UK Tax News from TaxPenny

Autumn Statement 2012

Well the 2012 Autumn Statement has now been given and we will do a quick shortlist of the important changes for personal tax, business and benefits. Changes which will affect individual pockets People born after 5th April 1948 (Under 65) will have a higher than previous announced tax free personal allowance. The chancellor has announced [...]

Personal Budget Planner

The importance of setting yourself financial goals, both short and long term, is to be noted in the financial climate we all find ourselves in at the moment. Some people have a rough idea of where their money goes by skimming through bank statements every month, others choose to use sophisticated planning software to keep [...]

Emergency Budget 2010 Calculator

The Chancellor, George Osborne, will be announcing the Con-Lib Coalitions first budget since the election at 12:30 PM today. A lot of speculation hints at an increase in the income tax personal allowance by £1000 to £7,475 – other tax changes are centered around Capital Gains and VAT. Remaining changes will be to expenditure on [...]

2009 Pre-Budget Report Announced

According to a HMRC Press Release, Alistair Darling will make his Pre-Budget statement to the House of Commons on Wednesday 9 December 2009 at 12:30

Alistair Darling Budget 2009

Furnished holiday lettings

The Budget 2009 contained announcements about significant changes to the rules for furnished holiday lettings (FHL) but those who are affected may have to act fast. The main announcements are set out below: Extension of the furnished holiday lettings scheme to properties in the European Economic Area (EEA) (previously it was thought that the property [...]

Budget 2009

Alistair Darling presented his second Budget on Wednesday 22 April 2009. Having acknowledged the depth of the recession, he hinted that the Budget measures would enable the UK economy to begin to grow ‘by the end of the year’. As always the timing of the changes needs to be carefully watched – some are immediate [...]

Personal tax changes

The Chancellor has not only brought forward proposals which were to take place in 2011, he has also made changes to his original announcements. From 6 April 2010 the personal allowance, currently £6,475, will be subject to an income limit of £100,000. An individual’s personal allowance will be reduced by £1 for every £2 of [...]

Restricted tax relief on pension contributions

Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution. The government has announced its intention to restrict tax relief on pension savings with effect from 6 April 2011 for [...]

Enhanced relief for trading losses

Under current rules businesses already have a number of mechanisms to relieve trading losses against other income including past trading profits. Unincorporated businesses can offset unlimited trading losses against income in the preceding year and in the early years of business trading losses may be carried back for three years. The main relief for companies [...]