Gifts to Charity

Gifts to Charity

Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example where an individual makes a £20 cash donation to charity the...
Off Payroll Working – Update for Contractors

Off Payroll Working – Update for Contractors

There is a proposed introduction of ‘off-payroll’ to the private sector which comes into force in April 2020.  The changes involved is the way that Contractors, operating via Personal Service Companies, more commonly known as Ltd companies, will be paid.IR35...
NEW VAT RULES FOR THE CONSTRUCTION SECTOR

NEW VAT RULES FOR THE CONSTRUCTION SECTOR

Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have start using a new method of accounting for VAT.Under the new rules, supplies of standard or reduced-rated building services...
HIGH INCOME CHILD BENEFIT CHARGE AND STATE PENSION

HIGH INCOME CHILD BENEFIT CHARGE AND STATE PENSION

We recently looked at tax planning to minimise or eliminate the high income child benefit to keep both husband and wife (or civil partners) looking after a child below the £50,000 threshold. Where the income of one of the individuals exceeds £60,000 such that the...
TAX PLANNING TO MINIMISE THE HIGH INCOME CHILD BENEFIT CHARGE

TAX PLANNING TO MINIMISE THE HIGH INCOME CHILD BENEFIT CHARGE

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child...