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NHS PENSION – DO YOU NEED PROTECTION?
There is a deadline approaching. I am sure you are aware that HMRC will be reducing the lifetime allowance for pension savings to £1.25 million from 6 April 2014. If you work for the NHS, or have other substancial pension holdings, you need to ensure you have had your NHS pension/personal pension savings reviewed to…
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Budget 2014 – VAT and Tax Avoidance
VAT prompt payment discounts Legislation will be introduced in Finance Bill 2014 to amend the UK VAT legislation on prompt payment discounts so that it is aligned with EU legislation. Under the current rules, suppliers account for VAT on the discounted price offered for prompt payment, even when that discount is not taken up. This…
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Budget 2014 – Capital Taxes
Capital Gains Tax (CGT) rates The current rates of CGT are 18% to the extent that any income tax basic rate band is available and 28% thereafter. The rate for disposals qualifying for Entrepreneurs’ Relief is 10% with a lifetime limit of £10 million for each individual. CGT annual exemption The CGT annual exemption is…
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Budget 2014 – Business Tax
Corporation tax rates The main rate of corporation tax will be 21% from 1 April 2014. The current rate is 23%. From 1 April 2015 the main rate of corporation tax will be reduced to 20% and unified with the small profits rate. The small profits rate will therefore remain at 20% until then. Annual…
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Budget 2014 – Pension Changes
Pension changes The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes. Some changes to the current restrictive rules will come into effect from 27 March 2014 whilst further measures will follow in April 2015 after a period of consultation.…
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Budget 2014 – Savings & Investments
Individual Savings Accounts (ISAs) From 6 April 2014 the overall ISA savings limit will be increased from £11,520 to £11,880 of which £5,940 can be invested in cash. From 1 July 2014 ISAs will be reformed into a simpler product, the ‘New ISA’ (NISA) and all existing ISAs will become New ISA (NISA) From 1…
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Budget 2014 – Personal Tax
Personal Allowance for 2014/15 For those born after 5 April 1948 the personal allowance will be increased from £9,440 to £10,000. The reduction in the personal allowance for those with ‘adjusted net income’ over £100,000 will continue. The reduction is £1 for every £2 of income above £100,000. So for this year there is no allowance…
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Corporate Tax Award for Burgis & Bullock
Hot on the heels of our recent successes, Burgis & Bullock have been awarded the 2014 Midlands Based Corporate Tax Firm of the Year award by Acquisition International. This award recognises the increasingly important role that taxation plays in cross border transactions and highlights both the international and corporate tax expertise available at Burgis &…
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HMRC Delay Payroll Penalty Regime
HMRC have delayed the introduction of penalties for late or incorrect submission of RTI Returns and payments The Real Time Information (RTI) reporting system for PAYE was introduced in April 2013 and a new penalty regime for late filing and late payment under RTI were due to commence on 6 April 2014, however HMRC has now…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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