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January 2019

Ministers considering over 40’s tax

Ministers in the United Kingdom are considering new ways to fund the increasing cost of social care.  One of the suggested methods has been successfully used in Germany for nearly two decades and involves placing a 2.5% levy onto the income and earnings of those aged over 40.

Most small businesses receive funding boost

The overwhelming majority of small businesses that applied for finance in the first six months of 2018 were successful, statistics show.

CGT planning for married couples

This article is also relevant to couples who have entered into a civil partnership. For the tax year 2018-19, taxpayers can make tax-free capital gains of up to £11,700. This allowance is available on a per person basis and so married couples (and those in a civil partnership) have a combined CGT allowance of £23,400.

Is the top rate of Income Tax 45%?

Named the additional rate, the highest rate of Income Tax is 45%, and some might say 45% is high enough. However, if the rate of tax is measured as the relationship between income and tax plus tax related penalties paid, there are times when this 45% can rise, to as much as 90%.

Set your New Year resolutions

This is not the place to discuss your personal options, but this is an ideal time to consider your business and personal financial planning options for 2019. What are your options?

Tax Diary January 2019

See important tax dates for January here.

January is here - completing your self assessment tax return

As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.

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