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Community Investment Tax Relief Scheme | What is the HMRC community investment tax relief?

What is the Community Investment Tax Relief Scheme?The Community Investment Tax Relief (CITR) scheme encourages investment in accredited intermediary organisations, called Community Development Finance Institutions (CDFIs). The tax relief under the system is available to both individuals and companies. CDFIs may take a range of forms, including: • Community loan funds, which make capital available to community regeneration initiatives and businesses; • Micro-finance funds, which make small loans, usually at near-market rates of interest, to the smallest businesses, e.g., sole traders and • Social banks - profit-seeking financial service providers or subsidiaries dedicated to social or environmental objectives.  

12 Oct 2023 Read more
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Utilising Capital Gains Tax Losses | Can I deduct capital losses from capital gains?

What are Capital Losses Usually, if you sell an asset for less than you paid, you will make a capital loss. As a general rule, if the support would have been liable to CGT had a gain occurred, then the loss should be an allowable deduction.  

12 Oct 2023 Read more
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Paying tax by Certificate of Tax Deposit | What is the HMRC CTD scheme?

What is the Tax deposit Scheme? The Certificate of Tax Deposit scheme allowed users to deposit money with HMRC and use it later to pay tax liabilities. The date that the certificate was purchased was known as the effective payment date. The scheme closed for new purchases on 23 November 2017. ​ However, at the time, HMRC had committed to honour existing the remaining certificate of tax deposits until 23 November 2023. As this date approaches, it is important that certificate tax of deposit holders take appropriate action. 

12 Oct 2023 Read more
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Kickstart the weekend: We’ve made a change to our core hours

Moore (South) is pleased to announce that we are changing our core working hours. Earlier in the year, we surveyed our team to ask them their views on changing our business closing hours on a Friday from 3pm to 1pm. The results showed that over 85% supported the change of finishing at 1pm on a Friday.  

6 Oct 2023 Read more
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Tax Diary October 2023 | Important Tax Year Dates and Deadlines

Key dates for your tax diary in October 2023.

20 Sep 2023 Read more
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What are Class 2 and Class 4 National Insurance Contributions (NIC’s) ? | How to pay National Insurance when self-employed

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.

19 Sep 2023 Read more
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What Tax do You Need to Pay if You Move Abroad? | P85 Form Leaving the UK getting your tax right

The P85 form should be completed by individuals to advise HMRC they are planning to move abroad or they have already moved abroad and they intend to work for at least a full tax year. Individuals who complete a self-assessment tax return can tell HMRC of their plans to leave the UK through their return. The “resident” section (form SA109) should be completed and sent by post (this cannot be done online). If you don’t usually complete a self-assessment tax return you should include parts 2 and 3 of your P45 form.  

19 Sep 2023 Read more
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How to Claim Tax Relief on Private Pension Contributions | Tax relief on pension contributions

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.

19 Sep 2023 Read more
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How to Claim Tax Relief on Employment Expenses | Claiming Tax Relief for employee expenses

If you are an employee who needs to use their own money to pay for things used as part of your employment, you may be able to claim tax relief. In most cases, you can claim tax relief on the full cost as long as you only use these things for your work. Tax relief is reduced if your employer provides a financial contribution towards employment expenses, and no relief is available if you receive all the money back or you are incurring the cost to purchase alternative equipment to that provided by your employer (e.g. you are provided with a basic laptop but you want a better model).  

19 Sep 2023 Read more
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Do You Need to Tell HMRC About Additional Income When You Have a Second Job? | How to declare your second income on your Self-Assessment tax return.

If you have recently taken on a second job which is classed as a second income, you may need to tell HMRC about the additional income, as it can impact your income tax obligations.    

19 Sep 2023 Read more
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Tax Diary September 2023

Key dates for your tax diary in September 2023.

17 Aug 2023 Read more
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What Happens to my State Pension If I Retire Abroad? | Can I Keep my State Pension if I Move Abroad?

If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to yearly increases in the State Pension only applies in certain countries.  

16 Aug 2023 Read more
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