Category: Tax

  • LOSS OF PERSONAL ALLOWANCES - INCOME THAT EXCEEDS £100,000 ANNUALLY

    The UK media don’t really understand tax, unsurprisingly. Thus, whenever the personal allowance is mentioned, its restriction for incomes exceeding £100,000 is often poorly explained. Haggards Crowther will try to correct this.

    For the employed, income taxes are collected via your annual tax coding. Data is poorly maintained by HMRC due to technical, and resource, issues. Incorrect income tax codes are often issued. Salaries can easily rise from £90,000 per annum to over £100,000 either via a pay rise in mid-year, or via a one-off incentive or year-end bonus. If you believe your aggregate income now ...

  • Haggards Crowther unravel some of the mystery surrounding Inheritance Tax (IHT)

    Let us take a quick look at inheritance tax, through some family lifestyle transactions:

    1. Everyone is tempted to ignore inheritance tax (IHT) because it centres on one’s death. The first issue for all parents (especially if the children are now adults) is to write a Will. Just grasp this nettle and do it, soon, as this might save a lot of family ructions; you can always amend it a year or two later. Make sure you clearly deal with emotional issues such as executors, valuable chattels and family jewellery!

    2. The best IHT tactic is to spend annually ...

  • UK Property Taxation Summer 2017 – Still a sound investment?

    Stamp duty surcharges have undoubtedly made some of those investing into the SE England property market think twice. The 3% SDLT surcharge, which applies to second properties, was introduced in 2015. This new tax must be added to the new restrictions on loan interest write-offs, and wear and tear expenses, both of which have begun to affect UK higher-rate taxpayers now.

    Whilst these amendments undoubtedly affect future landlords’ profits, the property price rises of the last decade have enticed many to enter the London and SE England region’s market. Those with high borrowings have not been shaken out by ...

  • BREXIT AND THE LOSS OF EU DIRECT TAX DIRECTIVES

    The following article was published by Richard on LinkedIn on 30 June:

    Many commentators have looked at the VAT and Customs impact of a BREXIT, but there would also be direct tax implications.

    Assuming two variables

    - The UK will actually leave the European Union following the referendum
    - No agreement will be reached on EU tax directives continuing to apply post-BREXIT

    then the EU Parent/Subsidiary Directive and the Interest and Royalties Directive will cease to apply on exit.

    Above all this will impact upon multi-national groups headquartered in the UK and could make the UK a far less attractive holding ...

  • BREXIT and social security contributions for internationally mobile employees

    The following was published by Richard in LinkedIn on 24 June:

    The UK belongs to the EU social security contributions system which is governed by the locus labori principle. The result of this is that UK workers employed in another EU member state are only required to pay social security contributions in that member state.

    As a result of BREXIT UK workers employed in an EU state could face double social security contributions - in both the UK and the EU member state in which they are working.

    Looking at Switzerland which is not an EU member as an example, there ...

  • Sponsorship

    Sponsorship

    HAGGARDS CROWTHER PROUDLY SPONSOR THE MONO BOX

    The Mono Box provides actors and directors with affordable access to a unique collection of plays. Their extensive compilation of works have been kindly donated by a prestigious group of recognised industry professionals including Joanna Lumley, Hugh Bonneville and Olivia Colman, to name but a few. In addition to this impressive library, The Mono Box host affordable workshops, direction and Q&A sessions to support actors’ development.

    For more information, visit http://www.themonobox.co.uk/

  • Paying your Income Tax

    Paying your Income Tax

    A REMINDER FROM HAGGARDS CROWTHER TO PAY YOUR INCOME TAX...

    This is a courtesy note to remind you of the payment methods for paying your income tax to H.M. Revenue & Customs. The deadline for the payment is Friday 31st January 2014 (in two days!).

    When making your payment, whether online, or by sending a cheque, you should provide your Unique Tax Reference followed by "K". You can either write it on the back of your cheque, or in the reference box if you are making the payment online.

    Your Unique Tax Reference (UTR) is the 10 digit number found ...

  • VAT Scam Letter

    VAT Scam Letter

    This is the latest scam letter we have seen. If you receive one, put it in the bin! Do not register and certainly do not pay £320!

    It goes without saying that if you get any official looking letter about tax; show it to us before you do anything, especially if it involves parting with hard earned cash.