Welcome to our monthly tax saving newswire...
Welcome to the latest issue of Tax Saving News, a Rickard Keen newswire which brings you updates and practical advice on minimising your tax liabilities.
In this edition, we consider good tax news for winemakers and British expats, as well as parents looking to save for their children’s future. We also outline changes to the PAYE system and an interim report on changes to tax reliefs.
Finally, we take a look at how to prevent paying Inheritance Tax twice, the benefits of claiming expenses for overseas trips and the new rules surrounding the taxation of holiday rental businesses.
We hope you enjoy reading Tax Saving News and that you find it useful. We’d welcome your feedback on the content, or ideas for topics that you’d like to see featured in future issues, so if you would like to comment, please email admin@rickardkeen.co.uk or call 01702 347771. |
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Wealthy British expats likely to benefit from French tax cuts
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Nicolas Sarkozy, the French President, has announced plans to do away with the country’s wealth tax, known as the Impôt de Solidarité sur la Fortune or ISF. This move is likely to be of great benefit to British expats, as well as winemakers and stately home owners.
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Treasury announces ISA for children
With the government having stopped its payments to Child Trust Funds (CTFs) completely at the start of 2011, it has announced a new tax free savings account that parents can use to build up funds for their children.
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Firms may be asked to give tax security
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Employers may be asked to provide security against PAYE and National Insurance (NI) payments owed to HM Revenue & Customs (HMRC) under radical changes being considered by the government.
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Real-time PAYE system planned
HM Revenue & Customs (HMRC) has stepped up its plans to make paying tax through the Pay As You Earn (PAYE) system more accurate and efficient by using real time information. It hopes that this will avoid a repeat of the previous problems, when millions of individuals were found to have paid the wrong levels of tax.
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Preventing double Inheritance Tax
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While the team at Rickard Keen can advise on ways to reduce your Inheritance Tax (IHT) liabilities, there are some circumstances in which people fear they may have to pay IHT more than once on items passed between different members of their family.
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Claiming for the cost of overseas trips
Unlike business travel in the UK, where detailed receipts are generally needed to reclaim the costs incurred, the regime covering foreign travel is slightly more generous, owing to the practical difficulties of gathering appropriate paperwork abroad.
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Changes to National Insurance payment dates
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From April 2011, Class 2 National Insurance contributions will need to be paid on the same dates as self-assessment tax bills – 31st January and 31st July.
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OTS invites comments on tax relief criteria
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Rickard Keen requires tax notices
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HMRC has now issued the tax codes for the 2011-12 tax year. Considering the huge number of incorrect notices that were sent out last year, this does not leave much time to correct any errors that may occur this time round.
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New rules on holiday lettings
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