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Marriage Tax Allowance

2016-08-20 10:01:11

Married Couple !! You may be entitled to the Marriage Tax Allowance Marriage tax allowance is the Government’s scheme to reward marriage If you’re married and earn a part-time or low wage, you could be in line for Government cash worth hundreds. The Marriage Allowance is available to best replica watches married people who earn under £11,000 with a spouse earning under £43,000 before tax. This applies to many part-time workers. The allowance lets you transfer £220 of their tax free allowance to you – meaning they pay £220 less in tax over the course of the year. To claim call HMRC and you need both of your national insurance numbers and the last four digits of your bank account number. It doesn’t affect any other benefits. For More Details Please contact Taxcare Accountancy 103 Cranbrook Road, Ilford, Essex, IG1 4PU T: 02084783383 E: info@taxcareaccountancy.co.uk Follow Us:

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Auto Enrolment

2016-08-20 10:35:15

Every employer with at least 1 member of staff must automatically enrol those who are eligible into a workplace pension scheme and contribute towards it. The government’s objective is for more people to have another income on top of their State Pension when they retire. Every employer must automatically enrol workers into a workplace pension scheme if they: • are aged between 22 and State Pension age • earn more than £10,000 a year • work in the UK Non-eligible jobholders do not have to be automatically enrolled but they can opt-in to the scheme and you will need to contribute to their plan. Staging Dates: Each employer is allocated a staging date from when they are required to comply with the new pension regulations, with dates being based on the number of employees in the employer’s PAYE scheme as at 1 April 2012. Staging dates are as follows: • More than 50 employees – by 1 April 2015 • Fewer than 50 employees – between 1 June 2015 and 1 April 2017 New employers commencing after 1 April 2012: between 1 May 2017 and 1 February 2018 Choosing Pension Providers: There are a number of different types of pension schemes available and different types of providers offering these schemes. The type of scheme most likely to be available to employers is a scheme run by a large, specialist provider that is designed to be used by many different employers. For Example: Aviva, Nest, Peoples Pensions, Standard Life Etc. Nest Pension Scheme: NEST is a contribution scheme. This means that the contributions paid in by you, your employer and anyone else are invested and build up your own pension pot. You use this pot to provide yourself with an income in retirement. The main features of NEST are: • defined contribution scheme, so you build up your own pension pot • flexible contributions • low charges Example: Each payday: • you put in £50 • your employer puts in £40 • you get £10 tax relief A total of £100 goes into your pension each payday. A director of a company is not classed as a worker, unless • The individual works for the company under a contract of employment • and there is at least one other person working for the company under a contract of employment • A director who is not working under an employment contract is never classed as a worker • The exemptions can apply to more than one director working for the same company.   Taxcare Accountancy 103 Cranbrook Road, Ilford, Essex, IG1 4PU T: 02084783383 E: info@taxcareaccountancy.co.uk Find Us On:

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Phishing Emails And Bogus Contact : HM Revenue And Custom

2016-08-22 12:53:04

Phishing Emails And Bogus Contact : HM Revenue And Custom   !!!!! Avoid and report internet scams and phishing !!!! Bogus callers HMRC is aware that some people have received telephone calls or home visits from people claiming to be from HMRC. These bogus callers may encourage you to provide bank account / personal information in exchange for ‘tax advice’ or a bogus refund. If you cannot verify the identity of the caller we recommend that you do not liaise with them. You may wish to consider reporting the incident to Action Fraud Tax rebate / tax refund HMRC will never send notifications of a tax rebate / refund by email, or ask you to disclose personal or payment information by email. Do not visit the website contained within the email or disclose any personal or payment information.

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Tax Return 2015-2016 Deadline 31 January 2016 ALERT!!

2016-08-22 12:53:43

You’ll need to send a tax return, if in the last tax year: replica watch > You’re self-employed. > You are a partner in a business Partnership > You are a company director > Your annual income more than £100,000 or more > You have income from property > You have income from savings or investment that has been taxed and is £2,500 or more (Bank account interest is usually taxes automatically) > You need to claim expenses or reliefs > You or your partner receive child benefit and income is over £50,000 > You get income from oversees > You have income from trusts, settlement or estates > You have capital gain tax to pay > You have lived or work abroad or don’t live in the UK permanently > You are trustee Penalties 1 Day late >£100 fine 3 Months late > The £100 above plus £10 for each further day that you are late, which can total up to £900. 6 Months late > All of these palatines above plus £300 or 5% of tax due (whichever is higher) 12 Months late > All penalties above plus £300 or 5% of tax due Taxcare Accountancy 103 Cranbrook Road, Ilford, Essex, IG1 4PU T: 02084783383 E: info@taxcareaccountancy.co.uk

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WORKPLACE PENSION SCHEMES

2016-08-22 13:10:50

The law on workplace pensions has changed. Every employer with at least 1 member of staff must automatically enrol those are eligible into a workplace pension scheme and contribute towards it. Automatic Enrolment: A new law means that every employer must automatically enrol workers into a workplace pension scheme if they: > are aged between 22 and State Pension age > earn more than £10,000 a year > work in the UK Staging Dates: Each employer is allocated a staging date from when they are required to comply with the new pension regulations, with dates being based on the number of employees in the employer’s PAYE scheme as at 1 April 2012. Staging dates are as follows: > More than 50 employees by 1 April 2015 > Fewer than 50 employees between 1 June 2015 and 1 April 2017 > New employers commencing after 1 April 2012: between 1 May 2017 and 1 February 2018 Workers: Eligible jobholders = These workers are eligible for automatic enrolment, and are those workers aged between 22 and the state pension age who earn more than the income tax personal allowance. Non-eligible jobholders = These workers are not eligible for automatic enrolment, but can choose to opt in. This category effectively includes all workers aged between 16 and 75 who earn more than the NIC lower earnings threshold of £5,772 and who are not eligible jobholders. Entitled workers = These workers are entitled to join a pension scheme, and are those workers aged between 16 and 75 that earn below the lower earnings threshold. Each employer with one or more worker has to register with The Pensions Regulator in order to show how they have complied with their duties. Earnings: In order to include as many people as possible and also to maximise pension saving, the definition of earnings is based on total pay. As well as salary and wages, it also includes commission, bonuses, overtime, statutory sick pay and statutory maternity pay. Automatic Enrolment & Opting Out: Workers have to be enrolled from their automatic enrolment date. This is the first date the worker meets all the criteria to be an eligible jobholder for example, the employer’s staging date, the date an employee joins, or an employee’s 22nd birthday. The employer then has a one-month window in which automatic enrolment must be completed. Although it is compulsory for the employer to automatically enrol eligible jobholders, it is not compulsory for the jobholder to remain a member of the pension scheme. Jobholders have a one-month window in which they can opt out of membership by giving an opt-out notice to the employer. Pension Schemes: Employers that previously did not have pension provision for their employees will now have to have an automatic enrolment scheme in place into which eligible jobholders can be enrolled. There are essentially 3 alternatives: > Provide an occupational pension scheme – which can either be defined contribution or defined benefit > Use a personal pension scheme > Use the National Employment Savings Trust (NEST). This is a low cost scheme that has been established by the Government to ensure that all employers have access to a pension provider. Contributions: Unless a defined benefit occupational pension scheme is provided, the minimum total pension scheme contributions must be at least 8% of a jobholder’s earnings, of which the employer’s contributions must be at least 3%. Employee pension contributions qualify for income tax relief, so for an employee paying tax at the basic rate the 8% of pension scheme contributions will typically be made up as follows: > Employer 3% > Employee 4% > Tax relief 1% (5% at 20%) Example: Each payday: > you put in £40 > your employer puts in £30 > you get £10 tax relief A total of £80 goes into your pension each payday. ACT NOW: Employers now have new automatic enrolment legal duties

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Invitation: ‘Tax Seminars in partnership with Barclays Bank’

2016-08-22 13:11:22

After the tremendous popularity last year, we are absolutely pleased to team up with Barclays Bank again this year for an exclusive series of 1-to-1 tax advice sessions and excellent seminars. It is our pleasure to extend the invitation to our valued client on www.anycopy.org ‘Tax Seminars in partnership with Barclays Bank’ Date:              31 July & 3rd August 2015 Time:             10:00am to 5:00pm Location:        Barclays Bank, Ilford Branch Address:        93 High Road, Ilford, Essex IG1 1DE   We would be honoured to have your presence on the Tax Seminars and you will have the opportunity to network and sharing top tax tips and business strategies with other local business people. There will be some light refreshment too for you to enjoy. May we take the opportunity on this occasion,Rolex Replica to thank you for your on-going business collaboration with Taxcare Accountancy that help us to strive for the very best services to our valued clients. We are looking forward to seeing you there. Thank you. Taxcare Accountancy

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Tax Returns Deadline Alert !!!

2016-08-22 13:11:53

Tax Return 2013-2014 Deadline 31 January 2015  Who needs to submit the Tax Returns?  If you have one or more of the following, then you must submit your tax returns You’re self-employed. You are a partner in a business Partnership You are a company director Your annual income more than £100,000 or more You have income from property You have income from savings or investment that has been taxed and is £2,500 or more (Bank account interest is usually taxes automatically) You need to claim expenses or reliefs You or your partner receive child benefit and income is over £50,000 You get income from oversees You have income from trusts, settlement or estates You have capital gain tax to pay You have lived or work abroad or don’t live in the UK permanently You are trustee PENALTIES The longer you delay the more you pay. So what could your looking at if you file too late? Here is simple breakdown: 1 Day late        – £100 fine 3 Months late – The £100 above plus £Tag Heuer Formula 1 Replica 10 for each further day they you are late, that’s up to potential £900 in fine. 6 Months late  – All of these palatines above plus £300 or 5% of tax due (whichever is higher) 12 Months late            – All penalties above plus £300 or 5% of tax due

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Budget 2014: The New ISA

2016-08-22 13:12:30

The government announced at Budget 2014 that from 1 July 2014, ISAs (Individual Savings Account) will be reformed into a new simpler product, the ‘New ISA’ (NISA) with equal limits for cash, and stocks and From 1 July the NISA limit will be £15,000 – the biggest ever increase to ISA limits. New ISA limit From 1 July 2014 the overall NISA limit for 2014-15 will be £15,000, an increase of £3,480 from the 2013-14. The NISA will also offer you the option to save your whole NISA allowance of £15,000 in cash, stocks and shares, or any combination of the two. For example, from 1 July you could choose to pay in: longines replica watches • £15,000 to a Cash NISA and nothing to a Stocks and Shares NISA • £15,000 to a Stocks and Shares NISA and nothing to a Cash NISA • £5,000 to a Cash NISA and £10,000 to a Stocks and Shares NISA • £10,000 to a Cash NISA and £5,000 to a Stocks and Shares NISA • a combination of amounts between a Cash and Stocks and Shares NISA, up to the overall annual limit of £15,000 Single, simpler NISA for cash and stocks and shares From 1 July 2014, you are able to hold cash tax-free within your Stocks and Shares NISA, if you wish, and your provider allows this. However, many savers may prefer to hold separate accounts for cash, and stocks and shares. Transferring existing savings from a Stocks and Shares NISA to a Cash NISA From 1 July 2014, any money you have in a u-boat replica watches Stocks and Shares NISA can be transferred to a Cash NISA. If you wish to make a transfer from 1 July 2014, you should approach the provider of the Cash NISA that you wish to transfer your funds to, who will contact the provider of your existing Stocks and Shares NISA to arrange the transfer. You should not withdraw sums from your Stocks and Shares NISA in order to deposit it into a Cash NISA yourself. If you do, any amount that you pay in will count as a fresh payment against the overall NISA limit of £15,000.Different transfer rules will apply, depending upon when you paid into your Stocks and Shares account. But if you put money into your Stocks and Shares account between April and July 2014, this sum must be transferred as a whole.Other amounts from previous years may be transferred as a whole or in parts,as you wish, however not all ISA providers will allow part transfer, so you should check with your provider first.

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FREE tax-saving advice at Barclays Bank this Monday!

2016-08-22 13:12:58

Afternoon! We are absolutely thrilled to team up with Barclays Bank for an exclusive series of 1-to-1 tax advice sessions and excellent seminars, brilliantly titled ‘STOP PAYING SO MUCH TAX’! This is COMPLETELY FREE and as the swiss replica watches title ‘STOP PAYING SO MUCH TAX’ for one day only, we’ll be at Barclays Bank in Ilford, sharing our top tips & strategies to SAVE YOUR BUSINESS MONEY!  See you on Monday to help your business for free? Just turn up and say hello to hear what our experts have to say, all for FREE! Date          :    30 June 2014 (This Monday- pop it in your diary!)                     Time          :    10:00am to 5:00pm Location     :    Barclays Bank Address     :    93 High Road, Ilford, Essex IG1 1DE Want even more free stuff? Yep, they’ll be some light refreshment is to enjoy too!  PS- Tweet much? Check us out on Twitter for quick tips too  Twitter.com/taxcareltd Thanks Taxcare Team

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Rise In The National Minimum Wage

2016-08-22 13:13:29

The government has approved a rise in the National Minimum Wage to £6.50 per hour. The government has approved a rise in the National Minimum Wage to £6.50 per hour later this year (2014),Tag Heuer Aquaracer Replica with more than 1 million people set to see their pay rise by as much as £355 a year. The rise will take effect in October 2014, as Business Secretary Vince Cable has accepted in full the independent Low Pay Commission’s recommendations for 2014, including plans for bigger increases in future than in recent years. The Low Pay Commission (LPC) has said the rise, the first real terms cash increase since 2008, is manageable for employers and will support full employment. The National Minimum Wage rates from 1 October 2014, as recommended by the LPC, will be: a 19p (3%) increase in the adult rate (from £6.31 to £6.50 per hour) a 10p (2%) increase in the rate for 18 to 20 year olds (from £5.03 to £5.13 per hour) a 7p (2%) increase in the rate for 16 to 17 year olds (from £3.72 to £3.79 per hour) a 5p (2%) increase in the rate for apprentices (from £2.68 to £2.73 per hour) panerai replica watches

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Employer Annual Return (2013-2014)

2016-08-22 13:14:20

Filing your Employer Annual Return (P35 and P14s) for 2013-2014 This guidance is for those employers who HM Revenue & Customs (HMRC) have agreed can send their PAYE information on paper. Your Employer Annual Return for 2013-2014 is due by 19 May 2014 Who needs to file an Employer Annual Return? Unless you are already reporting PAYE in real time, you must complete and file an Employer Annual Return if you have had to maintain a form P11 (or equivalent payroll deductions records) for at least one employees during the tax year. The Employer Annual Return comprises of: a form P14 for each of the employees for whom you’ve had to maintain a P11 or equivalent record a form P35 which summarises the end of year payroll totals for all of your employees combined Your return must reach HMRC no later than 19 May 2014. If  you don’t do this HMRC may charge you a penalty that will continue to increase for each month or part month the return remains outstanding. Penalties if you file PAYE returns late: P35, P14, P11D To Avoid a late filling penalty, you must ensure that the PAYE end of the year forms P35, P14 and P11D reach HMRC by their deadlines. Late filling penalties apply whether you’re filling on-line or on paper. Penalty Amounts Penalties accrue for each moth (or Part month) that a return remains outstanding after the filing date. If you returns remains outstanding for more than four months, you will receive a penalty notice shortly after 19 September and again the following January and May, if necessary. This will calculated at £100 per 50 employees for each month or part month you delay filing your return. Expenses and Benefits : Form P11D If you are required to file a form P11D(b), it must reach HMRC by the filing date of 6 July. If HMRC do not receive the return by 19 July, a penalty will be incurred. the same deadline applies regardless of whether you file the form on-line or send HMRC a paper version. HMRC will remind you at various times that your return is due. Where a return has not been received by 19 July HMRC will write to you (and your authorised gent advising you that a penalty may already have been incurred and that the return must be submitted by 6 August to avoid further penalties.

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Tax Inspection And How To Avoid Them

2016-08-22 13:14:51

“Anybody running a business needs to be concerned,” says Nicholas Parkes, an ex-tax inspector turned tax information provider. “In the Revenue, we always believed you could pick up any file and find something.” What triggers a tax inspection? According to Parkes, some 7% of tax inspections are triggered at random — “so HMRC can check that they are targeting their inspections properly and also so that nobody feels safe”. The vast majority, though, happen when HMRC believes there’s something wrong. So in theory, small businesses that keep good panerai replica watches records and declare everything should have nothing to fear. However, when it comes to mistakes, ignorance is no defence, so firms have to take every care when completing their returns and ensure that they are on time — in other words, don’t give HMRC any cause for concern. Any unusual fluctuations can raise alarm bells for HMRC. Specific queries like these can trigger what’s called an aspect enquiry — as opposed to a full-blown investigation Good records, tidy accounts and clear tax returns What’s more, all businesses are now required to file returns online. That means HMRC can use its own software to analyse returns and compare them to sector averages.Tag Heuer Monaco Replica  So what else can trigger an investigation? “Some types of business get more attention, such as cash-based businesses and industries like building,. “It also depends on your accountant’s credibility rating. If your accountant is diligent and identifies problem areas clearly, it helps.” What every business should do is to use the extra space on their tax return form to explain any unusual fluctuations in turnover or profit. If you haven’t left anything out, you should have nothing to worry about.”  What happens in a tax inspection? So what will happen if your business is inspected? “In a full inspection, they will take all the records away and come back with questions,” says Storvik. “They can raise penalties of up to 100% of the tax that should have been paid. But for a small firm, the inconvenience and worry that an inspection causes can be significant.  Three steps you can take to reduce your chances of being inspected: Always submit your tax returns on time. Make sure your returns are accurate and complete. Explain any changes from one year to the next. Big changes in turnover or gross profit rates will ring alarm bells, especially when drawings taken from the business or remuneration paid seem to be insufficient.  

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Budget 2014 Updates

2016-08-22 13:15:32

Budget 2014: small business winners and losers George Osborne’s 2014 Budget was announced, bringing with it tax changes, legislative tweaks, gains for some and losses for others. With little spare cash to play with, what did the Government announce for the UK’s entrepreneurs? Personal Tax changes UK workers can currently earn £9,440 before they start paying income tax. A Swiss Replica Watches rise to £10,000 was already planned for April 2014 and on Wednesday Osborne said this would rise to £10,500 in April 2015. This means £800 a year more for the average taxpayer and also means that three million workers won’t have to pay any income tax at all. The amount of money you earn before paying the higher 40% income tax rate is going up from £41,450 to £41,865 in April 2014, then up to £42,285 in April 2015. Employer National Insurance contributions for under-21s were also scrapped – this is relevant if you employ young workers. Support for savers If you have ISAs (Individual Savings Accounts) you’ll know there are currently two types: Cash and Stock. These will be merged into one product, making things simpler, and you’ll be able to save £15,000 tax free from July. The 10% tax rate on savings has also been scrapped, as well as many of the rules on accessing your pension savings. Business investment boost To encourage new investors to back social enterprises, the government has introduced 30% income tax relief for social investment. Eligible social enterprises will be able to receive maximum investment of £290,000 over a three year period. Also, start-ups are being encouraged to invest in innovative ideas in risky markets, with Research & Development tax credits available for loss-making SMEs increased from 11% to 14.5%. Finally, the 50% relief on capital gains tax for VC re investors has been made permanent, which will help to continue investment support for small businesses. Simplification of Class 2 NIC A small but welcome change for the self-employed. Class 2 National Insurance contributions, which are currently paid weekly by Direct Debit, will be collected via Self-Assessment. Good news for business owners There was a reform of Air Passenger Duty, which will reduce the cost of international travel. Extra support was also announced for UKTI – the body which helps UK firms do business abroad – and the lending available to exporters doubled. A £200 million pot was announced for local councils to help repair infrastructure damaged by recent floods. There will also be support for 200,000 new homes at designated sites across the country, potentially creating thousands of new jobs. Win or lose? The budget was fairly average for start-ups and entrepreneurs – not bad, but not great. The encouragement of business investment was the most positive news and this should help out a lot of firms, especially in the manufacturing sector. Personal tax cuts will also help to keep a bit more cash in your pockets. Finally, there was some excellent support for specific industries, but obviously this is only good news for a limited number.

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Hello world!

2016-08-22 13:16:02

Welcome to WordPress. Tag Heuer Mercedes Benz SLR Watch This is your first post. Edit or delete it, then start blogging!

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HMRC LET PROPERTY CAMPAIGN

2018-05-31 10:24:32

                                     HMRC Let Property Campaign   HMRC believe that its customers want to pay the right amount of tax and wants to help those that aren’t paying the right amount to put that right. The Let Property Campaign is an opportunity for landlords who owe tax through letting out residential property,panerai replica watches to get up to date with their tax affairs in a simple, straightforward way and take advantage of the best possible terms. If you are a landlord and you’ve undisclosed income you must tell HMRC about any unpaid tax now. You’ll then have 90 days to calculate and pay what you owe. The Digital Disclosure Service (DDS) gives individuals and companies a chance to bring their affairs up to date in a simple, straightforward way. The DDS can also be used by individuals and companies who have a disclosure to make about: Income Tax Capital Gains Tax National Insurance Contributions Corporation Tax Examples include a business that hasn’t declared all of its income or a business that’s trading and hasn’t registered with HMRC for one or more taxes. Why you should disclose It doesn’t matter why your tax affairs are wrong,Replica Audemars Piguet Watches it’s better to go to HMRC and admit any failures or inaccuracies rather than wait until they contact you. HMRC is currently increasing its targeted compliance activity across all landlord types and will start to identify who they consider may not have declared all their rental income. How to notify and disclose You must tell HMRC that you intend to make a disclosure. You need to do this as soon as you become aware that you owe tax on your letting income and other undisclosed income. At this stage, you only need to tell them that you’ll be making a disclosure. You don’t need to give any details of the undisclosed income or the tax you believe you owe. Prepare your disclosure Depending on your circumstances this could be simple or complicated and you may want to seek independent professional advice. Although you have 90 days from the date of your notification to make your disclosure, HMRC recommends that you start gathering together your information and records as early as possible.. You’ll need to work out the total rental income for each year you’ve previously failed to tell HMRC about. Once you’ve calculated the additional rental income you need to disclose you’ll need to work out how much tax you owe on that income. Other income you should include in your disclosure Include all the income you haven’t told HMRC about before in your disclosure. This may include: Earned income Investment income Capital gains made on the disposal of property, business, stocks, bonds, good will etc VAT Employer tax Inheritance tax Trust income

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Tax Rates 2019/20: Changes For You

2019-04-27 14:37:49

  When the new tax year starts in April, changes in the tax system will put more money in your pocket and help you keep more of your wages. Here’s information about how you might benefit. The National Minimum Wage is going up to £8.21 ·         25 and over. £8.21 ·         21 to 24. £7.70 ·        18 to 20. £6.15    The Personal Allowance is going up to £12,500   You don’t have to pay income tax on the income you earn below this amount. As a result of the change, a typical basic-rate taxpayer will take home £130 more than in 2018-19. The Dividend Tax Rates in 2019/20:   ·         The tax-free dividend allowance is £2,000 ·         Basic-rate taxpayers pay 7.5% on dividends ·         Higher-rate taxpayers pay 32.5% on dividends ·         Additional-rate taxpayers pay 38.1% on dividends.   Employee National Insurance Rates in 2019/20 ·         Under £8,632 – No National Insurance Payable ·         £8,632 to £50,000 – 12% on everything earned between £166 and £962 a week ·         Over £50,000 – 12% on everything earned between £166 and £962 a week, 2% on everything above that.   Employer National Insurance Rates in 2019/20 ·         £118 - £166 = 0% ·         £166.01 - £962 = 13.8% ·         Over £962 = 13.8% Capital Gains Tax Rates in 2019/20 Capital gains tax (CGT) is one of the least common taxes on income, and for many it won’t apply. However, if you sell or give away an asset worth more than £6000, you could have to pay CGT. ·         Annual exempt amount - £12,000 for individuals ·         Standard CGT rate – 18% on residential property, 10% on other assets ·         Higher CGT rate – 28% on residential property, 20% on other assets   For further information or queries please contact: Taxcare Accountancy 103 Cranbrook Road, Ilford, Essex, IG1 4PU T: 02084783383 E: info@taxcareaccountancy.co.uk

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