Share Name Share Symbol Market Type Share ISIN Share Description
Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 112.50 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 15.1 -1.9 -0.6 - 98

Tax Systems Share Discussion Threads

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Council tax set for biggest increase in 14 years, CIPFA survey finds By: Emily Twinch 1 Mar 18 Just over 95% of councils across England will raise council tax next year and bills are set for the biggest increases in 14 year, according to CIPFA’s annual survey released today. Of the 276 councils that responded, 263 will increase their council tax, taking advantage of the ability to raise it by up to a further 1%, allowed by the local government finance settlement for the next financial year. Excluding the 3% precept for adult social care, 71% of English authorities would increase council by the maximum 2.99% allowable before reaching the local referendum threshold, CIPFA found. Authorities with adult social care responsibilities can raise an additional 3% without the need for a referendum via the adult social care precept. CIPFA calculated households across England were to see an average council tax increase of £81.05 (5.1%) – the steepest hike in 14 years. It also identified the gap between rates across the country. The average band D bill in the North East is now £1,799, whereas in inner London it is £1,194. Rob Whiteman, CIPFA chief executive, added: “This sharp rise in council tax across the country reflects the enormous financial pressures many local authorities are currently under. “Local government has made by far the biggest efficiencies in the public sector since 2010, but now it feels like crunch time, with the consequences of earlier funding cuts really beginning to bite.” He called Northamptonshire County Council’s need to issue a section 114 notice last month - meaning it had used its reserves and was unable to produce a balanced budget – a “test case for what the minimum services can be that a council is required to deliver”. Northamptonshire has since revised its budget to find a further £9.9m of savings. Whiteman said children’s and adult social care were the main focus of resources for many town and county halls, and they were coping with increased demands against a backdrop of government grants being phased out, often using reserves. “It is clearly time for an honest conversation about what services councils should realistically be expected to deliver,” he said. In addition, almost 90% of police and crime commissioners in England (31 out of 36 PCCs responded) have also gone for increases of between £11.97 and the maximum allowable increase of £12, CIPFA revealed. “This comes at a time of increasing pressure on police funding and follows the report late last year on efficiency from Her Majesty’s Inspectorate of Constabulary and Fire and Rescue Services which, while highlighting the financial challenges for some forces, stated that further efficiencies could be made,” the institute stated. Home secretary Amber Rudd announced in December last year the police would be able to increase their precepts up to £12 as part of the police settlement for 2018-19. Emily Twinch Deputy editor
Inheritance tax and ISAs: Unsuspecting Brits could face surprise bill By Kate Saines in Investments February 28, 2018 0 Few people are aware that ISAs are subject to inheritance tax (IHT), a survey by Octopus Investments has discovered. Research by the fund management company found that only 25% of those questioned knew the investments could form part of a person’s taxable estate and were therefore liable for IHT. This lack of understanding is leading to concerns many families could face an unexpected tax bill because they do not know the rules. It is not just the young who are unaware of the IHT implications of ISAs. The survey revealed just over a quarter (28%) of those aged 55 and over knew that ISAs were not exempt from the tax compared to 18% of 18 to 34 year olds. Over half of respondents (54%) said they didn’t know whether ISAs were exempt from IHT and a fifth (21%) incorrectly thought they were. Octopus said the results meant many Brits could be sleepwalking into an inheritance tax nightmare. Paul Latham, managing director for Octopus Investments, said: “This is not just a problem for the super-wealthy. Despite efforts to increase the current threshold, we still expect to see a rise in the number of estates subject to inheritance tax, particularly in London where the average property price currently stands at £484,000. “There are a number of options now available to those who currently have a stocks and shares ISA and who wish to pass on as much of it as possible to their children. “One of those options includes investing in AIM-listed shares.” He added: “By transferring a stocks and shares ISA to an ISA wrapper which holds a portfolio of AIM companies, investors can reduce their tax liabilities without locking away their money for the long term and continuing to benefit from the benefits of the ISA wrapper.”
Cheers pug
la forge
TAXIT Http://www.bbc.com/news/business-42666274
grupo guitarlumber
Home » News Pensioners miss out on state benefits entitlement January 8, 2018 - 2:34pm - Marina Gerner 42 per cent of pensioners entitled to state benefits are failing to claim them. Four in 10 pensioners who are eligible for state support are failing to claim any benefit and miss out £1,013 on average as a result, according to financial services provider Just Group. In a survey of 217 of their clients, the company also found that a further two in 10 are claiming but not receiving their full entitlement. Stephen Lowe, group communications director at Just, says: ‘At a time when many pensioners are struggling for income and inflation is rising, we have once again found far too many are missing out on state help.’ The research further reveals that in 2017 the average value of benefits underclaimed rose to £1,013, from £610 in 2016. Guarantee pension credit – which is an income-related benefit that can top up a pensioner’s weekly income if it’s below £159.35 (for single people) or £243.25 (for couples) – accounted for the biggest unclaimed sums. Related articles Editor’s comment: Cold comfort for retirees from the UK state pension Pensioner bonds are maturing: should savers stick with NS&I? Warren Buffett wins $1 million tracker fund bet Brokers delist investment trusts and ETFs in face of new rules Since 2000 January has been the worst month for shares Tags news pensions ‘One in three of those eligible for guarantee pension credit failed to claim, with an average loss of £3,431. All of those not claiming this benefit were missing at least £1,000 a year and in one case the loss was £8,060 a year. -2018 Isa fund tips: How to play and profit from the UK stock market Lowe adds: ‘Council tax reduction is another area of concern where fewer than half of those eligible are claiming, and the average amount being lost is £491 a year.’ In the UK, about 88 per cent of pensioner couples and 63 per cent of single pensioners own their own homes, according to the Office for National Statistics. Lowe argues that as a consequence it is ‘possible that homeowners in particular may think limited support is available, although owning a property does not necessarily mean you have adequate income in retirement.’ Claire Trott, head of pensions strategy at Technical Connection, part of St James’s Place, comments: ‘This research shows again how complex retirement is, when life should be getting simpler. State benefits that have been earned over many years working life should be easy and simple to access for those who need them, and help should be available to navigate the system. ‘The levels of missed benefits quoted would make a significant difference to those in need and it is those in need who generally haven’t had the advice they need to know what they are missing out on. Providing easy and trusted guidance can only be a good thing for those who need it.’ Lowe concludes that the figures on missed benefits ‘strengthen the case for making free guidance the default option for all those heading into retirement – unless they specifically opt out – and that guidance should include information about entitlements to state help.’ Keep up to date with all the latest financial news and investment tips by signing up to our newsletter. Email subscribers will also receive a free print copy of Money Observer magazine.
the grumpy old men
la forge
Two million couples lose £662 windfall by failing to claim marriage tax break 0 Millions of married couples are missing out on a tax break Credit: Alamy Sam Meadows 23 September 2017 • 7:03am Millions of married couples are missing out on as much as £662 because they are not claiming recently introduced tax breaks. Figures released by HMRC under the Freedom of Information Act show that, while take-up is growing, around two million couples are missing out on the “marriage allowance”, which was introduced in 2015. The allowance applies to married couples, and those in civil partnerships, where one partner is a basic-rate, 20pc, taxpayer and the other is not paying tax. Paid content This Japanese Woman Changed the Game for Kenyan Soybean Farmers This Japanese Woman Changed the Game for Kenyan Soybean Farmers We Are Tomodachi by JAPAN GOV German business fires first salvo against Trumpism German business fires first salvo against Trumpism Handelsblatt Global Recommended by It allows the non-taxpayer, who must be earning less than £11,500 a year, to transfer up to £1,150 of their unused tax-free allowance to their other half. PUBLICITÉ At current rates the tax break is worth £230 per couple per year, but the claim can be backdated for the past two financial years, saving you £662 in total. Uptake has risen from in 644,916 people in 2015-16 to 2.2 million this year. When the policy was introduced HMRC estimated that 4.2 million couples would be eligible, meaning there are still 2 million people failing to claim. That means families are collectively missing out on £1.3bn. Steve Webb, director at insurer Royal London, which conducted the research, said: “The take-up of the new allowance is shockingly low. Even in its third year of operation, around two million couples who could benefit from the marriage allowance are not doing so. “When family finances are so tight, I would encourage every married couple to check whether they might be eligible, including for the past two years, as they could qualify for a useful lump sum as well as a reduction in their ongoing tax bill.” Couples can apply for the allowance online and will need to provide a National Insurance number for both partners as well as another form of ID from a given list. You can backdate your claim to when the allowance was introduced in 2015, but to be eligible for previous years you must satisfy the criteria at the time. This means the lower earner must have been earning less than £11,000 last year and £10,600 the year before, and the higher earner must have been a basic-rate taxpayer for all the years they are claiming for. Couples have up to four years to claim backdated allowances. HMRC said earlier this year it has stepped up its marketing campaign to ensure people do not miss out. The marriage allowance will automatically renew every year until you stop it, or your circumstances change, due to death or divorce, for example. Cohabiting couples miss out regardless of how long they have been together, as do couples where one is a higher-rate, 40pc, taxpayer. If the lowest earner brings in more than the tax-free personal allowance they also miss out as only unused allowances can be transferred.
goatherd, many thanks, I will look at this, it would make life a lot easier, cheers.
royaloak, You can always attach a spreadsheet to an online return. In your sort of circumstances I would prepare the spreadsheet and then include the totals in one or two lines (business & "non-business") of CGT return. I have done this sort of thing in the past and never had a query!
Many thanks MoneyMan18, yes it is sad, as you say it comes to us all, but nice to know that helpful people are appreciated and remembered.
Sadly I believe all the evidence points to him having a heart attack and that's the end, a sadly missed poster, It will happen to us all in the end.
What happened to miata, I remeber him now, he and Gengulphus were incredibly helpful.
Thanks guys, goatherd I also do a lot of cfd trading, and think that could be difficult to report online. I know I could use spread bets but prefer CFD's with direct market access. Mind as I get older I need to cut back on my short term trading, so maybe that will be the first to go so I can do online1 waldron, Paphos in Cyprus, around 2006 I was incredibly lucky with my investments and I was going to move to Cyprus as there is no CGT there and then take profits, but because of my wife's health problems at the time I was unable to move, and I ended up paying a massive amount in tax, such is life but as I said I was lucky so no complaints. One of the shares I held was Hornby which I had started to buy in 2001, it was a multibagger, I had others that did really well, most with a speculative element so I could not afford the risk of keeping them...look at Hornby now1 Hence I ended up with a property in Cyprus.
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