How The Cap on Income Tax Reliefs Affects You
Last year the Chancellor announced the government was intending to introduce a cap on currently unlimited income tax reliefs, due to take effect from the tax year 2013-14. This cap has now been put into place, with HMRC having since published guidance on the new rules.
The cap has been set at either £50,000, or 25% of your adjusted total income for the current tax year (whichever is the greater number).
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Small business owners get £2,000 Employment Allowance Tax cut
The Employment Allowance tax cut will give businesses and charities up to £2’000 a year tax saving.
The planned tax cut will be introduced from April 2014 through the National Insurance Contributions Bill and is expected to benefit more than 1.2 million small businesses in UK. The aim of the Employment Allowance is to assist small businesses to grow by supporting the cost of employment. When this new regulation comes into force, it will result in approximately 450,000 businesses not needing to pay National Insurance Contributions at all.
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