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Annual ISA allowance

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ISAYou can save up to £15,000 tax free each year into an Individual Savings Accounts (ISA). The payments must be made before the end of the tax year (5 April) but this year due to Easter, this is likely to be Thursday 2 April, with advisors closed for the long weekend.

Following the changes made in the 2014 Autumn Statement, your spouse/Civil Partner can now inherit your ISA and no tax will be paid on gains, adding to the benefits of using ISA’s.

Electric vehicles start to be “attacked” by HMR&C

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Electric CarIf you are considering buying an electric vehicle into your company, you need be aware that the current tax benefits will start to be eroded over the next 5 years, and you may be financially better off with a low CO2 emission petrol or diesel vehicle.

The main change is in the benefit in kind rules for electric cars and vans, which will impact on both the company and the employees.