50% rate make London tax capital of world

London will become the most highly taxed financial centre in the world when the new 50e;#37; income tax rate for those earning e;#163;150,000 or more begins next month [ more ]


Things Every Taxpayer Needs to Know About the Pension Law

The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of retirement status. Taxpayers will benefit from many of the acts provisions, some of which come in the form of tax breaks, but individuals cannot take full advantage of the tax breaks until the new laws are fully understood, said Michael Smith, Managing Authorized Taxpayer Representative at tax services firm FSI Tax Corp. [More]

Tax Advantages In A Home Business

Every year, several thousand people develop an interest in going into business. Many of these people have an idea, a product or a service they hope to promote into an in come producing business which they can operate from their own homes.
If you are one of these people, here are some practical thoughts to consider before hanging out the Open-for-Business sign. In areas zoned Residential Only, your proposed business could be illegal. In many areas, zoning restrictions rule out home businesses involving the coming and going of many customers, clients or employees. Many businesses that sell or even store any thing for sale on the premises also fall into this category. [More]

Taxes and Bankruptcy The Nuts and Bolts

The filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however, certain restrictions which must be met in order to completely eliminate personal income tax liability through bankruptcy. Some personal income taxes may be eliminated through the filing and subsequent discharge of a Chapter 7 bankruptcy. The following requirements must be met for the personal income tax liability to be eliminated in a Chapter 7 bankruptcy:
The tax return must have been filed on time; The filing should not be fraudulent; The tax return must have been filed over three years ago as of the bankruptcy filing date (e.g. IRS debts for the last three years generally, would not be dischargeable)  [More]