Archive for the ‘Tax Planning’ Category

OTS calls for inheritance tax system to be digitised

Posted on: January 9th, 2019 by Sarah Curzon No Comments

The Office for Tax Simplification (OTS) has urged the Government to implement a digital system for inheritance tax, following complaints the current form-filling system is too complex. 

On average, there are around 570,000 deaths in the UK every year, although inheritance tax is due on less than 5% of estates.  (more…)

Planning your estate: wills

Posted on: December 3rd, 2018 by Sarah Curzon No Comments

How to plan and make a legally valid will.

Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend.

Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones. (more…)

Personal tax planning

Posted on: May 10th, 2018 by Leighton Reed No Comments

How to reduce what you owe the taxman.

Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead.

Effective tax planning will help protect your wealth and any assets, ready to pass on when the time comes, while also providing you with peace of mind.

Our complex tax system has a variety of reliefs and allowances to enable you to reduce your tax liabilities with HMRC and help you navigate your way to a wealthier future, but where do you start? (more…)

Year End Tax Planning Guide 2017/18

Posted on: January 2nd, 2018 by Leighton Reed No Comments

Our national Tax team have worked together to create a 2017/18 Year End Tax Planning Guide. Our year end guide summarises some key tax and financial planning tips which should be considered prior to the end of the tax year on 5 April 2018 or for companies, the end of the financial year on 31 March 2018. (more…)

Year End Tax Planning Guide (2016-17)

Posted on: January 9th, 2017 by Leighton Reed No Comments

Our year end guide summarises some key tax and financial planning tips which should be considered prior to the end of the tax year on 5 April 2017 or for companies, the end of the financial year on 31 March 2017.

Download our Year End Tax Planning Guide (2016-17) here.

Pension Death Benefits – The New Rules

Posted on: December 15th, 2016 by Sarah Curzon No Comments

The new rules are far more generous than many thought would be the case and offer some new planning opportunities.

Under the new rules, the key factor is the age at which a member dies.

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HMRC clamp down further on Offshore Tax Evaders

Posted on: September 5th, 2016 by Lynda Kendall No Comments

Lynda KendallIn a further bid to clamp down on tax evasion through holding funds offshore, the UK has entered into agreements with many other countries (around 100 so far) that will result in the Automatic Exchange of Information between these countries. The agreements will take affect over the next few years but the first, with the Crown Dependencies (Isle of Man, Guernsey and Jersey) and the British Overseas Territories (Cayman Islands, British Virgin Islands, Bermuda, Anguilla, Turks and Caicos, Monserrat and Gibraltar) will take effect from 1 October 2016.

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Patent Box Deadline: 30 June 2016

Posted on: May 9th, 2016 by Denise Roberts No Comments

Denise Roberts (2)Last chance to sign up to the Existing Regime and potential tax rate of 10%.

The existing scheme will be closed to all new entrants from 1st July 2016. If you have already elected in to the scheme you will be able to continue to enjoy the existing benefits until 1st July 2021. However, if this is something that you have not yet considered then now is the time to contact us and speak to our Patent Box and R&D Tax Credit specialists.

The new rules will effectively reduce the IP profit that will qualify for the special rate of 10% unless the majority of the IP research and development activity has been carried out by the company itself. It will also increase the record keeping and administrative costs of identifying the relevant IP income and costs.

Time is running out for Business Premises Renovation Allowance (BPRA) claims

Posted on: May 9th, 2016 by Sarah Curzon 4 Comments

Sarah CurzonBusinesses wanting to take advantage of the business premises renovation allowance (BPRA) should be aware that the scheme closes on 31 March 2017 for companies and 5 April 2017 for unincorporated businesses. Expenditure will only qualify for BPRA if it’s incurred before these dates.

BPRA was introduced as an incentive for business to tackle derelict shops and empty business premises and bring them back into use.  Under the scheme 100% initial capital allowances can be obtained as a deduction against profits for the full cost of renovation in the year in which expenditure is incurred.  For expenditure to qualify it must be incurred on or in connection with the conversion or renovation of a qualifying building into a qualifying business premises.  A qualifying building for this purpose is an unused commercial building or structure or part of an unused commercial building or structure and the building must have been unused for 1 year before the work begins the building.  The building must also be situated in an area which at the time of the conversion or renovation work began was designated as a disadvantaged area.

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Changes to tax on property rents

Posted on: April 5th, 2016 by Sarah Curzon No Comments

Sarah CurzonThe past year has seen a number of announcements changing the way in which landlords are taxed on their property income. In particular, the letting of residential property will be adversely affected and following recent Budget announcements, George Osborne is making himself look like “the big bad wolf”.

Restriction on mortgage interest from April 2017

Perhaps the biggest change is to the way landlords claim tax relief on mortgage interest. We are finding that awareness of it, and how much damage it can do, is still not widely known.

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