Yet again small business owners are targeted by the government !
Read about the Winners and Losers in our guide to the 2017 budget!
Bedtime reading for things to know about before and after the tax year end.
Our summary of the latest budget, the first since Brexit! Download here
With the number of houses selling for more than £325,000 more than doubling since 2009, more and more people are falling into paying inheritance tax on their own home. Read more here
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No one should be without a financial plan.
Read our guide to get started.
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This issue details:
New minimum wages rates, New Apprenticeship funding, Property wealth v savings and pensions, IHT receipts
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Thresholds, exemptions, allowances, home and
giving away your estate.
Thousands of families who set up “discretionary trusts” so they could leave property to children in a tax-efficient manner will miss out on the Government’s valuable new inheritance tax allowance unless they make significant changes to their will, it has been warned.
Homes left to children through a discretionary trust will not benefit from the “family home allowance”, worth up to £350,000 per couple from 2020, because assets do not pass directly to children. Discretionary trusts – the most common form of trust – were widely used in the past to minimise inheritance tax (IHT).
The Chancellor’s 2015 Budget contained some Radical changes to Dividend and Rental Income – none of it good news!
Now the dust has settled we have produced a 4 page guide to the relatively quiet 2014 Chancellors Autumn Statement for you to download here!
The amount of inheritance tax expected to be paid by families in the next few years will reach a level higher than at any time since the early 1970s, according to calculations by the Institute for Fiscal Studies.
Changes to the rights of people whose spouses or civil partners die without making a will have come into force.
For married couples with no children, the surviving partner will now inherit their spouse’s entire estate, rather than £450,000 then half of the rest.
This question at first may seem rather crude or tasteless, but new research from Gocompare.com Money has found that millions of UK adults are relying on the Bank of Mum and Dad for financial help, until their own retirement, with nearly one in 10 (8%) of people surveyed saying they face financial trouble without future inheritance money.
Tax crackdowns have arrived thick and fast in the past three years. Officials have targeted everyone from doctors to Avon ladies to claw back £35bn lost in unpaid tax each year – and more inquiries are in the pipeline.
Accountants claim that HM Revenue & Customs focuses on “soft targets” through special task forces that investigate specific job sectors.
According to the adulterous website, IllicitEncounters.com, accountants are the most exciting workers to go on dates with. Not because number crunching is a big turn on, but because their ‘boring’ jobs makes them more interesting in the bedroom, apparently.
Here are a few links on methods to pay your tax bill.
Fresh off the press – our summary of the Chancellors 2013 Autumn Statement
Furnished holiday letting (FHL) is treated as a trading activity for income tax, corporation tax and CGT purposes, but may not be for IHT purposes.