Archive for the ‘Tax Planning’ Category

Image Courtesy of Flickr_Ishan Manjrekar

Landlords losing interest

The next step in changes to tax relief for landlords takes effect from 6 April 2019. If you have a mortgage on a buy to let residential property, from this April only 25% of the interest can be offset against your rental income, with the remaining 75% qualifying for a 20% tax credit only. For [...]

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Taking Preventative Action

Reducing your beneficiaries’ potential Inheritance Tax bill – or mitigating it out altogether. With careful planning and professional financial advice, it is possible to take preventative action to either reduce your beneficiaries’ potential Inheritance Tax bill or mitigate it out altogether. 1. MAKE A WILL A vital element of effective estate planning is to make [...]

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Keeping it in the family

Careful planning can reduce or even eliminate the Inheritance Tax payable. Intergenerational planning helps you put financial measures in place to benefit your children later in life, and possibly even your future grandchildren, so it’s important to start planning early. You may want to keep an element of control when passing on your assets. You [...]

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Paying Inheritance Tax

Estimating how much liability you could leave behind for your loved ones Usually the ‘executor’ of a Will or the ‘administrator’ of the estate pays Inheritance Tax (IHT) using funds from the estate. An executor is a person named in the Will to deal with the estate – there can be more than one. An [...]

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Headline increases and frozen thresholds in the 2018 Budget

The last Budget before Brexit proved to be more interesting than expected. The 2018 Budget was delivered five months before the Brexit deadline and the start of the 2019/20 tax year. It threatened to be an interim affair, as decisions announced in October risk appearing seriously out of date by the time April arrives. In [...]

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HMRC Focus on Inheritance Tax Returns

HMRC investigated almost one in four inheritance tax (IHT) returns in 2017/18, according to research published in September by UHY Hacker Young. HMRC can impose penalties of up to 100% of the tax due on UK estates that underpay. These penalties apply even though it is often a family member who acts as executor after [...]

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Image Courtesy of Flickr_Ishan Manjrekar

Budget Snapshot 2018

The Budget statement was delivered today at 3.30pm by the Chancellor of the Exchequer, Philip Hammond. This is the first Monday Budget since 1962, the year Ipswich Town were Football League Champions for the only time. The Budget is a report presented each year by the Chancellor of the Exchequer to Parliament and the nation. [...]

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Image Courtesy of Flickr_Ishan Manjrekar

Stuck in Frozen Tax Thresholds?

The value of key tax thresholds is being eroded, as elements of the income tax system lag behind inflation. The erosion in the values of tax thresholds is known as ‘fiscal drag’, and is a highly-effective form of stealth tax used by Chancellors from successive governments. Fiscal drag is the result of not adjusting tax [...]

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A new era for VCTs and EIS

There has been a major overhaul of venture capital trusts (VCTs) and enterprise investment schemes (EISs). The changes come as a response to a government consultation paper last summer which looked at patient capital”. This was defined by the Treasury as “long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale [...]

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New focus on inheritance tax

The government has requested a review of inheritance tax (IHT), focusing on making the system less complicated. The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) for “proposals… for simplification, to ensure that the system is fit for purpose”. The OTS has been asked to “focus on the technical and administrative issues [...]

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