1. When do I need to start planning? As early as possible as your circumstances and exposure to IHT will change over time. Early on, an insurance policy might be all that is necessary but more complex planning will be appropriate as wealth increases. 2. Can I afford to make…
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Financial years and corporation tax rates Corporation tax (CT) rates are set for “financial years”. A financial year (FY) runs from 1 April to 31 March and is identified by the calendar year in which it commences for example FY 2022 is the year from 1 April 2022 to 31…
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Introduction Let’s get straight down to business. There is reason you should put money into a pension and one of the main reasons to SAVE TAX. As a pension saver you enjoy two important tax reliefs: • Tax relief on your contributions – what I call buying investments at a…
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How much extra will I have to pay for National Insurance? The new UK tax rate, as well as what it implies for me, are all discussed. The government claims that the increase in National Insurance will help with health and social care, but it has sparked fierce debate as…
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Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that gives rise to neither a gain nor a loss. The transferee spouse/civil partner effectively takes on the transferor’s base cost. This can be very useful…
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As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain – uncertainty. Business planning and budgeting have become increasingly complex in today’s uncertain and volatile environment. Firms have had to adapt and become more agile in order…
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Dividends have their own tax rules and their own rates of tax. For business owners understanding how dividends are taxed is crucial. The rules and the rates applicable in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit…
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When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the form of cash then any distributions would typically be as dividends (or possibly additional contributions to a pension scheme). A dividend will be the route…
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For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let out may make commercial sense. When buying an investment property, the addition of the 3% SDLT supplement means that the SDLT hit may be significant.…
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Sometimes a taxpayer may find themselves in a position whereby HMRC seem to be taking an inordinate amount of time to settle a particular issue or the service received as a ‘customer’ does not meet the standards expected or even that they feel they are being discriminated against. Although complaints…
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