Category

Private client

Filter by:

Deferral of 31 July 2020 Payment on Account

Under the Government’s time to pay measures introduced in the wake of the Coronavirus pandemic, HMRC advised that anyone struggling to pay the July 2020 payment on account could defer payment until 31 January 2021. HMRC have confirmed that their IT system has been updated so that deferred payments don’t incur any late payment interest… Read More

Capital Gains tax changes on private residence from April 2020

Property owners with taxable gains on their residential properties need  to be aware of the changes to how the tax is paid and changes to valuable exemptions. Under the current system, these gains would be reported in the self assessment tax return and the tax is payable on 31st January after the tax year in… Read More

Inheritance Tax Planning and the Family Home

Every person can pass on £325,000 before paying inheritance tax, which is 40% on anything above this amount. This is called the inheritance tax ‘nil rate band’. This ‘nil rate band’ is transferable so you can inherit any unused allowance from your husband or wife. This means that married couples have a joint ‘nil rate… Read More

Do you need to disclose money or other assets abroad?

Following the changes brought in by International Tax Compliance Regulation 2015 on 30 September 2016, with effect from September 2017 HMRC will be sharing financial data with tax authorities around the world under the common reporting standard (CRS) creating an obligation on us as accountants to tell you that: HMRC will soon be getting data… Read More

Funding University Costs

Many parents support their children financially through university. Parents who run their own companies may consider making grown up children shareholders in order to take advantage of the £5,000 dividend allowance and their children’s lower rate tax bands. For example: Sophie is 18 and at university. She will have to pay tuition fees of £9,000… Read More

Start thinking about your Income Tax Planning in 2016/2017

The old tax year is still with us, but it is not too soon to start thinking about income tax planning in the coming year.  This is a year of profound change after a prolonged settled period in the income tax planning arena. The introduction of a dividend tax means that so called traditional tax… Read More

BUDGET 2016 – Salary Sacrifice, still highly effective

Salary sacrifice arrangements enable employees to give up salary in return for benefits-in-kind that are often subject to more favourable tax treatment than salary. The Government wants to encourage employers to offer certain benefits but is concerned about the growth of salary sacrifice schemes. The Government is therefore considering limiting the range of benefits that… Read More

BUDGET 2016 – Changes to the Tax threshold announced

The Chancellor had previously announced his intention to increase personal allowances and the basic rate tax band. The purpose of this is to increase the threshold at which individuals start to pay higher rate tax. For the current 2015/2016 tax year the basic rate threshold is set at £42,385 and this will increase to £43,000… Read More

Pension Tax Relief – George changes his mind…..

After 6 months of leaks and warnings, The Chancellor has woken up to the idea that discouraging pensions saving by removing the tax incentives was a bad idea. If it was such a bad idea, why take all this time come to the conclusion……? Nothing of course to do with upsetting half his MPs with… Read More

Don’t let the sharks catch you! by Brian Jukes, Tax Partner

Just as in every walk of life, there are sharks who purport to be trustworthy professionals who will look after your interests from an accountancy, tax or legal perspective. The successes of HMRC in attacking artificial tax avoidance schemes in recent years has led to many claims of mis-selling, which has in turn created an… Read More