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Tax

Will Inheritance Tax Be Simplified

An announcement to listen out for in the Spring 2020 Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT). As reported in a previous article, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7 to 5 […]

Read more February 10th, 2020

Time To Sell Property Before 6 April 2020?

If the draft legislation issued for consultation last year is enacted in the next Finance Act there will be important changes to private residence relief for disposals after 5 April 2020. Firstly, the exemption for the final period of ownership will be reduced from 18 months to 9 months. This applies where a former main […]

Read more February 10th, 2020

Possible U-Turn On Pensions For High Earners?

There have been many stories in the press about GPs and senior hospital doctors refusing to take on extra shifts and additional responsibilities due to the additional tax they are required to pay on the extra pension contributions paid by the NHS. A number of solutions have been put forward. There are now strong rumours […]

Read more February 10th, 2020

Changes To Disguised Remuneration Loan Charge

The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and National Insurance. The date that the loan was made to the individual […]

Read more February 10th, 2020

The World Of Property And Where Are We?

So where are we in terms of the impact to the world of property? Here’s what we can expect to happen this year from a Tax and Legislation perspective:

Read more January 14th, 2020

Tax Return Deadline Approaching: 31 January 2020

Are you a Landlord that has received rental income from between 6 April 2018 and 5 April 2019? Have you filed your tax return yet? The deadline is 31 January 2020 and the payment of any taxes due need to be paid by then as well. Get it sorted sooner rather than later! If you […]

Read more January 13th, 2020

Passing On The Family Home

The Labour party were proposing to reverse the recent Tory party inheritance tax cuts if elected. They were referring to the additional nil rate band for passing on the family home. This additional relief should be taken into consideration when drafting your Will. We can work with your solicitor to make sure that your Will […]

Read more January 9th, 2020

New Year’s Resolution To Save Tax

Many will have made a New Year’s resolution and made plans on how best keep them. It is also a good idea to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year […]

Read more January 9th, 2020

Pension Planning

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the […]

Read more January 9th, 2020

Gifts Out Of Surplus Income

Inheritance tax only applies to gifts of capital. There is currently a very generous exemption from inheritance tax for regular gifts out of income. In order to qualify for the exemption it is important to set up regular transfers. You must also be able to prove that after the regular gifts you are left with […]

Read more January 9th, 2020