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All news by: Angela Evans

Are you aware of the tax implications of extracting your property portfolio from company to private ownership?

With the introduction of the finance restriction in April 2007 (F(No.2) A 2015 s.24)  for individuals owning buy to let properties, many landlords looked at the benefits of transferring their properties to a limited company.

Return to date of death - no problem?

I have been appointed as executor - when does this start? As an executor or personal representative you may consider that your responsibilities start at the date of death.   

Is a FIC right for you?

A FIC is a “family investment company” and a tax efficient way of passing on your wealth without losing control of it.

Have you received a PPI refund?

If you have received a refund from a PPI claim, the premiums refunded are not taxable. However, many successful claims are being paid out with a simple 8% interest to compensate the time you were without the benefit of your money.  

Have you received a PPI refund?

If you have received a refund from a PPI claim, the premiums refunded are not taxable. However, many successful claims are being paid out with a simple 8% interest to compensate the time you were without the benefit of your money.  

HMRC to review 2016/17 tax returns

HMRC are planning on reviewing up to 30,000 self-assessment returns from 2016/2017, after concerns that their tax calculator computed individual’s tax liabilities incorrectly. The 2016/17 self-assessment period was a difficult time for agents, including us. This was due to an increasing number of returns subject to exclusions.  

HMRC to review 2016/17 tax returns

HMRC are planning on reviewing up to 30,000 self-assessment returns from 2016/2017, after concerns that their tax calculator computed individual’s tax liabilities incorrectly. The 2016/17 self-assessment period was a difficult time for agents, including us. This was due to an increasing number of returns subject to exclusions.  

What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse.

What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse.

It's all in the clouds

For those of you that have already considered the assets you hold and what should happen to them in the event of your death (or losing mental capacity), the obvious ones such as property, physical assets (cars etc.), personal items are easy.  

It's all in the clouds

For those of you that have already considered the assets you hold and what should happen to them in the event of your death (or losing mental capacity), the obvious ones such as property, physical assets (cars etc.), personal items are easy.  

HMRC errors on tax calculation 2016/17 for self assessment

Many of you may have seen the recent press regarding HMRC’s calculation errors when it comes to income ta payable for individuals in 2016/17.

HMRC errors on tax calculation 2016/17 for self assessment

Many of you may have seen the recent press regarding HMRC’s calculation errors when it comes to income ta payable for individuals in 2016/17.

Isle of Wight residents hit with fake HMRC telephone scam

A number of Isle of Wight residents’ landline numbers have been targeted in a HMRC telephone scam and this has now led to police issuing a warning to all residents on the Isle of Wight.  

Isle of Wight residents hit with fake HMRC telephone scam

A number of Isle of Wight residents’ landline numbers have been targeted in a HMRC telephone scam and this has now led to police issuing a warning to all residents on the Isle of Wight.  

Building a Great Britain fit for the future

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers.   

Building a Great Britain fit for the future

The headline for the Autumn 2017 budget was building a Great Britain fit for the future, creating jobs, preparing for a digital age and supporting families. With the surprise of the day being the abolition of stamp duty (up to £300,000) for first time buyers.   

'House prices are increasingly out of reach for many'

Today marked the first Autumn Budget in 20 years and some may say that it was the ‘most important’ of Philip Hammond’s tenure as the Chancellor. It followed in similar suit of the last Budget, with a substantial focus on the UK property market and the governments bid to tackle the need for affordable housing.  

'House prices are increasingly out of reach for many'

Today marked the first Autumn Budget in 20 years and some may say that it was the ‘most important’ of Philip Hammond’s tenure as the Chancellor. It followed in similar suit of the last Budget, with a substantial focus on the UK property market and the governments bid to tackle the need for affordable housing.  

What are tax-free transfers for Inheritance Tax (IHT) purposes?

There are many reliefs for IHT purposes. They include:

What are tax-free transfers for Inheritance Tax (IHT) purposes?

There are many reliefs for IHT purposes. They include:

Should we give shares to children and pay £5,000 dividends tax free?

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018).

Should we give shares to children and pay £5,000 dividends tax free?

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduces to £2,000 from 6 April 2018).

Making tax digital

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

Making tax digital

The current tax year, 2017-18, is the last year we have to prepare for the advent of the new reporting system, Making Tax Digital for Business (MTDfB). Following the recent budget, it is now clear which businesses are going to be affected and when. Dates for implementation will be:

Considering investing in plant or equipment?

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:  

Considering investing in plant or equipment?

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations:  

Making tax digital to be delayed?

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.

Making tax digital to be delayed?

  The Treasury Select Committee has reviewed the proposals for the introduction of “Making tax digital” (MTD) and have agreed with the various professional bodies that if the new systems are introduced too quickly there could be a disaster.

Passing on the Family Home

New inheritance tax rules for passing on the family home start on 6 April 2017 and many people have a New Year’s Resolution to either make a Will or update their Wills.

Passing on the Family Home

New inheritance tax rules for passing on the family home start on 6 April 2017 and many people have a New Year’s Resolution to either make a Will or update their Wills.

Proposed changes to UK domicile rules

Where an individual is resident but not domiciled in the UK there are special rules that apply to that person's overseas income and capital gains.  Plus only their UK assets are charged to inheritance tax. The government has been consulting this summer on possible changes to the rules from 6 April 2017.

Making Tax Digital - Proposed changes to the tax system

On 15 August 2016 HMRC published six consultation documents, together with a summary document, under the Making Tax Digital (MTD) initiative. In HMRC’s own words, the overall objectives of MTD are for the tax system to become ‘more effective, more efficient and easier for taxpayers’.

Making Tax Digital - Proposed changes to the tax system

On 15 August 2016 HMRC published six consultation documents, together with a summary document, under the Making Tax Digital (MTD) initiative. In HMRC’s own words, the overall objectives of MTD are for the tax system to become ‘more effective, more efficient and easier for taxpayers’.

Spending the kids inheritance......

When considering any type of tax planning and in particular Inheritance planning it is important to ensure that you do not give too much away too quickly. You have worked hard to accumulate your savings and assets. When looking at gifts, ensuring that you have enough funds to maintain your lifestyle is the number one priority.

Spending the kids inheritance......

When considering any type of tax planning and in particular Inheritance planning it is important to ensure that you do not give too much away too quickly. You have worked hard to accumulate your savings and assets. When looking at gifts, ensuring that you have enough funds to maintain your lifestyle is the number one priority.

Where there's a will there's a way.....

If you have not made a will your estate may not go to the beneficiaries that you intend it to. In October 2014 the Intestacy laws changed, reformed to suit the Modern Family. The changes improve the position for surviving spouses but may lead to more claims by Adult children under the Inheritance (Provision for Family and Dependants) Act 1975.

Where there's a will there's a way.....

If you have not made a will your estate may not go to the beneficiaries that you intend it to. In October 2014 the Intestacy laws changed, reformed to suit the Modern Family. The changes improve the position for surviving spouses but may lead to more claims by Adult children under the Inheritance (Provision for Family and Dependants) Act 1975.