Probate

What Is Probate And How We Can Help You

Losing a loved one can be one of the most stressful and emotional times of your life. It therefore seems unfair that during this time you may have the additional responsibilities of overseeing the legal and financial aspects of the deceased’s estate.  You can undertake this process yourself. However, at Babcock Probate we can take […]

Digital Tax Accounts – What Does This Mean?

In the 2015 Budget, the Government announced the end of the tax return for many taxpayers with a phased introduction of Digital Tax Accounts over the next 5 tax years. The government is also in the process of consulting over a new payment process to support the digital accounts system which will affect both the […]

HMRC Phishing Scams

HMRC Phishing Scams

Do you know how to spot HMRC Phishing Scams? In this article, we take a look at current scams, how to spot them and what to do in the event of finding one. Phishing is an attempt to obtain personal information by pretending to be HMRC – this tends to come in the format of […]

Digital Tax Accounts and Making Tax Digital – An Update

Digital Tax Accounts and Making Tax Digital – An Update Background: HM Revenue and Customs announced its new Making Tax Digital (MTD) in the March 2015 Budget but since this date, there have been many consultations and changes in the implementation dates. MTD had been planned to start in April 2018. It will now start […]

Class 2 National Insurance

Until 5 April 2015, every ‘self-employed earner’ who was over the age of 16 and under pensionable age was liable to pay Class 2 contributions at a set HMRC weekly rate. However from 6 April 2015, Class 2 contributions only applied to those with profits from a trade, profession or vocation exceeding the small profits […]

Income Tax Rates

Do you know what Income Tax Rates you will be paying this year? You pay income tax on any income you receive in a tax year over and above your Personal Allowance (currently £11,500). For this tax year there have been subtle changes to the income allowed before being banded in the next level. So […]

What Are The Current Income Tax Rates & Allowances?

The amount of Income Tax you pay in each tax year depends on the following: how much of your income is over your Personal Allowance how much of your income falls within each tax band There is also income which is tax free! The Tax-Free Personal Allowance – What is it? Each individual in the […]

Landlords – What Expenses Can You Deduct For Tax Purposes?

As a landlord and under UK law you can deduct certain expenses from your total rental income. The income tax you pay is then based upon the rental income figure after the deduction of these expenses. You therefore need to ensure that you have deducted all allowable expenses so that you are not overpaying your […]

gift with reservation

Is It Possible To Prevent A Gift With Reservation Of Benefit?

If you give away a chattel but continue to enjoy the use of it, then the gift with reservation rules may prevent this transfer from working for inheritance tax purposes. GIFTS WITH RESERVATION If an individual makes a lifetime gift of an asset, even if it is in excess of available inheritance tax (IHT) exemptions, […]