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, […]

lottery syndicate

Are You Part of a Lottery Syndicate – If So You Need To Read This

There are many work places all over the UK who run a lottery syndicate. Staff normally put in an agreed amount each week, and a designated employee will use the collected funds to buy tickets. If your lucky numbers come up, then the prize is shared equally. However there is an issue which arises and […]

professional executor

Why Appoint A Professional Executor?

Have you considered appointing a professional executor fo your Will? In this article, we explore the advantages. There are many good reasons for appointing a professional executor in your Will, where for instance you have a number of personal properties such as a second home or rental, investments, pensions or your own business. In addition, […]

VAT & Flat Rate Guidance – News Alert

HMRC have updated their Flat Rate Scheme VAT Notice to provide some much needed further guidance for businesses who may be affected by the “Low Cost Trader “ provisions. Section 4: Determining your flat rate percentage has been updated by the addition of paragraphs 4.4, 4.5 and 4.6.   These provide Information on determining whether you […]

Deed of variation - impact on joint tenants

Deed of Variation – Impact on Joint Tenants

When there is a deed of variation entered into by the beneficiaries of a will or intestacy, the changes in the assets (which is known as disposition) are deemed to be those of the deceased.  However what happens if a surviving joint tenant joins into the variation and gives up his or her share in […]

2017 Budget – The Dividend Allowance

What changes to dividend allowances were announced in the Spring Budget which might affect you? Dividends. The dividend allowance is £5,000 which is in effect a 0% tax rate band was introduced on 6 April 2016. This will now be reduced to just £2,000 with effect from 6 April 2018. The whole point of the […]

capital gains tax

Selling Part Of Your Garden – Is This Free From Capital Gains Tax?

Are you considering selling part of your garden but wondering if Capital Gains Tax is applicable? In this article we explore when you can and can’t avoid paying tax. This is covered by the “principal private residence” (PPR) relief from capital gains tax. The relief is given against gains arising on “a disposal of a […]

capital gains tax

Capital Gains Tax On Inherited Property – Don’t Pay Too Much!

If you sell a home which you inherited, what steps can you take to ensure that you don’t pay too much Capital Gains Tax? Is Death The Ultimate Tax Avoidance? It’s been said that death is the ultimate capital gains tax avoidance. No matter how much an asset has increased in value when someone dies […]