The New Year is here, and with it comes the perennial duty for self-employed individuals, freelancers, and high earners in the UK: submitting your self-assessment tax return. With the 31st of January deadline fast approaching, now is the time to avoid last-minute stress and financial penalties. (Read Time: Approx. 4 minutes) Topics Discussed: The Self-Assessment… Read more »
Protecting your heirs from burdensome inheritance tax bills is a growing priority for many families. With rising property values and changes in tax regulations, gifting property has become an increasingly popular strategy. However, without proper planning, this approach can backfire. (Read Time: Approx. 4 minutes) Topics Discussed: Why Property Gifting is On the Rise With… Read more »
The inheritance tax freeze and rising property values are dragging over 600,000 landlords into the death tax net, creating a costly problem that could force the sale of rental properties and disrupt the housing market. Here’s how you can counteract these changes before they’re put in place. (Read Time: Approx. 3 minutes) Topics Discussed: The… Read more »
The Chancellor’s Budget announcement that pensions will fall under inheritance tax (IHT) from April 2027 is poised to reshape financial planning for retirees. This significant change could see families paying a “double tax” on pensions, with rates potentially reaching as high as 90% in extreme cases. Here’s what you need to know and how to… Read more »
Rising taxes and tightening relief rules have spurred many families to explore trusts as a solution for inheritance tax (IHT) planning. As the government introduces stricter measures, trust arrangements are gaining popularity among those seeking to protect their assets for future generations. While trusts can be advantageous, they come with complexities and costs that demand… Read more »
Family Investment Companies (FICs) are rising in popularity as powerful tools for high-net-worth families seeking robust strategies for tax efficiency and succession planning. FICs offer a flexible way to manage wealth transfer while safeguarding family assets, making them a favoured structure for those looking to protect their legacy. With their unique benefits, however, come specific… Read more »
The recent increase in Capital Gains Tax (CGT) rates has spurred interest among clients seeking alternative strategies. A noteworthy option gaining traction involves introducing a holding company. If executed with a strong commercial rationale, this approach can minimise immediate tax liabilities while offering long-term financial and tax efficiency. Let’s delve into this solution and its… Read more »
There are some specific strategies to help protect your family’s assets, building on last week’s general tax planning advice. Here are some essential actions you can take to mitigate your inheritance tax burden under the new rules following the 2024 Budget. (Read Time: Approx. 4 minutes) Topics Discussed: Changes Following the Budget 2024 Rachel Reeves… Read more »
Stamp Duty Land Tax (SDLT) is an important consideration for anyone purchasing property in England and Northern Ireland. Understanding the specifics of how SDLT applies to residential dwellings can help avoid unexpected costs and ensure compliance with the latest regulations. (Read Time: Approx. 4 minutes) Topics Discussed: SDLT Rates and Applicability SDLT is a tax… Read more »
The latest UK budget introduces significant shifts for employers, taxpayers, and investors, with changes in National Insurance, inheritance tax reliefs, and new taxes for non-domiciled residents. These adjustments, set to start from April 2025, will affect both small businesses and individual taxpayers, presenting new financial planning challenges and opportunities. (Read Time: Approx. 4 minutes) Topics… Read more »
