Sir Bruce Forsyth’s has reportedly left all his estate to his wife in order to avoid paying Inheritance Tax on its £17 million worth. The inter-spouse Inheritance Tax exemption is one of the simple tax reliefs around. This relief imposes that transfers from on spouse or civil partner to the other are exempt from Inheritance Tax…. Read more »
Posts By: ilyas Patel
Does Working From Home Affect Principal Private Residence Relief ?
There is a tax myth about business owners’ capital gains tax position if they sell their main residence, which they also use as a place of work. Some business owners are being put off in maximising their tax deductible expenses for their ‘office use of home’ as they are prejudicing their capital gains tax position when they… Read more »
Tax Minimisation For Directors
Top 10 tax tools for directors of companies: 1. Dividends Due to the reduction of dividend allowance to £2,000, many small company shareholders are paying significantly higher amounts of tax than they used to. However, by bringing in family members as shareholders, you can split dividends amongst them. This is useful if you are… Read more »
HMRC’s Investigation Powers
HMRC has the authority to recover unpaid tax outside of the enquiry window through discovery assessment. If it has a reason to believe that a tax liability has been understated due to an error in your tax return. Discovery Assessment Discovery assessment happens in one of three situations: You inform HMRC that you… Read more »
Payment Period For Stamp Duty Land Tax Shortened From March 2019
Commercial and residential property owners need to be aware that the payment period for Stamp Duty Land Tax has been shortened from 30 days to 14 days. This will apply from 1 March 2019. The change in legislation also included lesser number of questions on the SDLT return. The measure was supposed to come into… Read more »
Golden Nuggets From Budget 2018
Philip Hammond unveiled a series of measures that was more generous than expected such as early increase in personal allowance and higher rate tax thresholds. To make it easier for you, we have outlined the “golden nuggets” that we think will be of interest to you. 1. Personal Allowances The changes on personal allowance… Read more »
What Lies Ahead VAT
With the Brexit deadline just a few months away, HMRC has issued a statement about what will happen if no trade deal has been agreed with the EU. The statement includes recommended steps that you should consider taking before the March deadline. One of them is to acquire software or an agent to handle… Read more »
Escape Company Tax on Directors’ Loans
As a director shareholder, you might have borrowed from the company to cover your personal expenses. However, owing money to your company can trigger a massive tax bill. HMRC aggressively taxes loan arrangements between you and your company. This means the company must pay tax of 32.5% of the debt as it stands… Read more »
Top 10 Tax Saving Tips For Small Businesses
Owning and operating a small business can be expensive when you pay more tax than you need to. Saving money on taxes should be a priority for small business owners. Here are few simple tips for small business owners to consider:  1. Use your allowance Annual Investment Allowance of £200,000 – the full… Read more »
Claiming Marriage Allowance
There are still over one million not claiming marriage allowance despite it being recommended by HMRC. They also estimate that of all eligible couples, one in four have not made a claim. Marriage allowance is available to married couples or civil partners. This allows an individual to transfer their personal allowance of up to £1,190 to… Read more »