Plan to legally save £100,000s on your estate … Inheritance Tax can cost loved ones hundreds of thousands in the event of your death, yet it’s possible to legally avoid huge swathes of it, or possibly pay none at all. The super-rich rarely pay IHT. Increasingly, the burden has fallen on the middle classes –… Read more »
Posts Categorized: Blog
Main Reason Individuals Set Up Trusts
One of the well-known reasons why settlors set up a trust is to make use of the nil rate band which allows them to transfer assets up to the Inheritance Tax threshold of £325,000 tax free if they survived for seven years. However, many believe that this is not the only reason why they set… 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 »
New Rules For Landlords
New legislation for landlords will come into effect on 1 October 2018. This will bring more properties into the category of “multiple occupation housing” wherein five or more people from two or more separate households live in one property. The new legislation is for HMRC to clampdown on landlords letting out overcrowded and inadequate properties…. Read more »
HMRC Issues Letters Warning of Overseas Investigation
Thousands of taxpayers are receiving HMRC letters warning them to disclose information of undeclared foreign income by 30 September. Otherwise, they will face penalties. Undeclared assets could include savings accounts, debts owed, government securities, and rights or intellectual property. To further eradicate tax evasion, HMRC is putting together more than 3,200 with over 100 countries…. Read more »
Buy-To-Let Tax Change
There has been an increase in the number of landlords who are incorporating or setting up a private limited company in order to avoid the negative impact of changes to the buy-to-let tax regime. Due to this, mortgage lenders are now offering more fixed products that are tailored to limited company landlords. There are 235… Read more »
Shorter Capital Gains Tax Payment For Buy-To-Let Landlords
HMRC is planning to bring in new rules from April 2020. It will require individuals and trustees disposing of a residential property to make a payment on account of Capital Gains Tax within 30 days of completion of the sale. Capital Gains Tax computations can be complex and it can take time to make an… Read more »
Tax Relief Restrictions and Incorporation for Landlords
From 6 April 2017, landlords are no longer be able to deduct all of their finance costs from their property income. As an alternative, they will receive a basic rate reduction from their income tax liability for their finance costs. Finance costs include: Interest and other finance costs on loans taken for a property… Read more »
Footballer Alexis Sanchez Sentenced For Tax Fraud
Alexis Sanchez was accused of evading €1m (£890,000) in 2012 and 2013 whilst playing for Barcelona. He used a company in Malta in order to avoid being taxed on image rights. However, he has now accepted a 16-month prison sentence for committing the fraud. Fernando Felicevich, Sanchez’s agent, have since stated that the alleged crimes… Read more »
Auto – Enrolment Traps To Look Out For
Auto enrolment has been gradually phased in by The Pensions Regulator. However, from 1 October 2017, first time employers will need to comply with the legislation immediately. It’s essential that these employers understand their legal obligation and discharge them. If they failed to do so, fines will be imposed at a rate of up to… Read more »