Posts Categorized: Friday Tax Tip’s

How To Reduce Inheritance Tax

Inheritance tax is charged on the value of an estate at death, but can also be charged on transfers made. There are various reliefs available on chargeable assets. Assets in an Estate Care needs to be taken on the assets in an estate. Some assets are exempt from inheritance tax and need to be held for a minimum period before… Read more »

Tax Deductible Expenses For Landlords

Expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital nature. The commonly incurred expenses in a rental business are as follows:- Replacement of Domestic Items   Wear and tear allowance was scrapped in April 2016. Landlords are now able… Read more »

Pension Contribution Rises

The minimum contributions that employers and their staff must pay into their automatic enrolment workplace pension scheme has increased from 6th April 2019.   All employers with staff that are enrolled in the workplace pension scheme must ensure that they are implementing the changes and that at least the new minimum amounts are being paid… Read more »

Private Company Shares Owned By Children

Children can hold shares in a private company in England and Wales. There is no statutory provisions prohibiting a child below the age of 18 from owning shares.  Benefits of Allotting Shares to Children Some family owned private companies tend to allot shares to children as a means to providing them with: Capital Assets which… Read more »

Tax Benefits Of Working From Home

There are generous tax reliefs which employees and self employed can claim when they work from home. Certain conditions must be met in order to qualify for the tax relief:  Self Employed Working From Home There are flat rate allowances which a self employed worker can claim. The allowance is based on the number of hours worked… Read more »

Pay Less Tax Through LLP

Limited Liability Partnership (LLP) is a corporation form of a partnership. It is an attractive variation that retains all the flexibility of a partnership whilst giving the partners limited liability. Benefits of LLP LLPs were introduced back in 2002 as it was deemed unfair for partners to bear each other’s liabilities. An LLP is a separate… Read more »

Ideas To Reduce Your Tax Bill !

This is the best time to review your finances to reduce the taxman’s take. Below are some important tax tips that should be considered when you are completing your tax return. Personal Savings Allowance Basic rate taxpayers can receive the first £1,000 of interest tax-free, higher rate payers will be able to earn up to £500… Read more »

Tax Saving Tips on Divorce & Separation !

It’s easy for tax to be overlooked as money and tempers can be short during a divorce. This can lead to problems and unexpected tax bills. There is no tax exemption when you and your spouse or partner divorce or separate. Here is how you can save tax:   Income Tax If one of the… Read more »

Tax Planning For Lucky Higher Rate Taxpayers !

How to avoid higher and marginal rate tax:   There are situations where an individual’s gross income (before personal allowances) exceeds a certain level and the effective rate of tax could rise to 60% or more. These are: Over £50,000; you are liable to higher rate tax at 40% Over £50,001 and up to £60,000;… Read more »

Payroll Changes In April

New changes in payroll are coming into effect from 6 April 2019.     Payslips At the moment payslips are only given to your employees who work for you and have a contract of employment. From 6 April 2019, all workers are entitled to a payslip. This includes agency staff, bank staff, casual or zero-hours staff…. Read more »