Passing your wealth to your children is not simply a question of reducing Inheritance Tax. Giving away assets without considering the wider implications could expose your family to unnecessary financial risks, including divorce, bankruptcy and loss of control. Effective estate planning requires a balance between tax efficiency, financial security and ensuring your wealth reaches the… Read more »
HMRC is increasingly scrutinising landlords who have failed to declare rental income, with potentially significant financial consequences for those who have not met their tax obligations. Whether you own a single rental property, have inherited a property or have simply overlooked rental income on your tax return, HMRC’s Let Property Campaign provides an opportunity to… Read more »
If you have a private pension, there is an important estate planning point that is easily missed. Many people assume that if their Will says their pension should pass to their spouse or children, that instruction will determine what happens when they die. In most cases, it does not work like that. Your pension is… Read more »
Inheritance Tax planning is often associated with trusts, lifetime gifts, company structures and other technical arrangements. However, before considering more complex strategies, it is important to ensure that the basic foundations of an estate plan are properly in place. One of the most important of these foundations is a valid and up to date will…. Read more »
Owning property in the UK can create an Inheritance Tax exposure even if you live permanently overseas and rarely visit the UK. The key point is simple. If you own property in the UK from abroad, that property can fall within the scope of UK Inheritance Tax. That does not mean 40% is automatically payable… Read more »
The way an acquisition is financed can be just as important as the business being bought. A carefully negotiated structure may reduce the amount of external borrowing required, improve cash flow and make a transaction more workable for both buyer and seller. For buyers considering an acquisition, the starting point should not always be a… Read more »
Family Investment Companies were once regarded as a specialist planning tool, but that is changing. With frozen Inheritance Tax thresholds, higher investment taxes and pensions moving into the IHT net from April 2027, more families are looking for ways to pass wealth down without surrendering control too early. A Family Investment Company, or FIC, can… Read more »
The Government may have promised not to raise the main taxes on working people, but that does not mean your pension, property, investments, business or estate are protected from change. Prime Minister Andy Burnham has refused to rule out tax rises, saying the UK is in a “challenging position”. Chancellor John Healey will deliver his… Read more »
Owning more than one limited company can have Corporation Tax consequences that are easy to miss. The associated company rules can reduce the profit thresholds at which Corporation Tax increases and may also bring quarterly instalment payments into play much earlier than expected. For family businesses, this is particularly important. Companies owned by different relatives… Read more »
Selling through Deliveroo, Just Eat, Uber Eats and Amazon can make reaching customers easier, but the VAT position behind those sales is not always as straightforward as the money arriving in your bank account. Platform commissions, refunds, discounts, delivery charges and timing differences can all affect the figures. HMRC may identify a discrepancy, but that… Read more »
