If there is one thing worse than paying any form of tax it is having to pay interest and late payment penalties as well.
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Many people think of Estate Planning as an exercise to so arrange their affairs that the Government can take as little as possible from an estate, leaving as much as possible to their family and chosen beneficiaries. Important as this is, there are other aspects of the matter to be considered and provided for.
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The Government has provided an extended window for individuals to make good missed contribution years to ensure they have a full complement when it comes to state pension entitlement. What are the rules? What can be done?
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Making Tax Digital (MTD) for income tax self-assessment will be on us very shortly. The official start date is 6 April 2024 - approximately 16 months away - but a lot of key decisions need to be made well before that date. Ideally landlords should accept the discipline of quarterly reporting in the year commencing 6 April 2023 so as to be quite ready for the real thing a year on.
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With the current changes in the political scene, there is a tax scheme that may be taking advantage of before it is removed.
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It is not very often that an elderly lady manages to put in place an arrangement the effect of which is to clarify and even extend an inheritance tax relief. This is precisely what Mrs Bennett did - with the help of her solicitor, senior counsel and Mr Justice Lightman - although sadly she did not live to see her name above the tax case Bennett & Others v IRC (1995). This is what happened…
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Traditionally advice has been that it is more tax efficient for business owners to hold cars in their own names rather than that of their companies. The electric car revolution has changed all this...
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Once in a while there’s a telephone call from someone wanting some cheap advice. “I’ve just been made redundant,” is how it starts. “I’m getting a termination payment,” is how it continues. And then the inevitable question … “It’s all tax-free if it’s under £30,000, isn’t it?”
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Oswald was a delightful uncle to have. He had plenty of ideas and plenty of money. He was just the sort of person to turn to in the event of a family problem… Jane, one of Oswald’s nieces, was a young widow and was attempting to run a small business. Jane desperately needed some cash, so Oswald came up with a proposal. He would acquire a half interest in Jane’s house for £200,000 cash, which was a fair deal. If the business picked up, as it was expected to do, then Jane could buy back Oswald’s half share whenever she was ready. The deal was done, and all legal ends were tied up – Oswald was always very particular with this sort of thing.
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While many of us like to hold onto our money, there comes a stage when it is beneficial to give it away to protect your family from inheritance tax. The question is how much can you legitimately pass on?
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Pensions have long been shrouded in mystery. Current rules introduced on 6 April 2015 have made them much more intelligible and attractive.
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The Government has recognised the fact that where employees are required to work from home on a regular basis for whatever reason then some tax relief should be available.
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In general the value of any benefit provided by an employer to an employee constitutes part of the employee’s employment income and is fully taxable. In addition the employer has to pay class 1A NIC on many such benefits. It is very sad.
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In recent years pensions have become a lot more attractive and with care can be an effective planning tool. It’s a specialist subject and the rules are constantly changing. But successive governments have been keen to encourage pension provision in the knowledge that the state scheme is proving increasingly inadequate.
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Something that did not receive a mention in the Budget speech but is likely to have an impact on most of us sooner or later is the new regime for late return and late tax payment penalties.
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If you miss paying your personal tax payment, HMRC are quick to issue penalties. How much could you be charged?
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Most of us have heard about the High-Income Child Benefit tax charge. If you or your spouse has income over £60,000 all the child benefit is clawed back as a tax charge. If income is between £50,000 and £60,000 a proportion is clawed back.
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It is becoming fashionable when making a Will to instruct a solicitor or agent to make a Lasting Power of Attorney (LPA) at the same time. What are they? What is their function? Do we all need one?
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