Richard and Jennifer are in their early 70s. They own and live in their family home which is worth £1.5 million. The sale of the property would realise a significant gain. This would not be a problem because principal private residence (PPR) relief will exempt any gain no matter what happens. Or will it...?Read Article
Probate duty was introduced as a British tax on the gross value of a deceased testator as long ago as 1694. It meandered its way along the death tax floodplain, altering its course and name from time to time but retaining its basic substance and function.Read Article
Making tax digital for income tax self-assessment (MTD for ITSA) all started as a sprint in 2015 when George Osborne announced the abolition of annual tax returns in favour of "a revolutionary simplification of tax collection. Starting next year."Read Article
As the value of land increases, more and more homeowners are becoming involved in projects affecting their residences and gardens in the expectation of achieving a significant gain. Consider the case of Mr and Mrs Lee which was reported a couple of months ago...Read Article
Most of us would remember entrepreneurs’ relief (ER) and the challenges presented in getting the spelling correct and the apostrophe in the right place! In March 2020 HMRC moved in and rebranded the relief, just to keep us on our toes. It is now known as “business asset disposal relief” or by its acronym “BADR”. There was no alteration to the underlying mechanism of the relief but there was one very important change introduced in the announcement…Read Article
It is not uncommon for moderately well-off parents to help their children with loans (particularly in connection with the acquisition of property) which later on in life they proceed to convert to gifts when their own circumstances are assured. What documentation is necessary? Do you really need to bother?Read Article
There is currently a lot of activity and hype about the 130% super-deduction for companies that ends on 31 March 2023, you may be being encouraged to take advantage of it while it is there or thinking of bringing capital expenditure forward to take advantage of it.Read Article
Since the financial year 2015 the UK corporate tax rate has been at a single rate, and that rate for the years 2017-2022 has been 19%. This has made life very simple and a good time has been had by all. But changes will be cutting in for the financial year 2023 which commences on 1 April 2023 and which is little more than 12 months awayRead Article
Not many people pay capital gains tax and still fewer would be in a position to claim rollover relief, That said, it is a valuable relief and certainly one that business owners should know about…Read Article
While the prime object in most Estate Planning exercises is to avoid payment of IHT altogether the fact remains that an increasing number of estates will be chargeable. This could be your estate or one for which you will be responsible as an Executor. It is useful to know that certain types of property qualify for payment of tax by instalment.Read Article
Successive UK governments have positively encouraged charitable giving in recent years by providing generous income tax and corporation tax relief to donors, donees and sometimes both. After all the public is taking on financial responsibility some of which the government should be bearing…Read Article
The Government has just published a report entitled “Building a Trusted Modern Tax Administration System” in which it sets out its roadmap for making tax digital (MTD) in the context of a broader 10-year plan to modernise the tax system which is appropriate to the present decade.Read Article
We have enjoyed a good working relationship with C&H Stedman over many years and have proved them to be 100% reliable and professional in producing accurate and timely Monthly Management Accounts and Year end Financial Reports.I have no hesitation in recommending them as ‘trusted advisors’ both in relation to financial planning and tax efficiencies, having many years’ experience and a breadth of knowledge in these fields.
C&H Stedman Accountants have provided professional advice for us since 2003. They produce regular Annual and Management accounts, with clear reports charting analysis, ratios and trends, and they supervise all our partnership’s tax affairs.Their service is always competent, prompt and friendly, and they readily give guidance on accounting issues which arise from time to time. A good support to our business!