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Income Tax and National Insurance Contributions Termination Payments

17th October 2017

As it currently stands, qualifying individuals are either completely exempted from Income Tax on their overseas employment termination payment or have the taxable amount reduced through foreign service relief. However, this is set to change from 6 April 2018. In short, if you are UK resident in the tax... read more

Posted in: News, Tax

Changes to the Tax Treatment of Non-Domiciles

30th January 2017

New Tax Rules for UK Non-Domiciles are to come into effect from 6 April 2017. Draft legislation on most of the changes has been included in the Finance Bill 2017 which was published on 5 December 2016. There have been some changes since the previous proposals, in particular the... read more

Posted in: Capital Gains Tax, News, Tax

Attention Anyone Living in Scotland

20th December 2016

Those living in Scotland face higher tax bills The Scottish Parliament announced their budget for the 2017/18 tax year on 15 December 2016. Rather surprisingly they have decided to subject Scottish taxpayers to a higher tax bill than those in the rest of the UK. For anyone living in... read more

Posted in: News, Tax

Understanding and Reducing Inheritance Tax

1st December 2016

£4.6 billion was paid in Inheritance Tax revenues last year, and by 2020 one in 10 estates could be charged Inheritance Tax. Inheritance Tax is charged on your estate when you die, at a flat rate of 40%. With the current threshold sitting at £325,000 a great many people... read more

Posted in: Inheritance Tax, Tax

Beware of fraudulent ‘HMRC’ telephone calls

4th October 2016

We have recently become aware of the evolution of a new fraud attempt whereby someone is calling and pretending to be from HMRC’s Debt Department, stating that they will shortly be commencing legal action and that you should ‘press 1’ to speak to a case worker.  This is a... read more

Posted in: News, Tax

Beware the tax trap on interest from April 2016

18th July 2016

From April 2016 UK banks stopped deducting basic rate tax on interest credited to your accounts. At the same time they introduced a savings allowance of £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. For many taxpayers, this simply means that they will no longer need... read more

Posted in: News, Tax

Accessing your Pension Fund

10th March 2016

When it comes to accessing your pension fund, there are number of rules and regulations to adhere to. These rules allow you to not just comply with taxation laws, but also ensure that you are able to withdraw funds without complication. Recently the rules surrounding taking from funds for... read more

Posted in: Financial Planning, News, Pensions, Tax

2 + 2 = ????

3rd March 2016

Change is afoot when it comes to pension planning. So if you are happily saving for your pension assuming that you know what your contributions are allowed to be, then be aware of the Chancellor’s latest involvement. From April 2016, if you are earning more than £110,000 you will... read more

Posted in: Financial Planning, News, Pensions, Tax

Appointing the right executor

2nd December 2015

When making a Will, you will need to appoint an executor, which could be a member of your family, a trusted friend or a professional. It is the executor’s role to make sure the instructions in your Will are carried out, and there are several responsibilities and duties to... read more

Posted in: Capital Gains Tax, Inheritance Tax, Tax