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Tax Filing: from Fines to Points

11th September 2018

Amongst many other propositions, the draft UK Finance Bill published on 6th July 2018 details plans for a shake-up of the existing tax penalty system for late payments of tax. The proposed new system will consist of points-based penalties as opposed to just fining, with points accumulating to trigger... read more

Posted in: Tax

UK Tax Reform: A Breakdown

5th September 2018

April 2017 saw a barrage of UK tax rules take force, including a clamp-down on the number of years resident non-domicile status can be claimed, and harsher, more regulated treatment on selected offshore arrangements which were often used to avoid encountering Inheritance Tax (IHT). As you will see from... read more

Posted in: Inheritance Tax, Tax

Letting a UK property? An Update on Property Tax…

2nd September 2018

There have been a number of developments for those letting UK property with new approaches to deadlines when paying Capital Gains Tax, a proposed extension on the time limit for investigating those with offshore funds and restrictions on Rent-a-Room relief. Deadlines for Payment of Capital Gains Tax (CGT) From April... read more

Posted in: Capital Gains Tax, Tax

Inheritance Tax Revenue Breaks £5 Billion

13th August 2018

UK Inheritance Tax (IHT) revenues have broken the £5 billion mark, totalling a hefty £5.2 billion this year, up from a £4.7 billion last year. With an ageing population, increasing property values and fairly static allowances IHT revenues look set to grow and grow. Within the latest government report,... read more

Posted in: Estate Planning, Inheritance Tax

Tax Break Removed from Termination Payments

19th June 2018

Leaving any role can be difficult but on some occasions a termination payment – paid in the event of dismissal, redundancy or retirement – can help ease the financial impact of a change in circumstances. Until this year if you had worked overseas for a set amount of time... read more

Posted in: News

New Tax Allowance for Those Letting Property

31st May 2018

A new £1,000 allowance for property and trading income came into effect during 2017/18. The allowances are of most benefit to micro-entrepreneurs, such as those with secondary incomes who, for example, let property through sites such as Airbnb and trading via e-marketplaces. The allowance can be claimed against property/trading... read more

Posted in: News

Do I need more than one Will?

23rd May 2018

It would seem that the nature of Will writing does not necessarily accommodate for a globally mobile lifestyle, a lifestyle which is becoming increasingly common and one we help clients to financially negotiate every day. If you own assets in more than one jurisdiction, it can be difficult to... read more

Posted in: Estate Planning

The effect of marriage and divorce on your Will

23rd April 2018

According to latest data from the Office of National Statistics, there were 245,513 marriages and 107,071 divorces in England and Wales in 2017. Given these figures it is useful to consider what happens for the couples who already have Wills in place when their circumstances change. We take a... read more

Posted in: Estate Planning

Common-Law Marriage – Will my Partner Benefit?

14th February 2018

The phrase ‘common-law marriage’ tends to be a familiar one and refers to a situation in which a couple is considered married, without having formally registered their relationship. When considering estate planning though there is a misconception that if you live with someone, your assets will simply pass to your... read more

Posted in: Estate Planning, Inheritance Tax

What can Legacy Giving do for your Tax Bill?

4th December 2017

Who are you going to leave money to in your Will? Your spouse or partner is probably first in line, any children or extended members of the family may pop up here and there too. But what about charity? Thousands of people every year choose to leave a gift... read more

Posted in: Estate Planning