News & Updates

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Inheritance Tax to be simplified

The Office of Tax Simplification has undertaken a detailed review of Inheritance Tax, and proposed several changes to this complicated tax which could have significant implications.

High income child benefit charge and state pension

The high income child benefit charge has put many people off claiming child benefit, but beware – this may limit the amount of state pension which you can claim at a later date.

Extracting profit from the family company via dividends

The start of the new tax year means that if you are a shareholder or director you may wish to review your salary and dividend mix for 2019/20 to ensure you’re as tax efficient as possible.

Change to probate fees

Plans are afoot to introduce a sliding scale of probate fees based on the value of an estate. Meanwhile HMRC has introduced a temporary process for probate.

Signing over your home to your children

Did you know you can pass your home on to your children at any time, even if you still live in it? It may seem a great idea, but it’s a complicated area which can carry some major drawbacks.

Class 2 NICs to continue for self-employed

Class 2 NICs for the self-employed were due to end next April, but the government has now changed its mind. We explain why, and how you can check your NI contribution history.

Do you have joint rental income with your spouse?

If you own a property with your spouse, tax legislation states that you are entitled to an equal share of any income you receive from this jointly owned property, unless you complete Form 17

Tax on savings income to get simpler?

The Office of Tax Simplification (OTS) has published a new report which looks at how people’s savings income is taxed, and has identified areas where it might be simplified.

Tax breaks on childcare costs – Good news for the self-employed!

Tax-free Childcare versus Childcare Vouchers – which scheme is best? Paul Cox examines the differences between each of these schemes, to help you decide which one you might be eligible for and which will offer you the best savings on your childcare costs.

The advantages of a furnished holiday letting

Various tax breaks may make it more worthwhile investing in a furnished holiday letting as an alternative to a buy-to-let rental property business.