1. When do I need to start planning? As early as possible as your circumstances and exposure to IHT will change over time. Early on, an insurance policy might be all that is necessary but more complex planning will be appropriate as wealth increases. 2. Can I afford to make…
Continue Reading๐ฆ๐ฝ๐ฟ๐ถ๐ป๐ด ๐๐๐ฑ๐ด๐ฒ๐ ๐ฎ๐ฌ๐ฎ๐ฏ Capital Allowances – To assist businesses to sustain their investment levels, the Chancellor announced a substitute for the capital allowance super deduction, which is set to expire on March 31, this year. New schemes- Full Expensing (FE) – From 1 April 2023 to 31 March 2026, businesses…
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Financial years and corporation tax rates Corporation tax (CT) rates are set for “financial years”. A financial year (FY) runs from 1 April to 31 March and is identified by the calendar year in which it commences for example FY 2022 is the year from 1 April 2022 to 31…
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Introduction Letโs get straight down to business. There is reason you should put money into a pension and one of the main reasons to SAVE TAX. As a pension saver you enjoy two important tax reliefs: โข Tax relief on your contributions โ what I call buying investments at a…
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How much extra will I have to pay for National Insurance? The new UK tax rate, as well as what it implies for me, are all discussed. The government claims that the increase in National Insurance will help with health and social care, but it has sparked fierce debate as…
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I have been advised by my dealership and accountant that I can reclaim VAT on the purchase of a new electric car. Is this correct as this would be a major consideration in the decision to purchase? This has become a very common question of late presumably driven by the…
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For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let out may make commercial sense. When buying an investment property, the addition of the 3% SDLT supplement means that the SDLT hit may be significant.…
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Capital allowances are the tax equivalent of depreciation and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis; instead, relief may be available as a deduction in computing…
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The number of tax enquiries is on the increase; the reason is not that more taxpayers are seeking to defraud the tax system but because advances in digital technology and data exploitation are enabling more efficiently targeted enquiries. For example, although HMRC undertook fewer stamp duty land tax investigations last…
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If youโre an employer who is looking to provide job placements for young people, then the Governments Kickstart Scheme is a great way to take on young people with the help of significant funding. The Government are providing funding to create jobs. Who can apply for the Kickstart Scheme funding?…
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