Category: Tax

Are you afraid you have left Inheritance Tax Planning too late? Are you perhaps faced with an illness which means you have a reduced life expectancy and you are concerned about your exposure to IHT? Don’t rule out planning now – there are specialist IHT solutions that may assist you. Some achieve IHT efficiency after … Continued

HMRC has this week launched its new worldwide disclosure facility (WDF), enabling taxpayers with undeclared offshore income or assets to make a notification and full disclosure online via the new digital disclosure service. From the end of September 2016, HMRC will start to receive financial account information automatically from the UK’s Crown Dependencies and overseas … Continued

Inheritance tax (IHT) receipts totalled £4.7 billion in 2015/16, a 22% increase on the previous year. Without taking inflation into account, this is the highest receipts have been since the IHT system was introduced in 1986. The Office for National Statistics cites several reasons for the rise: Property prices Property makes up around 30% of … Continued

69% of over-45 homeowners say that their home is worth more than their pensions, savings and investments combined, research by Aviva has found. Important findings: 46% see their property wealth as a key part of their retirement income 23% are worried about paying off their loans 33% do not think they will have paid off … Continued

The Government is introducing a fundamental change for UK resident non-domiciled individual (non-doms) from 6 April 2017. The new deemed UK domicile rules will mean that some non-doms will no longer be able to use the remittance basis and instead will be subject to UK tax on their worldwide income and gains. Additionally, all UK … Continued

HMRC has published revised advisory fuel rates for company cars, applying from 1 September 2016. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. These rates apply from 1 September 2016. You … Continued

HMRC have now confirmed that the £30,000 tax exemption which applies to termination payments for loss of employment will remain. However, there are changes proposed which are likely to add to the cost of many severance payments. Summary of the key points: The first £30,000 of a termination payment for loss of employment will remain … Continued

More than half a million people have opened a Help to Buy ISA since the scheme was launched in December 2015. The Help to Buy ISA allows people to save up to £200 a month while receiving a 25% government bonus. The figures show that the average price of a home purchased using a Help … Continued

A third of workers globally do not have a retirement plan, according to research by Aegon. The survey of 14,400 employees and 1,600 retired people across 15 countries found that providing workers with access to workplace pension plans is a significant factor in ensuring that they are saving for their retirement. 41% of those surveyed … Continued

The deadline for the second payment on account for tax paid through self-assessment is 31 July 2016. Payment is required if the tax bill is more than £1,000, unless you’ve already paid more than 80% of all tax you owe. 2 payments are due each year – on 31 January and 31 July. Each payment … Continued