Small business owners who work hard to build up their businesses may feel that the current Inheritance Tax (IHT) regime is unfair. The current threshold of £325,000 will remain in place until 2015 and if you leave behind anything more than this the tax will be charged at 40% on anything extra. Inheritance Tax is […]
Archive | Tax
10 self-assessment tax return mistakes to avoid.
If you need to submit a Self-Assessment Tax Return (SATR) it’s imperative you get it in on time and error-free. In 10 self-assessment tax return mistakes to avoid, an article for bdaily.co.uk Carol Cheesman explains how to get started with your SATR, and how to avoid these 10 common mistakes relating to: Signature & date […]
Shall we buy our house as Joint Tenants or Tenants in Common?
Joint Tenants: If you own your home as joint tenants, then you both own 100% of the property. When one partner dies, the other automatically becomes the sole owner. Tenants in Common: If you are tenants in common, then you both own shares of the property, which can be equal or unequal. Respectively, it could […]
Am I UK Resident or Non-Resident and how does this affect my business?
In The UK, you are charged tax on: Income arising in the UK – whether or not you live in the UK, Income arising outside the UK – belonging to those who are resident in the UK; and Capital Gains which arise outside the UK – belonging to those who are resident in the UK […]
10 common Self-Assessment Tax Return mistakes and how to avoid them
Not everyone needs to complete a Self-Assessment Tax Return (SATR), but for those who do, it’s not always straightforward. If you need to complete an SATR, HM Revenue & Customs (HMRC) will send you a letter in April each year enclosing an SATR for you to complete. There are penalties for not submitting your Tax […]
French Wealth Tax – How does it affect UK citizens?
The French wealth tax not only affects those who are resident in France but also those who are resident elsewhere but have substantial wealth or assets there. They type of assets taxed include: Property Investments Cash Personal belongings Business assets, art, antiques and historical artefacts are excluded. Former French President Nicolas Sarkozy cut the wealth […]
How to reduce your Inheritance Tax liability
One resented tax that can hinder how much of your hard-earned assets are passed to your children, friends and family is Inheritance Tax (IHT). The thought of paying IHT can leave you feeling irritated because it’s likely that some of your hard-earned assets cannot be passed to your loved ones without a huge chunk of […]
Three things to ask your accountant before buying a house in France
Only a short train journey and ferry ride away, France is a great place to visit. But for those who want to make France a permanent home or buy a house in France to let, there are a number of tax issues to consider. We take a look at the three most important things you […]
Claiming Business Property Relief to reduce your Inheritance Tax bill
There are a number of ways to reduce your Inheritance Tax (IHT) bill. Here we look at Business Property Relief (BPR) from Inheritance Tax. Shares you own in businesses form part of your estate but BPR may allow you to pass on some of the business tax-free either through your will or when you are […]
What are Limited Liability Partnerships?
A Limited Liability Partnership (LLP) is a hybrid of a Partnership and a Limited Company. Only introduced in 2001, it combines limited liability with the flexibility of partnerships. An LLP has a separate legal identity so it can be more preferential than a sole trader and has the tax status of an ordinary partnership. This […]