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 […]
Budget changes to the taxation of residential property (Stamp Duty Land Tax rates)
Major changes to Stamp Duty Land Tax rates for the taxation of UK property worth more than £2 million were announced in the budget earlier this year. A significant change is the proposed introduction of an annual charge on residential properties worth more than £2 million which are held by a Company, regardless of whether […]
Real Time Information
Real Time Information (RTI) is a priority Government programme aimed at improving the operation of Pay As You Earn (PAYE). It will operate online. At present, employers and pension providers send information about tax and national insurance contributions (NICs) to HM Revenue & Customs (HMRC) after the end of each tax year. This means that […]
Capping tax reliefs
A major feature of the budget announced earlier this year was the Government’s announcement of a proposed cap on unlimited tax reliefs with effect from 6 April 2013. HM Revenue & Customs and HM Treasury have now prepared a technical note on the measure which confirms that the cap will only apply to currently unlimited […]
Tax simplification
The Government has announced its intention to adopt a number of proposals made by the Office of Tax Simplification (OTS) aimed at small business. The Government has indicated that the proposals should apply to unincorporated businesses with a turnover up to the VAT threshold of £77,000 and that they should continue to apply to businesses […]
Year End planning: Income Tax
There are numerous matters for taxpayers to consider when reviewing their income tax position, several of which are set out below. Age related allowances The higher personal allowances for 65 and 75-year-olds are subject to an income limit of £24,000 for 2011-12. It may be possible to replace taxable income with tax-exempt income through, for […]
Carol Cheesman on owner-managed businesses (video)
My name is Carol Cheesman. I’m the Senior Partner of a firm of accountants based in Islington – right opposite the Business Design Centre in Islington. We’ve been going just over twenty years. In fact we’re about to celebrate our twenty-first anniversary. We’re a little bit unusual as a firm of accountants. In that we […]
Year End planning : Inheritance Tax
There are a number of inheritance tax exemptions and reliefs available to taxpayers, of which the main ones are set out below: The annual exemption This amounts to £3,000 per year and can cover substantial transfers made over a number of years. The exemption can only be carried forward for one tax year and so […]