IHT planning – The basics

Increasing house prices raise inheritance tax risk.  Soaring house prices coupled with certain thresholds being frozen in the most recent Budget have the potential to drag more estates into the inheritance tax net over the coming years.  Back in March 2021, Chancellor Rishi Sunak confirmed the main inheritance tax thresholds will remain frozen at their… Continue reading IHT planning – The basics

Self-employed, allowable expenses

If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.  By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.  For example, if your business has… Continue reading Self-employed, allowable expenses

IR35 minefield …….

Exactly a year later than planned, changes to the off-payroll rules – known as IR35 – will take effect in the private sector next month. The emergence of COVID-19 put paid to the changes affecting large and medium-sized private-sector organisations this time last year, but now it’s for real. They were originally introduced back in… Continue reading IR35 minefield …….

Employers to pick up the bill for 6.2% national living wage increase

The hourly national living wage rate for over-25s will increase from £8.21 to £8.72 for 2020/21. The Low Pay Commission published recommendations for the new rates, which kick in from 1 April 2020. The national living wage is the Government’s minimum wage for over-25s. The minimum wage for under-25s will also rise. Workers aged between… Continue reading Employers to pick up the bill for 6.2% national living wage increase