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 …….

Company car tax

Does it pay off to provide zero-emission cars? Offering a company car as a benefit can be a valuable and attractive perk to any valued employee. Unfortunately, it is not necessarily a tax-free perk and it may be liable for PAYE because HMRC considers the private use of a company car to be a benefit-in-kind.… Continue reading Company car tax

Year end tax guide 2019/20

Year-End Tax Guide 2019/20 The last few months of the tax year are the ideal time to pause and reflect, and to make sure you’ve organised your finances as efficiently as possible before the new tax year begins on 6 April 2020. It’s important to consider this from every angle: have you maximised all of… Continue reading Year end tax guide 2019/20

New tax rates for 2020/21

The new government intends to announce the 2020/21 tax rates, bands and allowances in a full Budget next month. Prime Minister Boris Johnson secured a handsome majority on 12 December 2019, and swiftly returned Sajid Javid to the position of Chancellor. Javid was poised to deliver his first Budget speech in November 2019, only for… Continue reading New tax rates for 2020/21