Introduction A few clients have asked me recently to explain some of the rules around gifts and inheritance tax. One interesting rule is the ‘Gift with reservation of benefit rule’. I talk about this a little here. As you probably know, if you give an asset away and survive for 7 years, then there’s usually […]
Find out moreQuick summary and our view The Spring Statement 2023 (effectively a mini budget) might be good for the economy, but it doesn’t seem very good for companies, and is particularly harsh for small small companies. Why? Because: So, small companies are hit by both higher tax rates and a reduction in allowable expenses. We have […]
Find out moreThe Chancellor announced his new Growth Plan on Friday 23rd September 2022. Highlights: Basic rate Income Tax has been reduced to 19% from 20% and the 45% band will be abolished Corporation Tax will remain at 19% and will not increase to 25%, as was previously planned Both the employers’ and the employees’ National insurance […]
Find out moreOverview For many years, people have been able to purchase properties in the UK anonymously by using offshore companies and trusts. Pressure has been building to make ownership more transparent for some time, however, in recent weeks, in response to Russia’s invasion of Ukraine, things have become more urgent and the Government is rushing through […]
Find out moreMarginally beneficial to small companies and lower paid individuals The Spring Statement (effectively a mini budget) reduces the tax burden slightly on lower paid and smaller companies. The most relevant announcements to our clients are an increase in the tax-free allowance for National Insurance (beneficial to businesses and employees) and an increase in the Employment […]
Find out moreThe tax on companies is going up There are some big tax changes scheduled to be introduced over the next couple of years, which means that company tax bills are going up. You can mitigate some of the tax increases by thinking ahead and acting appropriately. This note provides you with some pointers and themes […]
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