Gifting is the act of giving money (or a ‘chattel’) to someone for nothing in return. It’s common for people to do this occasionally for family members, but there are specific tax rules to remember, especially concerning inheritance tax (IHT). Here are some key points to consider: Annual Exemption: Each tax year, you can gift …
Now we know that Labour will be in government for the next five years, we’ve reviewed their Manifesto promises to see what might be in store from a personal and business finance perspective. How closely they stick to it and what else might be in store will only be revealed in the forthcoming months, but …
Filing your accounts early doesn’t mean you have to pay your tax early. It just means you know how much you will need to pay, and that offers a number of advantages. Here are some compelling reasons why it might be a beneficial move: 1. Improved Financial Planning and Analysis Filing early provides more time …
The 2023/24 tax year is coming to an end on April 5th, so you don’t have long left to use your various allowances – in particular your Capital Gains Tax allowance. This is especially important this year as your Capital Gains Tax allowance is being cut from £6,000 to £3,000 from April 6th. So what …
The end of the tax year is fast approaching, so now is the time to act to make sure you’re not paying more tax than you have to. One of the best ways to do this is to maximise your pension contributions. Contributing to your pension is one of the most tax-efficient ways to save …
Between April and November 2023, HM Revenue & Customs collected £5.2 billion in inheritance tax (IHT) payments. That’s £400 million higher than in the same period last year, according to official figures. The IHT threshold is currently £325,000, or £650,000 for a married couple. So if your estate is worth more than this amount, you …
Jeremy Hunt, the Chancellor of the Exchequer, has delivered his Autumn Statement, and we wanted to keep you informed about what has just been announced. We’ll provide more detailed insight over the coming days, but for now, here are the main headlines. Taxes Employee National Insurance to be cut from 12% to 10% from January …
The end of the tax year is fast approaching and time is running out. So in the weeks ahead of the April 5th deadline, what steps should you be taking to make the most of your money and reduce your tax bill? Here are just a few areas you could look at. Use your ISA …
The Bank of England’s aim is for the country to have low and stable inflation – and it works to a target of two per cent. Changing interest rates are the Bank of England’s mechanism for achieving its inflation target, and in the current climate of high inflation, it believes raising rates is the right …
Couples who live together but aren’t married sometimes refer to their boyfriend or girlfriend as their common law partner. But what does that actually mean in legal terms? Well, to be blunt, not a lot, as you’re not related to your partner either by blood or by marriage. So if you die suddenly, they won’t …
