Category: Tax
Income Tax – The personal allowance is reduced by £1 for every £2 of income above £100,000 (*) Consider transferring income yielding assets to a spouse or civil partner to maximise your allowances. Capital Gains Tax – The annual exemption for 2020/21 is £12,000 (*) Married couples and civil partners can consider transferring assets to… 
“Planning” is the process of deciding in detail how to do something before you actually start to do it – it’s sensible and it fits a calendar! It’s what we do! Failing to plan where financial planning is possible, is the process of witnessing opportunities disappear through the perforations of our financial life – it…
According to recent research(1), approximately 14.3 million people across the UK (44% of employees – 7% in the last year alone) have paid too much tax as a result of being on the wrong tax code. HMRC sometimes makes errors (allegedly 2.8 million times last year) with deductions, or other elements of their calculation such…
You will have read in the first item in our Techie Stuff section (oh yes you have … you know you have!) about HMRC’s concerns about taxpayers making gifts without appreciating that rules exist about how, when gifts are made, there may be Inheritance Tax consequences. But HMRC are not the only ones to have…
Income Tax – The personal allowance is reduced by £1 for every £2 of income above £100,000 * Consider transferring income yielding assets to a spouse or civil partner to maximise your allowances. Capital Gains Tax – The annual exemption for 2019/20 is £12,000 * Married couples and civil partners can consider transferring assets to…
With the Royal Wedding only a few days away, we want to enter into the spirit of this wonderful event and, in doing so, are prompted to reflect on the financial advantages (well, we would wouldn’t we!) of saying ‘I do’ … A marriage or civil partnership can be a beautiful union of minds and…
This Focus is necessarily somewhat longer than usual. It holds a very important message for anyone who is a member of a pension scheme. It is based on our understanding of taxation matters that involve quite complex rules. Money Purchase Pension Schemes – Death Benefits As discussed in our October 2017 Focus (recent Focuses can…
Perhaps … or perhaps not! Here is a summary of just some of the implications of giving away a family home. (*) Was the objective to save Inheritance Tax? Continue living in the property and IHT at 40% could apply under the ‘reservation of benefit’ rules. You could avoid this rule by paying a full…
Tax Year End Reminders: Use’em or lose’em! Just a few weeks left to check your annual allowances and exemptions. The Tax Year ends in a few weeks’ time on the 5th April. Before that we have the last ever Spring Budget Speech on the 8th March. UK taxpayers have a number of annual tax allowances…
Not a vintage offering this, the last ever, Autumn Statement! Underwhelming for many, but there were some items on the vine that were worthy of harvesting regarding tax, savings, and pensions. Here are some that might affect you: – An increase in the tax-free personal allowance to £11,500 and the…