How pension can be used to reduce Inheritance Tax Provided your estate is large enough to be subjected to inheritance tax (IHT), you could use your pension to reduce or, in some cases, even eliminate your IHT entirely. In the traditional sense, pensions are used to maintain your lifestyle once you [...]
Health and Social Care Levy and Corporation Tax rates: What are the implications? As a business owner, you always need to stay on your toes. This also means keeping up to date on new taxes. One of these is the new Health and Social Care Levy (HSCL) tax along with the [...]
How to use Trusts to reduce Property Taxes The moment you put any money or property in a trust, you no longer own either asset – well, as long as specific conditions are met. What this means is that the money or property may not count in your Inheritance Tax bill [...]
Deathbed Gifts Deathbed gifts, also referred to as donatio mortis causa, is a legal principle dating back to the Roman Times. The ‘mechanism’ allows individuals to make gifts which can only be received or take effect after their demise. This does not include the provision of the individual’s Will or the [...]
Tax Implications on Gifts At a glance: no taxes are due on gifts if you continue living for 7 years after gifting them, with the only exception being if that gift was given as part of a trust. This is referred to as the “7-year rule” in the UK. However, if [...]
Capital Gains Tax Relief for Ltd Companies and Individuals To put it very simply, capital gains tax (CGT) is a tax which is charged when you give away, sell, exchange or dispose of an asset for the purpose of making a profit or ‘gain’. It’s typically applicable to investment funds, shares, [...]
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