Christmas is the Time for Giving

Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may make gifts of up to £3,000 in total and that amount is not included in their cumulative total of gifts for IHT. Even if the £3,000 annual exempt amount is exceeded, provided it is an outright gift to an individual, there would be no inheritance tax payable provided the donor survives for 7 years.

Note that the gift of an asset other than cash may also give rise to a capital gain and CGT may be payable where the asset has increased in value. However if you give away a business asset such as shares in your trading company it is possible to make a claim to hold over the gain so that no CGT is payable. We can of course advise you on the procedure to follow.

June 2019 Tax Tips & News

Welcome... To June's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! June 2019 · New NIC treatment of termination payments · Making use of gift exemptions for IHT · MTD for VAT: guidance updated · Moving into partnership · June questions and answers · June key tax dates

March 2018 Tax Tips & News

Welcome... To March's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice in your own specific circumstances. We're here to help! March 2018 · IHT: know your limit · HMRC win IR35 appeal · Tax deductions for family members' wages? · ISA limits update · March questions and answers · March key tax dates

November 2017 Tax Tips & News

Welcome…

To November’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

November 2017

· HMRC launch new business support service

· OTS outlines future work plans

· All change for termination payments

· Using the IHT gift exemptions

· November questions and answers

· November key tax dates

June 2017 Tax Tips & News

Welcome... To June's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. If you need further assistance just let us know or you can send us a question for our Question and Answer Section. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice on your own specific circumstances. We're here to help! June 2017 · IHT: main residence nil-rate band · Reform of landlords’ taxation? · CGT annual exemption: use it or lose it! · Brexit legislation update · June questions and answers · June key tax dates