The Pros And Cons Of Setting Up A Trust To Reduce IHT In The UK
Effective death tax planning in the UK requires understanding inheritance tax (IHT) and trusts. Trusts, like Discretionary and Interest in Possession Trusts, can reduce IHT from 40% to 26% if the settlor survives 7 years. Savings depend on property value....
Buy-to-Let Sector Aims for Image Transformation Amidst Media Criticism
UK's buy-to-let sector grapples with financial challenges and negative media portrayal amid tax changes and rising mortgage rates. Experts argue against labeling landlords as greedy exploiters, highlighting a 40% tax burden on rental income. A survey shows many landlords prefer...
UK State Pension to Increase by 8.5% in 2024
The UK state pension is set to surge by 8.5% in April 2024 due to the 'triple-lock' policy, potentially reaching £221.20 per week. Savers face uncertainties in retirement planning, prompting calls for policy stability and an independent review to establish...
UK Inheritance Tax for Non Residents: Rules and Exemptions
For non-UK residents, careful planning is essential to navigate the scope of inheritance tax (IHT) on UK assets. While IHT typically applies to UK assets for non-residents, certain exemptions exist, such as government securities (gilts) and foreign currency bank accounts....
CGT Late Filing Penalties
Reporting Capital Gains Tax (CGT) on UK property sales within 60 days of completion is crucial. Late filing incurs penalties, including initial fines, daily charges, and additional penalties based on estimated tax liability. Rates can vary based on behavior, with...
HMRC Investigation and Tax Enquiries
Received a nudge letter from HMRC and confused about tax enquiries? This blog tackles common questions. It explains what a tax enquiry is, HMRC's power to enquire, types of enquiries, and steps to take on receiving a nudge letter. Emphasizes...
Prepare for an HMRC Personal Tax Audit in the UK
Facing an HMRC tax audit in the UK can be daunting, but a personal tax accountant guides individuals through the process. Common triggers include discrepancies, unusual deductions, industry risk factors, tips, or random selection. Thorough preparation involves gathering records, reviewing...
Understanding Structure and Buildings Allowance
Learn about Structure and Business Allowance and if you are eligible to claim it or not.
Lease Variation and Lease Surrender
Tax implications in lease variations hinge on who pays whom. Lessee payment for a favorable variation is capital expenditure, while lessor payment for lease surrender is a premium, with tax nuances based on lease terms. Reverse lease surrender yields lessee...
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