Four Taxes on Pension Death Benefits

Young woman helping old man on phone

Do you know what will happen to your pension pot when you pass away? Understanding the tax rules as a pension holder is crucial for your beneficiaries (those who will inherit). There are four different types of taxes that can apply to pension death benefits: If you’re looking for help with your pension and later-life…

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Client and Supplier Entertainment – Is It Tax Deductible?

Dining table with plates and cutlery

Entertaining clients and suppliers is an important part of many companies’ marketing budgets, in order to maintain and grow business relationships. However, the tax rules on business entertainment are frequently misunderstood. In most cases, these expenses, along with business gifts, are not tax deductible, so you must add them back to Corporation Tax computations –…

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Staff Entertainment – Tax Exempt or Benefit-in-Kind?

Staff meal

Do you provide occasional entertainment to your employees? There’s a common misconception that staff entertainment is automatically exempt from tax – and with a lack of clear guidance from HMRC, many businesses are under-reporting it for benefit-in-kind (BiK) purposes. In this article, we’ll help you understand when entertainment is and isn’t taxable, so you can…

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Pool Cars – Benefits and Tax Traps

Pool car

Are you a business considering the use of pool cars for your employees? Pool cars can provide numerous benefits, such as cost savings, increased efficiency, and improved flexibility. However, it’s essential to understand the tax implications associated with pool cars to ensure compliance and make informed financial decisions. In this post, we’ll explore the key…

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New Increase to Statutory Legacy on Intestacy

Pen on written letter

From July 26th (2023), the government has confirmed an increase to the Statutory Legacy on intestacy, from £270,000 to £322,000 (fixed net sum). When someone who has children passes away without a Will (otherwise known as “intestate”), this is the value of personal possessions that the surviving spouse or civil partner is entitled to first,…

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The Renters (Reform) Bill – How Will it Affect Landlords?

House key in door

Introduced to Parliament on 17th May 2023, the Renters (Reform) Bill proposes a new set of measures for the private rental property market – from abolishing Section 21 evictions to ending fixed-term tenancies. Though the bill hasn’t yet become law, it’s essential for landlords to identify what elements may be of concern so that they…

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Is Your Accountant Retiring? What You Need to Do

Two empty deck chairs on the beach

Has your accountant let you know that they’re retiring? Not sure of your next steps? There are several factors influencing accountants to retire early – and it’s not just because they’ve reached a certain age. The impact of the Covid pandemic and changes in the profession has led many to reconsider their role, which means…

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SDLT and Divorce: Property Transfer and the 3% Surcharge

House with keys

Are you transferring property through a divorce or separation? Dealing with Stamp Duty Land Tax (SDLT) can be complex, and it’s crucial to understand how to minimise costs. Transfers between two former partners may qualify for stamp duty relief and exceptions from the 3% additional rates, especially when timing the purchase of a replacement home.…

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Capital Gains Tax (CGT) Rule Changes for Divorcing Couples

Broken heart

When couples go through a divorce or separation, transferring the matrimonial home and other properties between them can result in a Capital Gains Tax (CGT) liability. However, new rules announced in the Government’s Spring Budget extend the period during which CGT relief can be claimed on asset transfers. Effective from 6th April 2023, these new…

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Save Inheritance Tax with Business Property Relief (BPR)

People at desk with laptops

Have you considered Business Property Relief (BPR) in your Inheritance Tax (IHT) planning? BPR allows you to claim IHT relief of either 50% or 100% on the value of your business or its assets, including qualifying shares. These can be passed on either while you’re alive, or as part of your Will. In this article,…

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