Posts by Kate
Is Your Accountant Retiring? What You Need to Do
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…
Read MoreSDLT and Divorce: Property Transfer and the 3% Surcharge
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.…
Read MoreCapital Gains Tax (CGT) Rule Changes for Divorcing Couples
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…
Read MoreSave Inheritance Tax with Business Property Relief (BPR)
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,…
Read MoreInheritance Tax (IHT) Receipts by HMRC Up 18% Since 2022
HMRC has released data that Inheritance Tax (IHT) receipts have increased by 18% in January 2023, compared to the financial year prior – currently, receipts are at £5.9 billion, which is £900 million higher than last year. This increase has been driven by HMRC targeting high-value estates, the increase in house prices from 2020-2022, and…
Read MoreAnnual Tax on Enveloped Dwellings (ATED): New Valuation Date
Do you need to file a return for Annual Tax on Enveloped Dwellings (ATED) by 30th April? In line with legislation, companies must revalue their properties every five years, and this coming tax year (2023-24) is a revaluation period. So, you must use a new valuation date of 1st April 2022 (or the date of…
Read MoreHMRC Investigates Airbnb Landlords with Short-Term Lettings
HMRC is writing to landlords who may have undeclared income from short-term lets and holiday homes – with online platforms such as Airbnb and Booking.com now obliged to provide payment data to the government. The number of individuals with unreported income on second homes is believed to be around 700,000, about a third of landlords…
Read MoreHMRC Chases 4,300 Influencers and Content Creators Over Tax
To keep up with the rapid expansion of the digital economy, HMRC is chasing thousands of influencers and content creators, including gamers and retailers, for taxes that haven’t been paid on income or gifts received online. This includes people who earn money in exchange for product promotion, as well as those who are paid by…
Read MoreRecovery Loan Scheme (RLS) Re-Launched for SMEs
The Recovery Loan Scheme has entered a new phase to provide SMEs with easy access to finance to invest in their business’s growth. This revised scheme is planned to run until 2024, has replaced CBILS and Bounce Back Loans, and is still open to eligible businesses that have already taken out government-backed finance. For most,…
Read MoreTrusts for Disabled Persons – Special Tax Treatments
Do you have a disabled family member or friend? Do they require care, and are they unable to manage their finances on their own? By setting up a Disabled Person’s Trust (a trust for ‘vulnerable beneficiaries) you will get special tax treatments based on the disabled person’s circumstances, and receive flexibility to adapt to their…
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