Latest News

Don't overlook tax changes or lose tax allowances

The end of the tax year can be a stressful time here are some tax and financial planning tips to help you and your business get ahead

With inflation rising, should you rethink investment returns?

From January 2000 to the start of 2022, inflation averaged 2.3%. It has now (May 2022) jumped to 9% in the 12 months to April, up from 7% in March the highest for 40 years. That means that if you were born after the early 1980’s, you have not experienced the sort of economic environment we are now experiencing.

Autumn Statement 2022 - Personal Taxes and Fiscal Drag

As expected, the Chancellor did not make changes to the rates of income tax, national insurance, inheritance tax or capital gains tax (CGT), but what he did do is freeze the threshold on each one of these except CGT, meaning the rates everyone is paying today will be the same rates that will apply after April next year.

Living in Scotland? Do you know who your assets will go to when you die?

Inheritance rules differ between the UK nations. Here we explain what the intestacy rules are in Scotland and how this might affect your beneficiaries.

Can I reduce my family’s Inheritance Tax bill?

Of all the various taxes levied in the UK, Inheritance Tax (IHT) is one of the most peculiar.

For a start, its name is misleading. In other countries that levy inheritance taxes, the tax is usually based on the inheritor (or the beneficiary) and the amount that they inherit.

The Growth Plan 2022 – Stamp Duty Land Tax

The Chancellor announced a cut to Stamp Duty Land Tax (SDLT) on residential property purchases in England, effective from midnight on 23rd September.

Currently there is a nil rate band of £125,000, 2% is payable on the next £125,000, and 5% on the next £675,000. Higher rates of 10% and then 12% are payable on the purchase price over £925,000 and £1.5 million respectively. From 24th September, the nil rate band is doubled to £250,000 and the 2% band is abolished, but all other bands and rates remain unchanged. This results in a saving of £2,500.

The Fiscal Statement and Financial Planning

From a financial planning and advice perspective, the major significance of the “mini-budget” is less about what was announced and more about what wasn’t and remains the same. Take-home pay is set to increase for many with the announcement that the additional levy on National Insurance is to be cancelled from 6^th November and the top rate 45% income tax was due to be removed from 6^th April 2023 but was instead scrapped due to political and social pressure. 

Changes to Corporate and Business Taxes

From a corporate and business tax perspective, the so-called “mini” budget arguably made more significant announcements than a proper “full-fat” budget.  Certainly, the changes that will be made to the tax system came thick and fast, no doubt helped by the lack of talk around how the tax changes will actually be funded.

Higher and Additional rate taxpayers – is this still a select club?

The number of people paying higher rate is rising sharply. If that’s you, then independent financial advice could be more important and valuable now than ever.

New Trust Requirements – Should my trust be registered with HMRC?

The Fifth EU Money Laundering Directive, commonly known as 5MLD, which took effect for trusts from 6 October 2020, then extended this requirement to now apply to the vast majority of trusts (even non-taxable trusts), unless specifically excluded.