UHY Ross Brooke Chartered Accountants
With a relatively short time left before the end of the current tax year, now is the time to be undertaking some serious year end tax planning prior to the forthcoming 5th April. Ideally, you will want to take advantage of all reliefs and allowances, reduce your personal tax rate
The new tax year starts 6th April 2025, so you have one month to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before 6th April. Do you fall into any of
This is a timely reminder that employers may make small tax-free gifts to employees and directors if all of the following conditions apply: This is known as the ‘trivial benefit’ exemption. Employers do not need to pay tax or National Insurance or let HMRC know, however, they need to keep
We always stress to clients the importance of making a will. This is not only so that assets are left to beneficiaries of one’s own choosing, but also so that other important instructions can be carried out, such as who will administer the estate, who will act as guardian to
Creating a positive work environment and rewarding employees for their hard work is essential for maintaining high morale and productivity in the workplace. However, finding tax-efficient ways to reward employees can be a challenge for businesses. Here are ten strategies that UK employers can consider to reward their employees in
As business owners, it’s too easy to get bogged down in the business: keeping customers happy chasing debtors and dealing with red tape. Sometimes we need to look up at the staff around us who keep all these things possible and say thank you. With Valentine’s Day approaching, maybe it’s
Once all the food has been eaten, and it’s too cold to go outside, take the opportunity to put your affairs in order. You may already keep a list of all your assets, accounts, liabilities, insurances and so on, but you probably haven’t shared it with the people who will need to know that one day. Even if you have this list, do you update it regularly enough?
These may seem odd bedfellows but there is much that can be done to significantly reduce the tax burden, both now and in the future. Obtaining probate can be a mechanical exercise to obtain control over the deceased’s estate but opportunities exist that are often lost. By Michael Brooke Nil
by Rebecca Horne-Smith While Inheritance Tax is an inescapable and unwelcome burden on an increasing number of estates, if your estate includes a farm, there are some very helpful reliefs to be had. There are however significant hurdles to ensure that these can be claimed, and the correct decisions early
The average inheritance tax bill has increased by £57,000 in the last 3 years, with the average bill now costing estates around £266,000. Already over £3.5bn has been received by HMRC in the first 6 months of 2022*. Rising house prices and the allowance freeze means that ever-increasing numbers of