UHY Ross Brooke Chartered Accountants
According to statistics released by HMRC almost 2 million over 65’s now need to file an annual self assessment return. And as many pensioners rely upon their investments for part of their income, this number will almost certainly rise over the forthcoming tax years as a result of the reductions
Do your New Year’s Resolutions include losing weight? Getting fit? Spending less time scrolling? All very laudable and probably the same as last year. And the year before. So how about some new ones, which are achievable, ultimately time-saving and which will make your life simpler. Businesses resolutions: Whatever you
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
Generally speaking, in most owner managed businesses, dividends are more tax efficient than salary as dividends do not attract employees or employers NI. Dividends must be paid in proportion to the number of shares held. So if a dividend of £10 per share is declared then the holder of 10
The cost of living increase means it’s never been more important for your employees to claim tax relief on work-related expenses. HMRC want to encourage employees to claim money they are entitled to using the HMRC online service. You can support HMRC and your employees by passing on the useful
Download our handy tax card which shows the latest tax rates for the taxes we are asked most about. Any questions? Please contact us about the April tax changes. We can provide a full tax review which will help identify possible tax savings.
by Phil Kinzett-Evans HMRC is raising the interest rate it charges on overdue tax bills from 2.75% to 3%, six times the 0.5% that it pays on repayments of overpaid tax, however, HMRC is not increasing the interest that it pays to taxpayers that might have been overcharged tax. Interest