Category: Inheritance Tax

Coronavirus Updates for Accountants

17 April 2020 HMRC emails two million eligible businesses login details for furlough portal Government extends furlough end date to 30 June at £50bn cost Confusion over private school fees and covid-19 lockdown closures 16 April Top tips: furlough and the Coronavirus Job Retention Scheme FCA remodels business plan to address coronavirus challenge Higher rate…




90,000 Savers Stop Putting Money Into Pensions Due To Tax

A report in the FT this week revealed that 90,000 savers have stopped putting money in their pensions to avoid a hefty tax bill on pensions worth over 1 million. The news will come as a further blow to anyone hoping for a comfortable retirement and follows a succession of new tax rules that seem…




Biggest Earners Asked Shoulder More Of The Tax Burden

According to data released by the institute of Fiscal Studies (IFS) the number of adults paying tax has fallen dramatically since 2007-08 as the government has passed more of the burden to higher earners. The study shows that only 56% of adults pay income tax in the UK at a time when the government needs…




UK Businesses Distress Still Near Record Low

With the economy continuing to grow and a fairly stable outlook in Europe following another Greek bailout, it comes as no surprise that businesses in distress continue to be a rarity. At least this is what can be concluded from the latest Business Distress Index. The index shows that only 35% of UK businesses were…




Permanent Non-Dom Tax Status Scrapped

This month’s Budget certainly had a sting in its tail for non doms who will now be forced to look very carefully at how long they have lived in the country and the money they earn overseas. The tax loophole which allowed people who have lived in the country for 15 of the last 20…




Cuts To Buy-To-Let Tax Break

Buy to let landlords were among those feeling less than happy with the recent budget as they saw a key tax savings perk removed. Property investors have been treated kindly for many years under successive governments who have seen the value they bring to the private rented sector. Keeping houses in good condition and helping…




Business Tax Threat To 80,000 Shops

The embattled high street may see further shops boarding up windows as the twin threats of online retailing and tax. The Mail reported this month that up to 800,000 people could lose their jobs if 80,000 shops close their doors for the final time in the next two years. The risk of seeing so many…




How To Pay Off A Mountain Of Tax

The Earl of Lonsdale is to sell off a mountain in order to settle a £9million inheritance tax bill following the death of his father in 2006. The Earl is selling off the 2,850ft Blencathra mountain in the Lake District and has placed this landmark on the market for £1.75million. Part of his northern Cumbria…