It is possible to reduce inheritance tax by using the business property relief

Business property relief Business property relief (BPR) is a way for UK businesses to reduce or eliminate inheritance tax on certain business assets. BPR was introduced in 1976 to help family-owned businesses continue trading after the owner’s death. They could do this without having to sell shares or the entire business to pay inheritance tax. […]

CGT on buy-to-let

COVID-19 Hit the rental market hard, causing a combination of financial challenges, eviction bans and a perceived lack of support. Now, landlords and tenants are feeling the effects of rising costs. Landlords are also concerned about rental reform, high taxation and higher energy efficiency standards. This is according to the UK Landlord Report by Simply[…]

How to extract profits out of companies

Believe it or not, there are more than 4.7 million limited companies registered in the UK. This includes the 810,316 incorporations that signed up in 2020/21.  Only around 2m are actively trading. But, the number of new companies formed during the previous tax year was a 22% year-on-year increase.  Unsurprisingly, that percentage represented the highest[…]

Pension options at the age of 55

Understanding your early-access pension options can be difficult. Despite remaining complex, pensions offer you far more flexibility from the age of 55 than was once possible. This is rising to 57 from 6 April 2028. If you are approaching 55, you might be feeling a twinge of trepidation. However, you may feel excitement that you[…]

Estate Planning: House prices raise inheritance tax risk

Inheritance tax is usually charged at 40% on the value of your estate over the £325,000 nil-rate band. This includes your property, money and possessions. There’s an additional allowance of up to £175,000 if you pass on your family home to children or grandchildren.  If you’re married, you can effectively combine your thresholds and transfer[…]

How to plan for your Retirement

Get on track for a comfortable retirement. If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months. That’s because pension funds invested in the stock market and recent turbulence, which has[…]