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[…]

Tapered annual allowance

How it affects high net-worth individuals The tapered annual pension allowance for high net-worth individuals was in the headlines again recently. Concerns were raised that its impact on doctors within the NHS pension scheme is prompting high-earning NHS staff to leave their posts or reduce their hours. In December 2018, it was reported that the[…]

Interest Free Loans

It is common for owner managed businesses to receive loans either from the owner/director (Director’s Loan Accounts) or from related companies with common ownership. It is also normal for these loans to be provided “interest-free”. Although it may sound contradictory, under the new UK accounting standard for small companies, FRS102 (1A), there is a requirement[…]

Personal tax planning

A guide to reducing an individual’s tax liability. The overriding aim of all personal tax planning is to legally reduce the amount of tax paid on an individual’s income. This income can come from a number of sources and the tax reduction strategies available will be based on the reliefs and allowances applicable to each[…]