Tax and Financial Planning

  • Are You a Sophisticated Investor?

    In March 2005, the rules relating to approaching people regarding financial promotions were relaxed so that so called ‘sophisticated investors’ and high net worth individuals (HNWIs) could be more easily approached with a view to making...
  • Enterprise Investment Schemes: EIS and SEIS

    Successive governments have recognised that the spirit of entrepreneurialism, though deeply ingrained in the UK’s culture, is not really very well supported by the financial institutions. In an attempt to provide more ready access to investment capital...
  • Fiscal Help for your Student Children

    If you have children going away to university there are money saving options worth considering, if you are in a position to take advantage of them. The cost of accommodation is a financial burden for any student. If you can provide funds to buy a home near...
  • Funding Care in Later Life

      Under the changes proposed in the Care Act 2014, which received the Royal Assent in May 2014 and which came into effect in April 2016, the funding of elderly care has changed significantly. There is a factsheet available from the Government...
  • HMRC Guidance on Tax Residence

    Following changes in the tax legislation governing the income tax payable by non-domiciliaries, and some relevant tax cases, HM Revenue and Customs (HMRC) have updated their guidance on tax residence and domicile . This replaces the old guidance, which was...
  • How Drawdown Lifetime Mortgages Work

    For people who have money tied up in their homes who wish to release capital for expenditure, or possibly to give to family members, the drawdown lifetime mortgage (DLM) is a possible vehicle. A DLM is simply a mortgage, but one which is drawn down over...
  • How Inheritance Tax Works

    Inheritance Tax (IHT) is paid on your estate when you die and also when money is transferred into some trust funds. Some other transfers during one’s lifetime may also be subject to IHT. The first £325,000 (2019/20 rates) of the estate is exempt...
  • IHT Nil Band for Residential Property

    Normal 0 false false false MicrosoftInternetExplorer4 Relief from IHT is available by way of a 'Residence Nil-Rate Band' for IHT where a person dies leaving their residence to a direct descendant, whcih means children (including...
  • IHT Planning and the AIM

    In recent years, Inheritance Tax (IHT) has affected more and more families, largely due to rising house prices. IHT is payable at 40 per cent on the net assets of an estate where these exceed £325,000 – the current 2019/20 nil-rate band....
  • Pension Flexibility - Basics

      There has been a great deal of publicity about recent changes in the law relating to pensions and their uses. The changes are comprehensive and change the tax position significantly and also the uses which can be made of pension funds. With...
  • Putting Cash into a Family Business

    When younger members of a family start a business, they often ask other family members to provide part of the necessary capital. If you are approached to do this and are willing to provide funding, it is often difficult to know how best to provide the cash....
  • Should I Buy To Let?

    Property prices have risen substantially for many years in the UK, with the occasional drop in values in times of recession. The long-term reliability of property investment (which, of course is not a guarantee of future price growth) plus the negligible...
  • Unlocking Your Equity - the Choices

    There is a bewildering variety of equity release schemes on the market and, judging by the letters pages of the financial press, they are not well understood. Releasing equity in a house can be an effective way of supplementing your income or releasing spare...
  • Warning for Holders of US Assets

    If you hold assets in the USA, you should be aware of an issue that has started to arise in estates in which there are US shareholdings, especially where these are managed by brokers in the US. The US Internal Revenue Service (IRS) requires that any estate...
  • What is Taxable?

    With the Government seeing fit to make HM Revenue and Customs a payer of benefits (pension credit etc.) as well as a collector of taxes, it is no wonder that people are becoming confused as to which sources of income are taxable and which are not. It is...

Latest News

Couples Who Keep Separate Finances May Still Need to Discuss Tax Affairs
Mis-selling of Financial Products - Supreme Court Upholds PPI Claim
Relationship Come to an End? Do You Understand the Tax Implications?
How Good a Guide is an AIM Listing to a Share's Open Market Value?
Businessman Reaps Whirlwind After Years of Inattention to His Tax Affairs
High-Interest Loans Can Be Vulnerable to Challenge - High Court Ruling
Woman Denied Non-Resident Status Faces Seven-Figure Tax Demand
Online Traders are Not Beneath the Tax Authorities' Radar
Stamp Duty Avoidance Scheme Goes Pear Shaped - A Cautionary Tale
Even Acts of Generosity Should Be Properly Documented - Cautionary Tale
Religious Leader's Employment Contract 'Was Illegally Performed'
Tax Residency - Australian Entrepreneur Challenges Million-Pound CGT Bill
Need Help with Your Tax Affairs? Choose Your Advisers Carefully
Can Managing Your Personal Share Portfolio be a Trade for Tax Purposes?
Domicile - Tax Tribunal Delves Back into a Century of Family History
Rugby Union Commentator Relieved of £700,000 Tax Demands in IR35 Appeal
Businessman Pays Dearly for Delay in Lodging VAT Penalty Appeal
Landowner Relieved of £98,000 Stamp Duty Bill in Country House Appeal
Shareholders Relieved of Income Tax Liability on Dividends that Went Unpaid
You Are Entitled to Rely on Ostensibly Competent Professional Tax Advice
Mortgage Brokers' Duties Come Under Analysis in Guideline Ruling
Football Match Attendance Proves Pivotal in UK Residency Tax Dispute
Trading Via a Company - Fitness Coach Faces COVID-19 Grants Clawback
Parental Contributions to Children's Businesses - Legal Certainty is Priceless
Commercial Property Investor Succeeds in CGT Appeal
Man's 'Debilitating Fear' of Filing a Tax Return Not a Reasonable Excuse
Self-Builders Achieve Landmark Victory in Capital Gains Tax Appeal
Non-UK Residency - Tribunal Relieves Taxpayer of £3 Million Tax Demand
Entrepreneurs' Relief and the Definition of 'Trade' - Guideline Ruling
Performance of Employment Contract 'Tainted by Illegality' - Cautionary Tale
Double Taxation Treaties - Wealthy South African Relieved of £10 Million Bill
What are the Tax Implications of Settling an Employment Tribunal Claim?
Private Dog Grooming Tutor Denied VAT Exemption
Donating Shares to Charity - Tax Tribunal Resolves Valuation Impasse
Tax Ruling - TV Presenter's Personal Service Company Falls Foul of IR35
Director Held Personally Liable for Multi-Million-Pound Missing Trader Fraud
Tax Avoidance Schemes, No Matter How Intricate, May Not Be Effective
Late Payment of Tax - There Is Such a Thing as a Reasonable Excuse
Determined DIY Builders Score Important Victory Over HMRC
Deduction of Accommodation Costs from Income Tax - Guideline Ruling
Inheritance Tax Property Valuations - Don't Dispense With Professional Advice
Building Your Own Home? You Need Professional Tax Advice
Seeking Investment Advice? Only Authorised Practitioners Can Be Trusted
Record Amounts of Inheritance Tax Being Paid in UK
Promoted to Partner in an LLP? Do You Understand the Tax Implications?
Inaccuracies In Your Tax Return Are Serious - Seek Professional Advice
HMRC in Bid to 'Help Taxpayers Get Their Offshore Tax Right'
Changes in the Tax Regime - Public Information Campaigns Have Limitations
You Are Entitled to Rely on Professional Tax Advice - Even If it is Wrong
Trusts - Court Relieves Family of Severe Tax Consequences of Drafting Error
Radio Presenter an Independent Contractor, Tax Tribunal Rules