Protect Your Assets

Protect your assets in these challenging times

Challenging Times? Find out how to protect your property and liquid assets with Folkes Worton. These are challenging times and the uncertainties created by the current crisis may have made you concerned about your business’s or your own personal financial exposure. You may therefore be interested to learn, that at … Continued

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Lockdown II at Folkes Worton

Open and Working Safely

Folkes Worton LLP Chartered Accountants are OPEN in Lockdown II. We’re working safely and here to help. Call us on 01384 376 964 In these uncertain times, Folkes Worton will be remaining open to help support businesses through Lockdown II. Here’s a few things you might like to know about … Continued

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Bounce Back Loans

Bounce Back Loan Scheme

To help smaller Limited Companies, Partnerships and Sole Traders get through and recover from the current pandemic, the Government launched the ‘Bounce Back Loan Scheme’ for loans between £2,000 and a maximum of £50,000 over 6 years. There’s no set-up fees and the first 12 months is interest on capital … Continued

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Company cars after lockdown

VAT Margin Scheme on sales of vehicles

A Margin Scheme is an optional method of accounting which allows certain businesses to calculate VAT based on the ‘value’ they add to the goods they sell, rather than on the full selling price. Without the use of the Margin Scheme, businesses would have to account for VAT on the … Continued

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Inheritance Tax on Wedding Gifts

Inheritance Tax on Wedding Gifts

The Institute of Chartered Accountants in England and Wales (ICAEW) has recently issued a reminder to anyone attending a wedding (or civil ceremony) and planning to give a cash gift on the tax position for the happy couple. The gift will be exempt from Inheritance Tax (IHT) once the gift … Continued

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HMRC Cracks Down on Income from Holiday Homes Abroad

The Government has stepped up investigations into tax avoidance on income from holiday homes abroad. Thousands of landlords could be caught out for not declaring income from these overseas properties. Data from a Freedom of Information request has shown that tax on income from overseas rental properties has jumped by … Continued

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Avoid a tax bill headache next January

Avoid a tax bill headache next January

In May, taxpayers who pay their tax through self-assessment were offered the opportunity to delay their July payment on account for the 2019-20 financial year until 31st January 2021. This may seem a tempting option, helping with cashflow now. However, as only the last two weeks of the 2019-20 tax … Continued

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Inheritance Tax refunds more than double!

It’s ‘Good to Talk’ about Inheritance

Recent research has revealed that less than a quarter of UK adults discuss inheritance within their family group, and less than 17% is aware if they’ll inherit anything at all. Expectations of what any inheritance might be worth can be as much as 60% less than its actual worth. Whilst … Continued

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Maternity Leave U-Turn for Self-Employed Mothers

Maternity Leave U-Turn for Self-Employed Mothers

Self-employed mothers who took maternity leave during the Government’s Self-Employed Income Support Scheme (SEISS) qualification period, were set to be penalised as their earnings would have dropped while taking their leave. Around 70,000 women would have been affected by the way that the SEISS is calculated, as they were only … Continued

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