The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be âpainfulâ and the government would be making âbig asksâ of the country. He said that the country would need to be prepared to âaccept short-term pain for long-term goodâ…
Welcome to our September Tax Update. In this edition we take a look at Inheritance Tax, Workplace Nurseries, Tax-Free Childcare Accounts, Hours Worked Reporting, Fuel Rates for Company Cars and upcoming dates on the accounting horizon. SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX? Many wealthy individuals are…
Recently there has been a surge in Inheritance Tax (IHT) receipts. HM Revenue and Customs (HMRC) reported a record ÂŁ7.5 billion collected in the year to March, a significant increase from the previous year. However, a concerning trend has emerged regarding the potential impact of IHT on the housing market.…
Lump sum death benefit charge What do you need to tell HMRC? New guidance has been published by HM Revenue and Customs (HMRC) to help legal representatives find out what they need to tell HMRC to calculate the lump sum death benefit charge. When someone passes away and their estate…
Spring has arrived, Easter is upon us and the wedding season is fast approaching. So, have you thought about giving a cash gift to someone close on the day of their wedding or civil partnership? This could not only be a generous gift, but can also be tax efficient for…
With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future. Inheritance tax could take a large proportion of your wealth – 40% of everything above ÂŁ325,000 – and stop your family members enjoying the…
Welcome to the October 2023 Tax Update. In this edition we take a look at Profit Forecasts, the Autumn Statement, Inheritance Tax, National Insurance Refunds; and this monthâs events on the accounting horizon. If you need any help or advice on any of these topics, please do not hesitate to…
Welcome to the September 2023 Tax Update. In this edition we take a look Tax-Free Childcare Accounts, Child Benefits, changes to the R&D Relief Scheme, IHT on Pension Funds, and this monthâs events on the accounting horizon. If you need any help or advice on any of these topics, please…
Like many other taxes, Inheritance Tax (or IHT) allowances have been frozen. This sounds generous of the Chancellor at a time when the Government is strapped for cash. However, it actually means that we are paying more. Data from HMRC has revealed that Inheritance Tax collected between April 2022 and…
Happy New Year from everyone at Folkes Worton! Here’s our first Tax Update of 2023 – watch this space for our regular monthly updates. New Year Resolutions to Save Tax At this time of year we think about New Yearâs resolutions. It is also a good time to start planning…