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 £7.5 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…
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 £325,000 – 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 month’s 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 month’s 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 Year’s resolutions. It is also a good time to start planning…