Category: Tax Planning

Is a Wealth Tax coming? Speaking to the BBC the Chancellor, Rishi Sunak, said the economy is ‘experiencing significant stress’ but that there is ‘more stress to come’. He is expected to use his one-year spending review today, 25 November 2020, to signal the need for future tax rises to help restore the public finances. The Office for Budget Responsibility, the Treasury’s independent forecaster, said the Government’s annual spending deficit…

Which Property Transactions? You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your main home. For example, buy-to-let properties, land or inherited property. In most cases you do not need to pay the tax when you sell your main home, as these transactions are covered by the Principal Private Residence (PPR) exemption. If the property is not…

What is IR35? IR35 rules are designed to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying tax. Contractors who work through their limited company enjoy a level of tax efficiency. While they don’t usually get employee benefits (like holiday and sick pay), they have flexibility and control over their work. HMRC and IR35 HMRC introduced IR35 (or the ‘off-payroll working…

In addition to organising your finances to ensure your assets are protected for your loved ones on your death, estate planning also encompasses ensuring you have enough money to live on; it is a tenuous balance for many. A good starting point is obtaining a comprehensive view of your assets, to assess the value of your estate and ensuring you have the right documentation in place, such as Wills, Lasting…