Saving IHT on the family home
A husband left the whole of his estate, mainly consisting of his share in a home, to his wife in his will. As a result there will be a big inheritance tax bill waiting when she dies. What steps can the wife and their children take to reduce it?
HMRC issues warning to those filing tax returns
December and January are always the busiest months for tax return filing. HMRC has recently issued a warning about self-assessment scams, including phishing emails and texts. How can people avoid getting caught?
First Freeport tax sites designated
Eight Freeport sites were announced as part of the 2021 Spring Budget. However, no business has been able to take advantage of the tax breaks yet. Why is this, and what has now changed?
Capital allowances - optimum tax efficiency
Tax relief for buying equipment used in a business is given as capital allowances. Directors or their company can claim the capital allowances depending on who buys and owns the equipment. But which is the most tax efficient option?
Paying tax without a reference number
HMRC’s administration is suffering significant backlogs, including the issuing of new unique taxpayer reference (UTR) numbers. As the payment deadline for 2021 is fast approaching, how can a payment be made if the UTR hasn’t been issued?
Do multiple businesses have to share the annual investment allowance?
The general rule is that every business is entitled to a capital allowances annual investment allowance (AIA). Does this mean that if there are two or more businesses the owner can claim an AIA for each?