The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%. The good news is that you can reduce the impact of this tax, which effectively reduces the amount of your hard-won assets that is received by…
News
New national lockdown and changes to business support measures
The Prime Minister, Boris Johnson speaking at a press conference on Saturday night, 31 October 2020, confirmed widespread expectations of a second national lockdown in England to help stem the growing resurgence of the coronavirus. The Government was faced with significant concerns that if they…
Smart Data laws on the way?
Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government. Smart Data enables businesses to provide consumers with more intuitive, easy-to-use services such as better account and bill management, switching services for savings,…
Are you recording customers’ contact details?
In a press release issued 10 September 2020, the Department for Health and Social Care has reminded affected businesses that they have a legal obligation to record the contact details of their customers, visitors and staff. Affected concerns in England should note: Businesses and other…
Annual Christmas bash?
Trying to double guess the social distancing rules is rather like placing bets on a throw of the dice. The current exhortation from the Prime Minister – to observe the rule of six – is yet a further change in the endless attempts at controlling…
Additional grant aid for local lockdown businesses
Last month, the Treasury announced further support for businesses adversely affected by lockdown in local areas to control local outbreaks. Local Authorities will be funded to pay the grants now offered. Businesses in England required to close Businesses in England required to close due to local…
The new winter economy plan - summary of measures
The Chancellor, Rishi Sunak, has delivered a statement to the House of Commons outlining plans to help protect jobs across the UK whilst the country faces a resurgence of coronavirus and a winter of uncertainty. The Chancellor was facing mounting pressure to reveal future changes…
UK residence and tax
Your UK residence status affects whether you need to pay tax in the UK on your foreign income. For example, non-residents only pay tax on their UK income – they do not pay UK tax on their foreign income. Whereas UK residents normally pay UK tax…
VAT deregistration strategy
If you are presently registered for VAT but your turnover has dropped below £83,000 you could deregister for VAT. However, you do not have to deregister. Disadvantages and advantages of deregistration If you buy significant amounts of goods and services that include a VAT charge,…
Redundancy pay
If you are faced with making employees redundant, the terms that determine the amount payable may be written into your staff contracts of employment. Otherwise, employees will normally be entitled to statutory redundancy pay if they have been working with you for two years or more.…