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Common self assessment tax return errors to avoid
- September 18, 2018
- Posted by: admin
- Category: Contractors, Expenses, Property, Uncategorized
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If you’re a limited company contractor, before 31st January next year you are likely to have to sit down and get to grips with your Self Assessment Tax Return (SATR). Unsurprisingly, this annual task is rarely a popular one, and errors are easy to make if you are unprepared. In this article, we highlight some
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Take Your Tax-Free Lump Sum
- June 15, 2015
- Posted by: admin
- Category: Business Growth, Property, Tax
By taking the lump sum option offered on most personal pension schemes you receive a tax-free lump sum and purchase an annuity with the balance. Because the annuity is taxable whereas the lump sum is not (as long as it does not exceed 25% of the pension fund), you can be considerably better off from
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Exemption from Inheritance tax – Gifts Out Of Income
- May 25, 2015
- Posted by: admin
- Category: Property, Tax, Uncategorized
There is an exemption for inheritance tax purposes, in addition to the £3,000 annual allowance, for gifts made out of income on a regular basis. It is important to establish the regularity of the payments in order to qualify for this relief, so if gifts are made in cash then these should be regular in
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Inheritance allowance if you are getting Married
- May 18, 2015
- Posted by: admin
- Category: Property, Tax
If someone is getting married then there are certain exemptions for gifts made to them “in consideration of” the marriage. Note that these gifts should be given at the time of the marriage, and they must be conditional on the marriage actually taking place. If it is one of your own children who is getting