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Topic: Tax


  • Rebecca Gunn - Residential Conveyancing
    Selling a property: do I have to pay tax?
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    When you sell your main home (your Principal Private Residence or PPR) this is usually free of tax.  However, if you are selling a property that you have rented out, or which has been standing empty for some time, then you should review your tax obligations. There are two points to check: 1)      Do you… Learn more

  • Leanne Hathaway - Tax and Trusts
    UNDISCLOSED OFFSHORE ACCOUNTS: the tax net is closing
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      HMRC is working closely with other jurisdictions to obtain details of offshore bank accounts held by UK citizens.  The most recent announcements have been in respect of accounts in the Isle of Man, Jersey & Guernsey.  There is also a key date looming in respect of accounts held in Switzerland which, if not disclosed… Learn more

  • Leanne Hathaway - Tax and Trusts
    Don’t risk a £1,200 penalty for forgetting to file your tax return! File it now
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    Income Tax returns for the tax year to 5 April 2012 were due to be with HMRC by 31 January 2013.  This is the second tax year for which HMRC can charge significantly higher penalties for the late submission of returns, and these often cannot be appealed.   Daily penalties start to be charged on 1… Learn more

  • Leanne Hathaway - Tax and Trusts
    Deed of Family Arrangement
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      The difficulty faced by many is that Wills are only revisited from time to time, meaning that they can prove to be less tax efficient than anticipated when drafted. Family circumstances may also have changed, such that the Will is not as relevant as it may once have been. Deeds of Variation can be… Learn more

  • Leanne Hathaway - Tax and Trusts
    Inheritance Tax: Restrictions on offsetting debts
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    There was no consultation on this, but one announcement tucked away amongst the HMRC papers was a seemingly minor overview as to how certain debts will no longer be deductible for inheritance tax purposes after the Finance Bill receives Royal Assent. Per HMRC: “Legislation will be introduced in Finance Bill 2013 to amend the inheritance… Learn more

  • Leanne Hathaway - Tax and Trusts
    HMRC deadline looms for direct sellers
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    If you sell directly to customers, you have one week left to take advantage of an HMRC amnesty on missed tax payments. Until February 28th, HMRC are promising “best terms” for putting right any past discrepancies in your tax affairs, particularly if you have failed to carry out the correct calculations of the tax you… Learn more

  • EHL Invite you to a FREE Seminar: Trusts and Budget impacts
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      Businesses of all shapes and sizes are invited to Edward Hands and Lewis’ free Post Budget Seminar organised in conjunction with M Cubed Chartered Accountants. EHL’s expert trusts and tax advisor, Leanne Hathaway with be delivering the seminar with Azam Mamujee from chartered accountants and business advisers M Cubed. Leanne will be talking through… Learn more

  • Rebecca Gunn - Residential Conveyancing
    Stamp Duty set to rise
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    The average price of a property in the UK has increased to £249,958.00. If this price increases to over £250,000.00, which seems likely given the current trend, then purchasers will see their stamp duty tax liabilities massively increase. Home owners could see their liability increasing from 1% of the property value to 3%, a huge… Learn more

  • Leanne Hathaway - Tax and Trusts
    George Osborne set announce changes to Inheritance Tax thresholds
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    After a weekend of media speculation about the inheritance tax thresholds, it has been widely reported this morning that George Osborne, the Chancellor, will announce that the level at which inheritance tax becomes payable will be frozen at £325,000 until at least 2019 to fund reform of the social care system. This contradicts previous pledges… Learn more

  • Leanne Hathaway - Tax and Trusts
    End of tax year – use it or lose it!
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    The end of the tax year is fast approaching, and it is worth reviewing whether you are able to fully utilise your tax allowances before 5 April 2013.  Whilst many remember to use allowances such as ISA’s, there are others that it is worth having a look at: i)Husband and Wife assets: if you own… Learn more

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