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Your trusted healthcare accountant specialists

Changes to tax relief on pensions for high earners from 2016/17

Are you aware of the changes to tax relief on pensions for high earners for 2016/17? If you are a higher earner, pension contributions can be a very tax efficient way of saving for your future. However, changes are due to come into force from 6 April 2016 which will...

Changes to the taxation of saving income

There are significant changes to the income tax rules from 6 April 2016 which affect the taxation of savings income. From 6 April 2016, if you are a basic taxpayer you may be able to receive up to £1,000 in savings income tax free. Higher rate taxpayers will be able...

Inheritance tax planning – new horizons for IHT

This article considers two recent developments which potentially affect the inheritance tax (IHT) planning of many individuals. The first is the introduction of the ‘residence nil rate band’ in April 2017 which may enable a family home to be passed on tax free on...

2015/16 year-end tax planning advice for owners and individuals

2015/16 year-end tax planning advice Would you like the opportunity to reduce the taxman’s take from your own and your family’s income? If so please continue on to read our year-end tax planning advice. Carrying out an annual review of your tax affairs could...

Dividend changes 2016 – clarification of rules now given

In the Summer 2015 Budget the Chancellor announced big dividend changes with effect from 6 April 2016. Following the announcement last year we answered some key questions: How will the new tax work? What does the new dividend tax come into force? Will the new dividend...

Self assessment deadline close – are you ready?

Are you ready for the fast approaching self assessment deadline of 31 January 2016? Any self assessment returns that are filed after 31 January - regardless of whether there is tax to pay - will be subject to a £100 late return fine. Longer delays will likely result...

HLB members discuss key topics in the Netherlands

A group of personal wealth advisors from within the HLB International network met for a meeting in Tilburg, the Netherlands, on 20 and 21 November 2015.  There were representatives present from the USA, the Netherlands, Belgium, France, Germany, Ireland, Spain and the...

Autumn Statement 2015 – what you need to know

On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review. His speech and the supporting documentation set out both tax and economic measures. Our summary concentrates on the tax...

Maximising the opportunities for pensions tax relief

How can you maximise the opportunities for pensions tax relief following the big pension reforms? The recent substantial changes to the rules for accessing money purchase pensions and the treatment of funds remaining on death has sparked increased interest in pension...

Minimising tax by spreading income around the family

Have you considered minimising tax by spreading income around the family? Owner-managed companies often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each...

Self assessment tax return – submission penalties

You may have seen in the press or on the TV a couple of months ago, news stories that implied that it would be easy to get out of paying an automatic £100 minimum penalty for the late filing of a self assessment tax return. The background to the initial news stories...

Extra tax relief on pension contributions – act before you miss out!

Changes to tax relief on pension contributions were announced in the recent budget and you may wish to take advantage of the increased annual allowance for the 2015-16 tax year. Prior to these changes, tax relief on an individual's pension contributions was limited to...

What is eligible for Agricultural Property Relief?

Inheritance tax is becoming increasing complex for farmers and agricultural business and land owners, and careful planning is essential in making a successful Agricultural Property Relief (APR) claim. Inheritance Tax (IHT) is normally payable on an estate when...

Claiming the marriage allowance – updated guidance

The Low Incomes Tax Reform Group have published their updated guidance on how to apply for the new transferable personal allowance, known as the marriage allowance, for married couples and civil partners which came into effect on 6 April 2015. The transfer of part of...

Dividend income shake-up: your questions answered

The Chancellor, George Osborne, announced in the Summer 2015 Budget a shake-up in the way dividend income is taxed from April 2016. As the announcement has added to the complexity of the current dividend system the reaction has been, unsurprisingly, one of confusion...

The family home: new Inheritance Tax (IHT) rules

The government has announced, in the Summer 2015 Budget, the introduction of a new transferrable nil rate band for the family home. The additional band will apply where a residence is passed on death to direct descendants such as a child or a grandchild. What are the...

Summer 2015 Budget summary and key details

George Osborne delivered his Summer 2015 Budget yesterday, Wednesday 8th July, less than four months after he delivered the last one. Since his last Budget, in March, a lot has happened - including, in particular, the Tories' election victory. Read our Summer 2015...

Has inheritance tax planning been turned on its head?

From time to time there is a change to the income or corporation tax system which can significantly impact on capital tax planning. Some would argue that the new tax treatment of pension funds is one such change. Where an individual has not bought an annuity, a...

Pension scams – warnings to those approaching retirement

Those approaching retirement are being urged to be aware of a rise in pension scams, as criminals seek new ways to defraud pensioners. Savers have been urged to be aware of a rise in pension scams, as criminals seek new ways to defraud pensioners. A report produced by...

Savers plan big pension withdrawals after changes

Savers plan to withdraw an average £27,000 Amid greater flexibility in the pensions market, with new freedoms introduced on 6th April 2015, savers are planning to withdraw large sums from their retirement fund this year, a study has found. A study commissioned by...

Tax Rates and allowances 2015/16 – summary and details

Tax Rates and Allowances 2015/16 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2015/16 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

What Budget 2015 means for pensions

After the revolutionary pension reforms and new flexibilities that came from the 2014 Budget, this year, in comparison, announced only minor changes. The further changes to pensions that the Chancellor introduced in the 2015 Budget included plans for a secondary...

Reducing the cost of buying a home – SDLT reform

One of the welcome announcements in the Autumn Statement included the immediate reform of Stamp Duty Land Tax (SDLT) on the purchase of residential property. Until this announcement SDLT was charged at a single percentage of the price paid for the property, depending...

Budget 2015 and Tax Rates 2015/16 Booklets

Budget 2015 Summary George Osborne presented the final Budget of this Parliament on Wednesday 18 March 2015. In his speech the Chancellor reported 'on a Britain that is growing, creating jobs and paying its way'. Towards the end of 2014 the government issued many...

The big pension changes and how they impact you

The pension world is changing! Even if you are years away from retirement, the pensions reforms are going to have a big impact on your future and millions could end up worse off than under existing rules. It is therefore crucial you understand the changes and tax...

Personal allowances and tax bands 2015/16

See personal allowances and tax bands for 2016/17 here. For those born after 5 April 1948 the personal allowance will be increased from £10,000 to £10,600. The reduction in the personal allowance for those with 'adjusted net income' over £100,000 will continue. The...

Proposed pension reforms: things you should know

Understanding the pension system can sometimes be a complex process. This article outlines 6 things you need to know about the proposed pension reforms. 1. Withdraws from pensions set to be treated as income One of the biggest changes announced with the new reforms is...

Tax Relief on Ivestments – SEIS, EIS, VCT & SIR

Save tax with the new Government investment schemes! You can reap a range of tax relief opportunities, ranging from income tax relief of up to 50% to reinvestment relief with 50% exemption on capital gains. A number of Government approved schemes are available to...

Pension freedom 2015 – a flexible future?

In the 2014 Budget, George Osborne announced 'pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, anytime they want'. Some of the changes have already taken effect but the big changes will come into effect on 6...

Pension changes following Budget 2014

The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes. Some changes to the current restrictive rules will come into effect from 27 March 2014 whilst...

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