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A guide to inheritance tax planning
What is inheritance tax? Inheritance tax is a levy imposed on the estate of a deceased person before the assets are distributed to their heirs. It is calculated based on the value of a person’s estate (the assets they own as an individual). Above a certain threshold....
Avoid the £10 Daily Penalty for Self-Assessment
£10 daily penalty for Self-Assessment starts on 1st May Starting from 1st May 2024, individuals who have yet to submit their overdue Self-Assessment tax return for the 2022-23 tax year will incur additional late filing penalties of £10 per day (capped at a total of...
Agricultural Property Relief – Changes Ahead
Government initiatives often shape the landscape of various sectors, and agriculture is no exception. Recent developments in the UK's environmental policies are set to bring significant changes to agricultural property relief (APR). Background In 2023, the UK...