Bespoke - for private clients
Wednesday, January 23, 2013 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax,
HMRC,
penalties,
liability,
Naomi Smith,
Tax Return,
deadline,
charges,
fines,
reasonable excuse,
penalty,
unpaid tax,
January 31,
late filing
It used to be that filing your tax return late would bring an automatic £100 penalty – an amount many were prepared to pay. And if you had paid your tax in full before 31 January the penalty was reduced to nil. But this fairly relaxed regime finished in April 2011, and the penalties can now be much higher, in fact up to 100% of the tax due.
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Monday, November 26, 2012 | Posted by: Francesca Lagerberg
Categories:
Business,
Personal,
Protecting your wealth
| Tags: HNWIs,
predictions,
personal allowances,
pension tax relief,
competitiveness,
, anti-avoidance
How will the 2012 Autumn Statement affect high net worth individuals (HNWIs) and high earners in the UK? Francesca Lagerberg, Grant Thornton UK’s Head of Tax, makes some predictions…
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Thursday, September 13, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
capital gains tax,
inheritance tax,
CGT,
IHT,
Mike Hyland,
gifts,
sale,
capital gains,
IHT planning,
exemption,
wasting asset,
pre-eminent object,
gift with reservation,
Acceptance in Lieu,
douceur,
chattels,
leaseback,
heritage assets
While art, historic buildings and other ‘heritage’ assets are normally acquired more for their aesthetics and history than their tax efficiency, there are a number of tax advantages and reliefs that can apply. We look at a few examples of how owners of these assets can manage their tax position.
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Thursday, August 16, 2012 | Posted by: Francesca Lagerberg
Categories:
Personal
| Tags: Francesca Lagerberg,
income tax,
tax relief,
Budget 2012,
donations,
budget2012,
income tax relief cap,
cap,
income tax liability,
tax losses,
cap on reliefs,
business losses,
loss
The charitable sector has been successful in its campaign to keep unlimited tax relief for charitable giving. So, who will be affected by the proposed income tax relief cap? Following the release of the consultation document, it has become clear that the cap won’t just affect wealthy individuals but may be unfavourable for small-business owners, too.
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Tuesday, August 14, 2012 | Posted by: Chris Tysoe
Categories:
Personal,
Protecting your wealth
| Tags: tax,
property,
inheritance tax,
IHT,
inheritance,
house,
Chris Tysoe,
rebate,
probate,
estate,
fall in value
Could you be entitled to a tax rebate on inherited property? Chris Tysoe, Tax Manager, highlights a small token of relief for those who have had to sell an inherited property for less than it was worth when they inherited it.
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Thursday, July 26, 2012 | Posted by: Mike Hyland
Categories:
Business,
Personal,
Protecting your wealth
| Tags: tax,
capital gains tax,
inheritance tax,
CGT,
IHT,
Mike Hyland,
shares,
sale,
BPR,
Entrepreneurs' Relief,
Business Property Relief,
Entrepreneurs’ Relief,
non-trading assets,
holdover relief,
company sale,
HMRC clearance,
trading company,
trading status,
investment assets
There are a number of reliefs that can help company owners mitigate capital gains tax (CGT) on selling or giving away their shares, and inheritance tax (IHT) on their death or on a gift into trust. A general requirement for all of these reliefs is that your company or corporate group must be ‘trading’. Here I’ll explore what this means and how the position might be optimised.
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Thursday, July 05, 2012 | Posted by: Francesca Lagerberg
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
Francesca Lagerberg,
tax avoidance,
GAAR,
tax evasion,
UK GAAR,
general anti-avoidance rule,
general anti-abuse rule,
reasonable,
aggressive
Draft legislation for a general anti-abuse rule (GAAR) to tackle tax avoidance in the UK was published last month – to a mixed response. Do the proposals clearly separate ‘reasonable’ from ‘abusive’? And will the new GAAR (previously known as the general anti-avoidance rule) affect your tax planning arrangements?
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Tuesday, June 19, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax,
capital gains tax,
inheritance tax,
CGT,
IHT,
EIS,
Mike Hyland,
enterprise investment schemes,
sale,
Entrepreneurs' Relief,
Business Property Relief,
selling,
selling a business,
share options,
Seed EIS,
non-trading assets,
company sale
After working for years to build up a successful business, you are likely to want to limit the extent to which the taxman collects the fruits of your labour when you come to sell your company. To optimise your financial position, here are some things to consider before, during and after the sale process.
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Wednesday, June 13, 2012 | Posted by: Dave Jennings
Categories:
Personal,
Protecting your wealth
| Tags: tax planning,
HMRC,
offshore,
income tax,
Dave Jennings,
tax avoidance,
tax havens,
disclosure,
investigation,
banking,
penalties,
Liechtenstein,
Liechtenstein Disclosure Facility,
tax amnesty,
LDF,
Switzerland,
tax evasion,
savings,
offshore bank accounts,
Tax Investigations,
UK-Swiss deal,
secrecy
The UK-Swiss tax deal just got more expensive for Swiss bank account holders following changes to a similar agreement between Switzerland and Germany. Find out exactly what the changes mean for UK holders of Swiss bank accounts…
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Tuesday, May 01, 2012 | Posted by: Mike Hyland
Categories:
Personal,
Protecting your wealth
| Tags: tax planning,
capital gains tax,
inheritance tax,
CGT,
IHT,
tax avoidance,
George Osborne,
Mike Hyland,
non-dom,
minimise,
non-domicile,
stamp duty land tax,
Budget 2012,
avoidance,
non-doms,
SDLT,
residential property,
non-natural person,
property development,
property investment
Buyers and owners of high-value residential property are the latest group to be chased for potential tax avoidance. Chancellor George Osborne believes they are avoiding taxes too readily and announced a raft of changes aimed at extracting tax in the recent Budget. Find out if you’re affected, and by how much, below
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