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,
January 31,
unpaid tax,
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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Tuesday, January 24, 2012 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax,
HMRC,
penalties,
liability,
Naomi Smith,
deadline,
charges,
fines,
reasonable excuse,
penalty,
January 31,
unpaid tax,
tax return,
loophole,
late filing
The 31 January tax return filing deadline is fast approaching but many taxpayers are blissfully unaware of HMRC’s new penalties for late filing and could be in for a nasty surprise.
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Tuesday, December 20, 2011 | Posted by: Naomi Smith
Categories:
Protecting your wealth
| Tags: tax,
tax planning,
offshore,
inheritance tax,
IHT,
tax avoidance,
tax havens,
domicile,
non-dom,
Naomi Smith,
tax haven,
tax evasion,
IHT planning,
discretionary trusts,
tax saving,
offshore trusts,
offshore investment wrappers,
investment income
As HM Revenue & Customs (HMRC) steps up its mission to prevent British taxpayers illegally evading tax by holding their investments offshore and ‘forgetting’ to report them on their tax returns, we look at two legitimate opportunities to save tax through offshore set-ups: offshore investment wrappers and offshore trusts.
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Tuesday, November 01, 2011 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
offshore,
UK,
income,
domicile,
non-dom,
residence,
Naomi Smith,
overseas,
non-domicile,
residency,
offshore funds,
non-residency,
remittance basis,
foreign income,
ordinarily resident,
tax liabilities,
resident
There are currently a quarter of a million online discussions asking questions about how you will be taxed if you bring money from abroad or transfer foreign income into the UK. The multitude of answers are enough to tax anyone’s brain, but the foremost deciding factor is domicile. Here,we look at the situation for both UK-domiciled and non-domiciled individuals.
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Thursday, September 15, 2011 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax planning,
inheritance tax,
IHT,
gifts,
Naomi Smith,
will,
estate planning,
BPR,
Business Property Relief,
IHT planning,
deathbed planning,
death duties,
death taxes
The concept of death taxes can come as a surprise to many. If you haven’t done any estate planning and you are looking for a quick fix, what options are available?
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Tuesday, August 09, 2011 | Posted by: Naomi Smith
Categories:
Business,
Protecting your wealth
| Tags: business,
tax,
property,
inheritance tax,
IHT,
relief,
liability,
Naomi Smith,
value,
estate planning,
IHT planning,
APR,
farming,
exemption,
agriculture,
agricultural property relief,
farms,
leasing
Agricultural property relief doesn’t always offer farmers and farmhouse owners an exemption from inheritance tax (IHT). Here, for example, are two scenarios that may trigger a crippling final IHT bill for the unsuspecting. Read on to make sure you don’t have to sell the family farm…
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Tuesday, July 26, 2011 | Posted by: Naomi Smith
Categories:
Business,
Protecting your wealth
| Tags: business,
tax,
property,
inheritance tax,
IHT,
relief,
liability,
Naomi Smith,
estate planning,
commercial property,
BPR,
Business Property Relief,
IHT planning,
exemtpion
The lesser-known pitfalls surrounding business property relief may leave your business at risk of a very large and unexpected inheritance tax bill. Let the horror stories of Mr Wealthy and Ms Success be a lesson to those who think they are exempt from death and taxes…
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Tuesday, June 07, 2011 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax,
tax planning,
property,
capital gains tax,
inheritance tax,
CGT,
IHT,
divorce,
transfer,
exemptions,
partnership,
marriage,
Naomi Smith,
shares,
spouse,
transferable allowances,
marriage and tax,
civil partner
It may sound harsh but if you’re going to leave your marriage then it’s best to split on 6 April for optimum tax savings and to give you more time to sort out the financial arrangements. Naomi Smith, Tax Manager at Grant Thornton, follows up her post on a dozen tax reasons to get married with some tax-saving facts for those planning a separation.
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Tuesday, April 26, 2011 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax,
property,
capital gains tax,
inheritance tax,
CGT,
income tax,
pensions,
IHT,
retirement,
transfer,
partnership,
marriage,
Naomi Smith,
shares,
assets,
personal allowance,
spouse,
transferable allowances,
advantages,
Married Couple’s Allowance
Marriage isn’t just for romantics. There are all sorts of financial gains, tax reliefs, benefits, exemptions and other advantages to be had when you sign on the dotted line.
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Thursday, March 03, 2011 | Posted by: Naomi Smith
Categories:
Personal,
Protecting your wealth
| Tags: tax,
property,
capital gains tax,
inheritance tax,
CGT,
IHT,
retirement,
residence,
Naomi Smith,
family,
overseas,
HMRC6,
residency,
UK residency,
refunds,
retire,
children,
abroad,
options
Planning to move abroad for retirement? Fancy a sunnier climate and ending your UK tax residence? We don’t blame you! But you’ll need to look at your tax position carefully because becoming non-resident is now more difficult than ever. Here’s why…
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