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Making Tax Digital: Consultation Period on Penalties

May 16, 2017 | Wills and Probate

Making Tax Digital:  Consultation period on penalties for late online submissions and the payment of tax   In the Budget proposals for 2015, the government set out their plans for a modernised tax system and the end of filing tax returns each year.  At that time the government announced it would improve the service it(Read more)

The Importance of Making an Election if You Own One or More Properties

May 12, 2017 | Wills and Probate

A recent case has highlighted the importance of making an election is you own one or more properties.  The facts of this case follow in very brief terms. Background On 25 June 2004, the taxpayer and his wife bought a property in London NW11. On the same day, they bought, in his name only, a(Read more)

What is Residence Nil Rate Band?

May 11, 2017 | Wills and Probate

On 6 April 2017 a new top up called the ‘residence nil rate band’ (RNRB) was introduced. This is in addition to the existing nil rate band of £325,000 per person. The new RNRB allows you to give a proportion of value of your ‘residence’ to your ‘lineal descendants’ free of inheritance tax for deaths(Read more)

Controversial Probate Fees Scrapped

April 28, 2017 | Wills and Probate

On 21 April 2017 the Government confirmed that the controversial plan to increase probate fees has been scrapped. The Ministry of Justice reportedly said that time has run out for the legislation to pass through Parliament prior to the snap election on 8 June 2017. Under the proposed changes a probate fee on a sliding(Read more)

A New Way of Reporting to HMRC

April 27, 2017 | Wills and Probate

Will tax advisers have nothing to do in the future? A new way of reporting to HMRC The move to a more digital tax system should come as welcome news to the many taxpayers who already choose to report much of their information to HMRC online. An outline of returns currently submitted online Self- Assessment(Read more)

Making Tax Digital: What Will It Mean For You

April 10, 2017 | Wills and Probate

Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ by 2020. What will it mean for you? When I first prepared tax returns, there were just a couple of pages to contend with and for missing information you could(Read more)

What is an LPA?

March 16, 2017 | Wills and Probate

What is an LPA? An LPA (Lasting Power of Attorney) is a legal document which allows you to choose another person or people to make decisions on your behalf. This might be, for example, when you are ill or cannot make decisions because you lack mental capacity. There are two main types of LPA: property(Read more)

Spring Budget 2017 highlights

Spring Budget 2017: Some Highlights

March 09, 2017 | Wills and Probate

Mr Hammond launched the Spring Budget 2017 at lunchtime on 8 March 2017. This is to be the last Spring Budget as part of the government’s plan to simplify tax legislation in the UK. Below are a few highlights from the measures announced: Income Tax and National Insurance The Personal Allowance for income tax is(Read more)

Draft Regulations Allow ISA Tax Status To Survive Death

March 01, 2017 | Wills and Probate

HMRC has published draft regulations that would allow the tax advantage status of ISAs to be retained after the death of the account holders. Current rules state that when the account holder dies, the tax advantage status of the account is lost, and the funds are usually moved to an account that is subject to(Read more)

Increased Probate Fees

February 27, 2017 | Wills and Probate

On 24 February 2017 the Ministry of Justice published the Government’s response to the consultation on their proposal to reform court fees for grants of Probate. Despite extensive disagreement, the changes in the proposal originally published in February 2016 will be put to Parliament. The consultation documents sought opinions on a new fee structure for(Read more)