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How to benefit from the new inheritance tax relief


The way inheritance tax is calculated on the family home will change again on 6 April 2018.  Originally introduced by George Osborne, an extension to the lifetime exemption for inheritance tax purposes in the form of the main residence nil rate band (RNRB) will ultimately enable a couple who are married or in a civil…

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Will you lose EIS relief if your investment exits early?

Since the Enterprise Investment Scheme (EIS) was first launched for the 1993-94 tax year, well over 26,355 individual companies have benefited and almost £16.2 billion of funds have been raised. To achieve figures like this means that a lot of higher rate taxpayers have been investing in EIS approved companies and benefiting from the tax…

24/01/2018 - RJP LLP Read More

Got outstanding tax to pay when you file your 2016-17 tax return?

New rules came into operation at HMRC from 13th January, just in time for the influx of annual self-assessment tax payments. It has previously been possible to pay your personal tax bill using a credit card, but this option is no longer available. The change has come as a result of a ban introduced by…

18/01/2018 - RJP LLP Read More

Will business owners face cashflow problems after Brexit VAT law changes?

There are potentially some significant new VAT implications for business owners on the horizon as a result of Brexit and the situation is currently under debate. Although in the last Budget, Philip Hammond said he was intending to keep tax laws as close as possible to the current position to avoid any detrimental impact on…

11/01/2018 - RJP LLP Read More

Our Top Blogs for 2017!

Over the course of 2017, our blogs giving few tax advice have helped thousands of people. Looking through the analytics for the year, our top 20 were read by well over ten thousand readers! We thought we’d share them with you again, in case you missed them first time around. Understanding the VAT flat rate…

15/12/2017 - RJP LLP Read More

10 ways #Budget2017 is good news for business owners

According to Phillip Hammond, a new start up is spawned every single hour in the UK. As business owners, we all know that the UK’s 5.5m SMEs are the economic backbone of this country and they play a very significant role in boosting the economy. Research conducted by the Centre for Economics and Business Research…

22/11/2017 - RJP LLP Read More

How to balance increasing limited company taxes and profit extraction

In recent years, the government has been slowly eroding the potential tax advantages of operating a small business through a limited company compared with being in ‘traditional’ paid employment or operating as a sole trader. Typical methods of operation of small companies involve the director shareholders taking small salaries, topped up by tax advantaged dividends.…

26/10/2017 - RJP LLP Read More

What is a Section 431 election and why am I being asked to sign one?

When shares are being transferred or issued to employees or company directors, it is common practice for the individuals involved to be advised to sign a section 431 election. This is part of the forward tax planning process and this article explains the reasons for making an election and the potential benefits.   Understanding the…

23/10/2017 - RJP LLP Read More

Want to limit IHT? Always consider the family home when estate planning

For a lot of people, their family home is the most valuable asset they’ll ever own. It’s therefore essential to take this into consideration early when conducting estate planning, in order to minimise inheritance tax liabilities. Yet very often, people seem to leave this most valuable asset to last, possibly for practical and emotional reasons.…

12/10/2017 - RJP LLP Read More

Who is the most motivated in your workplace?

Money, food, training, development opportunities, company cars…..everyone is different and driven by different needs and interests. If you employ a wide range of people across different age groups in your business, or are thinking about recruiting staff, it is useful to understand how different people approach their work and how people value any benefits you…

20/09/2017 - RJP LLP Read More

8 aspects of R&D tax relief that could make your project costs tax deductible

R&D tax relief has been available since the year 2000, with hundreds of thousands of successful claims made since then by UK companies across all kinds of business sectors – from software development, engineering design, construction, bio-energy, cleantech, agri-food to the life and health sciences. When people think about R&D they tend to have a…

15/09/2017 - RJP LLP Read More