The dilemma: no business wants to pay more tax than it needs to. But no business wants to be accused of improper tax avoidance. Is there a safe path between these opposing hazards? Adrian Murphy, partner at Murphy Wealth, offers up some legitimate possibilities. One of the most popular questions that business owners ask us
Inheritance Tax has been described as a ‘voluntary’ tax, and with careful planning it’s possible to reduce or even eliminate the amount your beneficiaries have to pay. But even in the wake of government reforms, don’t assume it’ll no longer affect you, says financial advisory firm, Armstrong Watson. The newly elected Conservative government has promised
You don’t marry for money (well, you shouldn’t). Yet there are quite a few ways in which spouses or civil partners can reduce their tax bills. Who said romance is dead? Maybe it’s to uphold the sacred institution of wedlock, or maybe it’s to recognise that marriage is already taxing enough – but whatever the
Joss Harwood of Eldon Financial Planning reveals HMRC’s more generous side. But are you taking advantage of all your tax allowances. It’s not just the wealthy who can benefit from using tax allowances and thresholds. There are advantages to be had at all income levels, and a significant number of people could become much more
It seems a far cry from Wall Street, with young city men eating, sleeping and drinking money. New research suggests young men are a lot less enthusiastic about finance than their female peers. We can reveal that women under 35 are more likely to do their financial homework and financial planning ahead of time. This
Fitting a ‘spousal bypass’ may sound like an uncomfortable procedure, but it’s actually a very simple way to pass on more of your wealth to the younger generation. Minesh Patel of EA Financial Solutions explains. Last year, George Osborne announced his plans to remove tax on lump sum death benefits. Such a move is broadly
Clive Barwell of Towergate financial shares the latest on tax and trusts. The Finance Act 2006 introduced some radical and far-reaching changes to the way Inheritance Tax (IHT) applied to Trusts and now HMRC has had another go at these valuable financial planning tools. A landmark case in 2003 established the “Rysaffe Principle”, which was
Today is Tax Freedom Day! The theoretical date at which the average earner will have paid all of their taxes leaving the rest of their earnings available to spend on themselves. Simon Torry explains.
Make sure your family is protected and not left with a legal battle after you have gone. Make sure your will is up to date.
The new reduction to the lifetime allowance for pensions can have a big impact on those with larger pension pots. Carl Lamb looks at the implications.
Use these money-saving investment ideas to avoid paying too much tax and keep those pennies in your pocket.