How Can I Reduce My Tax Bill?

Q. As a high earning dentist, I pay large amounts of income tax. I get it that this goes with the territory, but I want to explore schemes which can help reduce my tax bill. What advice would you give? A. You are of course not alone in wanting to minimise the amount of tax you pay. […]

Important Inheritance Tax Changes & You

Last year we wrote an article on Inheritance Tax (IHT) and how you could mitigate this by using joint life cover payable on second death. This was only a year ago, and already there have been major rule changes announced that can have a major effect on how much your family may have to pay […]

New Tax Free Savings Allowance, How Does It Work?

Q. I have heard that the government have introduced a new non-taxable allowance for savers in cash deposit accounts. As we have large cash savings how will this help us? A. This was announced a year in advance last March, and takes effect this April. At the moment savings are taxed at either 20% or 40% depending on […]

Buy To Let – Is It Still Worth It?

You may have noticed that Chancellor George has been very busy lately on his mission to raise taxes. The obvious one for our clients in the NHS Pension Scheme has been the lowering of the limit on the Lifetime Allowance (LTA). It has reduced from £1.8m in 2006 to £1m this April! This means that […]

Inheritance Tax, The Voluntary Tax (How Can You Plan For It?)

We’re all probably aware of the saying by Benjamin Franklin: “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”  So here was the exciting birth of a new country, the United States of America at the […]

Inheritance Tax: The Voluntary Tax?

Benjamin Franklin once said “There are only two certainties in life – death and taxes.” Perhaps he had a sense of his own mortality as he died the year after in 1790, and of course what he said then is just as true today. It’s clear that the revenue from Inheritance Tax (IHT) is increasingly […]

Can You Get Your Income Tax Refunded? – The EISy Option

It’s only being human to feel that it would be great to be able to somehow get some of the considerable amounts of income tax we paid back to us. In the past, investors have been encouraged to fund more pensions because of the lure of getting tax relief and many doctors and dentists paying […]

Inheritance Tax – How Can It Be Avoided? – Hot Topics Q & A

Q. We’re aware that our estate could be liable to Inheritance Tax on our deaths. We’ve not done any planning yet as we’re uncertain what we should be doing. Can you give us some pointers in the right direction please?  A. HM Revenue and Customs (HMRC) receipts from Inheritance Tax (IHT) are on the increase again. In 2011/12, the Treasury took […]

The High Income Child Benefit Charge, How Do I Opt Out?

Q. I am aware that, as an employee earning over £78k pa, I am well over the limit for receiving child benefit and will therefore be taxed. We have three young children so want to sort this out as a priority. What is the easiest way to opt out? A. You are certainly going to […]

HMRC Clampdown On Estate Valuations

Q. I hope it’s a long way off yet but my parents, who are now in their seventies, have become increasingly worried about Inheritance Tax. They had successful careers, and live in a very large house worth a lot of money. It occurred to me that what with property values having taken a hit, how does the Revenue […]