Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Five ways to save inheritance tax
Five ways to save inheritance tax Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there are steps that you can take to reduce the amount of inheritance tax on your estate. Here are five suggestions. ...
Making a negligible value claim
Making a negligible value claim Where assets that have become worthless, it may be possible to make a negligible value claim, allowing a loss to be realised which can be set against chargeable gains to reduce the capital gains tax liability. This claim can be made either o...
The Budget 2020 Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...
Changing a will after death As long as certain conditions are met, it is possible to change a will after death. This is known as a post-death variation, and it can be a useful tax planning tool. A post-death variation can be made to: ...
What to do if you need to change your tax return
What to do if you need to change your tax return You made it and filed your self-assessment tax return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. ...
Making the most of pension tax allowances
Making the most of pension tax allowances There are many ways in which you can make the most of your pension tax allowances. Pension savings can be tax efficient, as contributions to registered pension schemes attract tax relief up to certain limits. Limit ...
Make use of the capital gains tax inter-spouse exemption
Make use of the capital gains tax inter-spouse exemption There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates to the transfer of assets betwee...
Using company vans for tax-free home to work travel
Using company vans for tax-free home to work travel As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employ...
Utilising the 2019/20 dividend allowance
Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. ...
Gift cards and the trivial benefits exemption
Gift cards and the trivial benefits exemption The trivial benefits exemption allows employers to ignore benefits in kind that cost £50 or less for tax purposes, as long as the conditions of the exempt...
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