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Latest Articles & Updates

Money Matters Aug 10

For a time I lived overseas and I invested in an Offshore Bond. I have been back in the UK for 10 years and want to surrender the Bond. It is held jointly with my wife who is a Basic Rate Tax Payer whereas I pay Higher Rate. What would be the Tax position? Is there anything we can do to mitigate it? We have not used our Capital Gains Tax Allowance.

Taxing Times Aug 10

I own a property in Spain that I let out to holiday makers. I understand the tax rules have changed on this in the last budget, can you explain what the changes are?

Money Matters Jul 10

I read a recent news headline about BP’s problems and the impact it will have on our Pensions. I have an Executive Pension with Aviva which invests in their Managed Fund. Will it have been affected, should I be concerned and what if anything should I do?

Taxing Times Jul 10

I was made redundant at the end of 2008 and because I was unable to find another job I decided to set up my own business as a sole trader. The business was slow to start although things are going really well now. Up to the end of the last tax year (5 April 2010) I have made a loss because of all the start up costs. Are there any tax breaks available for this loss?

Emergency Budget - 22 June 2010

As promised by the Conservatives prior to the general election, the (coalition) government have announced an emergency budget for 22 June 2010.

There has already been much media speculation that there will be significant announcements on capital gains tax (CGT). It was being widely tipped by the profession that Alistair Darling’s last budget would include increases in CGT and it was a big surprise that there were no changes in rates. In fact, it came as a bigger surprise that instead of increasing CGT he effectively reduced it for business assets by extending entrepreneurs relief from £1m to £2m.

It is likely that many of the changes will hit non-business assets i.e. second homes, buy to let properties, stocks and shares etc. We know that rates will go up but we need the answers to some specific questions:

Money Matters Jun 10

Emergency Budget - The new Government will be having an emergency budget within 50 days of the election. Is there anything I should be doing prior to this in terms of tax planning?

Taxing Times Jun 10

My mother passed away earlier this year leaving an estate that will attract inheritance tax. The estate includes some cash and shares but the bulk of the estate’s value is the family home. There is not enough cash to pay the inheritance tax bill and I do not want to sell the home at present. Can you tell me when I am required to pay the inheritance tax due?

Money Matters May 10

Who gets the money? I have some money to invest and was considering a tracker fund on the basis they seem low cost and require no ongoing monitoring from me. What do you think?

Taxing Times May 10

I run a business which is registered for VAT. Each quarter I send the return and cheque off to HMRC 2 days before it is due. However, I understand that I now need to send this in much earlier, is that right?

Money Matters Apr 10

Are Dividends covered? I took out an Income Protection Policy 6 years ago when I was self employed. I have recently been advised by my accountant to change to a Limited Company. I now get a low salary with extra income coming from dividends which is tax efficient but would my Income Protection Policy still pay out based on my low salary?