Latest Private Client Tax

Use Lifetime Trusts to Save Inheritance Tax. With the government confirming in the last Budget that the current inheritance tax nil rate band of £325,000 will be frozen until 2018, more and more people will find the taxman taking a sizeable slice of their estate on death. Making gifts during your lifetime is one solution…

The Start of the New Tax Year is the time for OMB’s to revise their Tax Strategy. As another new tax year begins, business owner managers should review and revise their combined business and personal tax strategy: OMB Strategies 2013-14 Depending upon how much profit the business generates, whether or not your spouse is involved in…

Examples of the most helpful and generous tax elections and claims include: s222(5a) TCGA 1992 (Nomination of main residence) This capital gains tax election, often referred to as ‘flipping’, enables taxpayers, who own and reside in more than one home, to inform HMRC which of these homes is their principal private residence. For those who…

Certain payments made by businesses on behalf of employees are tax free personally, so are useful for profit extraction and within flexible remuneration structures: Employer pension scheme contributions (up to £60,000 per employee per annum, plus potential ‘catch-up’ from previous 3 years. This assumes your personal income is not above £260,000 and you are not…