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How do I avoid Inheritance Tax on my property?

​Pass on your house free of IHT. The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. Pass on your house free of IHT The introduction of the residence nil rate band (RNRB) opens up the possibility of […]

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Can I employ a family member?

Can I employ a family member in my business? How much should I pay them? What are the pitfalls to avoid? Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly. The case in […]

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Should I pay a salary or dividends?

Dividends provide an opportunity to extract profits in a tax-efficient manner. Extracting profits as dividends Dividends provide an opportunity to extract profits in a tax-efficient manner. As a rule of thumb, it is generally tax-effective to take a salary equal to the primary and secondary threshold for National Insurance purposes or the personal allowance (set […]

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Radical Changes to Scottish Tax Rates

Scotland’s Finance Secretary has announced radical changes to income tax rates for 2018/19. These will affect Scottish taxpayers, and their employers, all over UK. What’s the full story? More or less tax? In his budget of 14th December, Scotland’s Finance Secretary made a big deal about cutting the tax bill for 55% of Scottish taxpayers […]

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Corporation tax and trading losses

Relief may be available where you operate your business through a company and you make a loss. The loss may be set against total profits of the current or previous accounting periods or may be carried forward and set against future trading income from the same trade. Relief may be available where you operate your […]

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Tax Tip 1: How to understand the four types of tax planning #In

Types of tax planning open to a business Welcome to our “How to” tax tips series. Every day in September we will be posting a brief “How to” tax tip to enable you to understand a little more about tax and hopefully pay less tax as well. Today’s tip is taken from our “Stress proof […]