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Inheritance Tax (IHT) Planning

IHT is charged on a person's estate when they die and on certain gifts made during their lifetime. The rate of tax on death is 40% and 20% on lifetime chargeable transfers. The first £325,000 is not chargeable. This exemption is known as the nil rate band. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free. The result can be a substantial tax saving. We give guidance below on some of the main opportunities for minimising the impact of the tax. Estate Pla...

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Making Tax Digital for VAT from April 2019

The regulations to bring into force Making Tax Digital for VAT (MTDfV) are now law, and digital VAT returns will be required from 1 April 2019. MTDfV is the first phase of HMRC’s landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Regulations have now been issued which set out the requirements for MTDfV. Under the new rules, businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return in...

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