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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 bringing 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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Taxation of Cryptocurrencies
HMRC have so far failed to take a substantive position when it comes to their stance on cryptocurrencies. Their 2014 Brief is particularly vague, commenting that the tax treatment will depend on the activities and the parties involved; and whether any profit or gain is chargeable or any loss is allowable, will be examined on a case-by-case basis. The approach therefore needs to be considered as follows: Corporation tax: The profits or losses on exchange movements between virtual currencies are taxable in accordance with the general ru...
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Leading economist gives free countdown to Brexit seminar
A leading economist has given a free seminar called ’11 months and counting’ hosted by Rothmans Accountants and HSBC on what the future is likely to hold for businesses in the South as the UK prepares to formally leave the EU in March 2019. Mark Berrisford-Smith, Head of Economics for HSBC UK Commercial Banking, told businesses that global opportunities and challenges were beginning to emerge, that the current strong exports and continuing drop in unemployment are good news for the UK, and that the fall in inflation is encouraging consum...
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BBC radio listeners put some ‘taxing’ questions to Rothmans Tax Partner
Pop music, eBay trading and inheritance tax – just some of the wide-ranging issues BBC Radio Solent listeners wanted advice on from Julian Sims, Rothmans Tax Partner, when he joined Sasha Twining’s programme on the ‘Ask the Expert’ slot recently. Julian has often been a guest on the radio station to comment live on the budget and other tax news. He also writes for technical publications and tweets on tax matters as @jlsTax. This latest broadcast was a busy one for Julian, packing in a number of personal and business tax and accoun...
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How secure is the future of your business?
The South’s businesses are to get an insight into what the future is likely to hold for them from leading economist, Mark Berrisford-Smith, Head of Economics, HSBC UK Commercial Banking, at a free seminar hosted by accountancy firm, Rothmans LLP. The seminar, called ‘11 months and counting’, will take place at the Hilton at the Ageas Bowl in Southampton on 17 April. It will set out the prospective opportunities and challenges presented by Brexit as the UK prepares to formally leave the EU in March 2019. Cyber security expert, Gary P...
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