James is a Partner in our Wealth Management team and is a tax specialist and a Chartered Accountant. He is called on by both private and corporate clients looking for help with tax returns, tax rules, trusts, tax residency issues and company taxation.
We recently blogged about tax changes in the pipeline for partnerships (see here). That blog goes into some detail and I won’t repeat it here. What is very clear from that discussion, and the consultation, is that there is a potential for this to affect all partnerships, not only those that are actively seeking to avoid tax. … Learn more
Now 31 January has been and gone I have started to turn my mind towards 5th April 2013, the end of the tax year. Here are some key tax planning points to keep in mind as we approach year end. Pension Contributions Maximising pension contributions in 2012/13 will help save tax for additional rate tax… Learn more
If you have children, and you, or your partner, earns over £50,000 and one of you claims Child Benefits, you need to be aware of some imminent changes which will affect you personally and which could reduce your monthly income. This is also an issue if you have children from a previous marriage. HM Revenue… Learn more
Forget any moral imperative. Forget wanting to get it off your desk. The main reason for doing your tax return on time is simple - the penalties that HMRC can impose on you: an initial £100 fixed penalty, which applies even if there is no tax to pay, or even if the tax due is paid… Learn more
Sorry the for the drama, but this is the message that HMRC are trying to give us when they announce the new penalty regime this week. Most people leave thinking about their tax returns until some time on the 29th of January. In fact, that’s almost the busiest day of the year for me. On… Learn more
Forget William Wallace and Braveheart, we’re talking tax freedom. Every year some clever bods in a think tank work out when Tax Freedom Day is. This is the day after which you are working for yourself. Until then, the wages earned all belong to the taxman. So Tax Freedom Day is generally a cause for… Learn more
Research carried out by NSM Research on behalf of Yours magazine has concluded that the average cost of being a grandparent (over the first 18 years of their grandchild’s life) is £50,252. If the grandparent contributes towards private education and a deposit on their first home, this rises to over £120,000, as was reported in… Learn more
Anyone who has checked the news today will know that HMRC’s latest gaff has resulted in tens of thousands of people over or under paying tax. For some this will also have impacted on their entitlement to tax credits and benefits. So what should you do? If you have paid too much you will automatically receive… Learn more
That’s what the latest offering from the Treasury looks like it is asking. “Government invites views on tax policies” at first glance looks like a great opportunity for all. In practice, it’s rather less exciting. Getting technical, there are nine consultation / discussion documents which invite views from the public and professions on: PAYE reform… Learn more
Nobody likes inheritance tax. It is a tax on wealth which has already been taxed in the lifetime of the deceased, and reduces the amount which can be left to the next generation. This blog examines the basics of the tax, and some ways to beat the taxman, even after your death….. Basics Inheritance tax… Learn more