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Tag Archives: Inheritance Tax

Posted on in Business Tax

Among the rallies did the Chancellor win out overall? On the basis this looks like a revenue raising budget, yes he did, but did you? If we're looking for aces and deuces, there may be a few.

Posted on in Business Tax

Public opinion has played a strong role in the Chancellor's statement today and perhaps his announcements made at the Commons film set today can be summarised into the Good, the Bad and the Ugly.

The Good - Property Owners, Savers

At last the stamp duty system has been modernised, so it doesn't distort the property market with a more logical % being charged in each band rather than on the whole property price.

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Posted on in Business Tax

Today's Autumn Statement was more of a mini Budget than usual. Presumably due to the recent pressure being applied by the opposition.

The good news for businesses is that taking on an under 21 year old won't cost you any national insurance, but only from April 2015. In the meantime, if you can't wait, you can employ anyone on up about £22k (or more than one person on lower salaries) from April 2014, and, under a previously announced measure, this won't cost you any national insurance either. Both rules will continue into April 2015, so you could arrange your workforce to cost you no national insurance at all.

It has at last been recognised that small retailers need help in competing against the Internet. Potentially, the most valuable relief is a 50% reduction in rates when re-occupying an empty property. Being able to pay rates in monthly instalments may also be helpful for some.

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Marriage and civil partnerships are provided with many reliefs within the tax system and I'm surprised why people claim otherwise.

Business Partnerships

Where one spouse is a partner, it's very often the case that their spouse gets involved in the business later on, for example, a wife decides to stay at home when the children are young and instead of working for a third party, helps out in her husband's business.

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