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Category: Budget & Housing & Tax & Uncategorized
A major shake-up of the buy-to-let housing market could be about to take place, after the Chancellor announced plans to change mortgage tax relief for landlords. In his Summer Budget speech, the chancellor said that the relief will be cut to 20%, from 40-45%, in an effort to âlevel the playing fieldâ between buy-to-let landlords and ordinary house buyers.
Category: inheritance tax & Uncategorized
Inheritance tax, once only paid by the super-rich, has become a middle-class plague as house prices have soared. But millions will now escape this unpopular âdeath dutyâ thanks to a chunky new allowance announced by the Chancellor. For all bar the wealthiest, inheritance tax should no longer be a problem. The new rules mean family members will be able to inherit as much as ÂŁ1 million from 2020 without paying 40% death tax â so long as the estate goes to children or grandchildren and includes a family home worth between ÂŁ650,000 and ÂŁ2m.
Category: Budget & financial planning & Tax & Uncategorized
An analysis of the Chancellorâs Summer Budget recently published by âThis is Moneyâ presents the outcomes for individuals and families in relation to broad categories of âWinnersâ and âLosersâ. One category labelled as winners are Taxpayers.
Category: Business & Tax & Uncategorized
Changes to dividend taxation rates will see entrepreneurs and small business owners pay ÂŁ6.8bn more in tax during the next five years, a move The Daily Telegraph described as a âtax raidâ.
Category: Budget & Business & financial planning & Uncategorized
Those who listened to the Summer Budget on 8th July for news affecting small businesses will no doubt have been glad to see corporation tax slashed and the employment allowance increased, but an article recently published by KPMG asked, did the Summer Budget go far enough in announcing measures to help small businesses grow?
Category: financial planning & Uncategorized
There are almost 3 million family businesses in the UK, employing 9.4 million people. These are estimated to contribute a quarter of the UKâs GDP and generate tax revenues of ÂŁ102 billion, according to the Institute of Family Business. Family businesses are therefore crucial to the economic well-being of not only many families, but to the countryâs economic growth ambitions. With that in mind, many family businesses will have been keeping a close eye on the Summer Budget, which announced a range of measures likely to impact them in some way.
