Currently, where an individual pension holder dies before age 75, drawdown pensions paid to a successor can generally be received free from income tax. Where the pension holder dies over the age of 75, then the amounts drawn by the successor are taxed at their marginal income tax rate. Note also that the current tax…
Tag Archives: income tax
08
Nov
Nov
Undoing all measures announced since 23 September 2022, the rates of income tax applicable to non-dividend income remain as they are now; namely a 20% basic rate, a 40% higher rate and a 45% additional rate (for those with income over £150,000). For dividends, although the associated 1.25 percentage point supplement on NICs is being…
13
Jan
Jan
For many taxpayers paying the tax due by 31 January is difficult and it can be a shock to new traders who will have to find 150% of their annual tax liability. Three potential solutions to this problem are: Budget Payment Plan Set up a Budget Payment Plan with HMRC to pay a small amount…
18
Mar
Mar
PART 4 – Reliefs for tax efficient investments Parts 1, 2 and 3 of this series considered the tax savings of pension contributions, charitable donations and what else you can do to ensure your entitlement to the personal allowance of £12,500. The final part of this series looks at a number of investments that qualify…
10
Mar
Mar
PART 1 – Pension contributions – have you fully utilised your annual allowance? This allowance is up to a maximum of £40,000 per annum for UK individuals under 75. However, this is tapered down by £1 for every £2 for taxpayers whose income is between £150,000 and £210,000 to a minimum of £10,000. It is…
22
Mar
Mar
Have you used your 2018/19 £11,700 annual capital gains exemption? Consider selling shares where the gain is less than £11,700 before 6 April 2019. In addition, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your…
Many of you will have just paid your 2016/17 tax bill before the 31 January 2018 deadline, and some of you will also have paid 50% of next year’s tax on account. Here are a couple of tax planning ideas that can help you obtain a tax refund. Invest in EIS or Seed EIS qualifying…
28
Jun
Jun
Getting a better understanding of your tax liabilities is a fundamental tool in improving the financial success of your farm or agricultural business. As we highlighted in our previous blog, it’s vital that you have a clear focus on maintaining positive cash flow and have profitability built into your farm’s business model.  And one of…
28
Jun
Jun
Getting a better understanding of your tax liabilities is a fundamental tool in improving the financial success of your farm or agricultural business. As we highlighted in our previous blog, it’s vital that you have a clear focus on maintaining positive cash flow and have profitability built into your farm’s business model.  And one of…
26
Jun
Jun
When push comes to shove, you want your farm to turn a profit. All the early starts and long working days should translate into a healthy year-end profit – but that will only happen if you’ve got control over your spending, revenues and cash flow. So, how do you address the issue of getting on…
