News

The Chancellor of the Exchequer, Philip Hammond, has announced that the Budget will take place on Monday 29 October. Breaking with the tradition of a Wednesday in November, perhaps in a bid to avoid the ongoing Brexit negotiations, the government is expected to set out its plans ‘to build a stronger, more prosperous economy, building on the recent Spring Statement and last yea ...

HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new ‘Requirement to Correct’ legislation comes into force. HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ r ...

Tax

According to the latest statistics 121,500 first-time buyers have saved a total of £284,000,000 following the introduction of a relief for first-time buyers under the Stamp Duty Land Tax rules which apply in England and Northern Ireland. Over the next five years, it is estimated that this relief, part of the UK government’s housing policy will help over 1 million people gettin ...

The below has been taken from the FT Adviser website published on 18th April 2018 (https://www.ftadviser.com/your-industry/2018/04/18/mystery-shopper-hayes-west-london/): Each week the mystery shopper seeks advice from independent advisers in the UK. The aim is to find out whether advisers are delivering the goods when it comes to the all-important initial telephone contact be ...

Today is the launch of the Ward Williams Financial Services Ltd 15th Anniversary celebrations!! We will be sending a gift to all of our clients with a card, adopting 10 hedgehogs, providing Knowledge Slots for our staff, a new 15th Anniversary logo, 15th Anniversary stickers, marking the achievement with updates on our Website, Twitter and LinkedIn, cakes, and maybe the opportu ...

Aretha Franklin, the “Queen of Soul”, died intestate, leaving a fortune estimated at $80 million (£62.4 million). In addition to Aretha Franklin, a list of celebrities who have also died intestate, include: Rik Mayall; Amy Winehouse; Michael Jackson; Bob Marley; Pablo Piccasso; Jimi Hendrix. There are approximately 30 million adults in the UK, who do not have a Will ...

IHT, Tax

Inheritance tax (IHT) as it is understood  today was introduced in 1796 as a levy on the wealthy, but rising property prices and tax thresholds that have not kept pace with inflation mean that the number of estates that fall into the IHT net is ever growing. A series of exemptions have been introduced to allow families to give away more of their assets tax-free, but the system ...

IHT, Tax

HMRC has launched a consultation on draft proposals to ban pensions cold calling. Under the proposals, unsolicited marketing calls relating to pensions could be banned, alongside cold calls that offer a ‘free pension review’. The government also outlined its intention to ban cold calls that promote retirement income products, such as drawdown. The consultation closed on 17 A ...

HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break. The Marriage Allowance allows certain couples, where neither pay tax at more than the basic rate, to transfer 10% of their unused personal allowance to their spouse or civil partner, reducing their tax bill by up to £238 ...

Tax

We live in a world where families with young children often have both parents in full time employment. A decision is sometimes made for one parent stay at home and be a full time homemaker. This person may be the husband or wife. Life insurance is usually taken out to protect a family against the financial effects of the death of a breadwinner. The idea that a homemaker needs ...

IHT