News

The controversial Brexit vote took place on 23 June 2016. One year on from the historical referendum, what has changed? Since last June, the pound has fallen by about 15% against the US dollar and by about 13% against the euro. Sterling’s weakness has provided a boost for larger UK companies, whose overseas profits have been enhanced when translated back into sterling, and thi ...

The latest Compliance and Enforcement Bulletin from the Pensions Regulator (TPR)  makes interesting reading as it sets out cases and the powers TPR have used relating to automatic enrolment and associated employer duties. TPR are warning employers that ignoring TPR penalties could seriously damage a business’ reputation. TPR are maintaining a tough approach towards those empl ...

Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare launched at the end of April and is being rolled out to parents, starting with those parents with the youngest children first. For every £8 a parent pays in, the government will pay in an extra £2. Parents can receive up to £2,000 per child, per year, towards their childcare costs ...

Tax

Although retirement may seem like something that might happen in the distant future, it is important to plan ahead. Time is your most valuable weapon. Building sufficient assets to fund your retirement will take a long time and it's worth getting into the savings habit as early as possible. Even putting away a small amount on a regular basis can make a real difference over the ...

Savers aged between 18 and 40 can open a new Lifetime ISA (“LISA”) from April 2017. LISAs are, according to HM Treasury, designed to help young people to save “simultaneously… for a first home and for their retirement, without having to choose one over the other”. Up to £4,000 can be saved into a LISA each year by savers between the ages of 18 and 50, and LISA savers will recei ...

ISA

The payments on an interest-only mortgage are lower than those on a standard repayment mortgage because they only cover the interest due. At the end of the mortgage term, you will still owe the original amount you borrowed. Nevertheless, interest-only mortgages are popular, particularly for buy-to-let borrowers and for those who believe their earnings will increase. When inflat ...

It’s never too early to start thinking about saving for the future. A Junior Individual Savings Account or ‘JISA’ gives children the opportunity to start saving early – via cash, stocks and shares, or a combination of the two – within a tax-free wrapper. The maximum amount that may be paid into a JISA in the 2017/18 tax year is £4,128. This can be invested into a cash JISA or a ...

ISA

For the 2017/2018 tax year, the threshold at which you begin to pay inheritance tax (IHT) starts at £325,000 (£650,000 for married couples and civil partners), with an additional “main residence nil-rate band” (MRNRB) of £100,000 per person. However, a little planning can help you to access various annual allowances and exemptions. Regular gifts can be made from income without ...

IHT

A: Unfortunately HM Revenue & Customs makes no allowance for human error – a second ISA opened during the same tax year as an earlier application will become fully taxable. You cannot nominate the second ISA as your preferred account for the year under any circumstances. This is particularly relevant for regular savers, as the first payment after 6 April automatically opens ...

ISA

Inheritance tax (IHT) is charged on your taxable estate at 40%. Before you look to offset IHT, however, it is important to establish what is likely to accumulate as a potential liability. For most people, the key contributor to their estate will be the value of their home and, even if this lies below the IHT threshold, other elements can push an estate over the limit. For examp ...

IHT