Tax Action
Getting your tax affairs in order before 5 April
This time of year is your last chance to get your tax affairs in order before the end of the 2018/19 tax year. We’ve provided a summary of some key tax and financial planning areas which may be appropriate to certain taxpayers and should be considered prior to the end of the tax year on Friday 5 April 2019.
Planning opportunities
Making new year’s tax saving resolutions
At this time of year, we think about New Year’s resolutions, and it’s also a good time to start planning our tax affairs before the end of the tax year on 5 April. As you think about 2019 and your goals for the New Year, we can help to start you off on the right financial footing. It’s well worth spending some time in January to think about your money so you can achieve your goals as quickly as possible.
Wealth navigator
Planning the best route for the next generation
You have worked hard to build your wealth. Passing it on to the next generation fairly, safely, effectively and efficiently takes skill and careful preparation. But some people find the idea of discussing inheritance uncomfortable and subsequently put off estate planning until, in some instances, it may be too late to make a difference.
2018/19 tax changes
New initiatives you need to know
It’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us and a raft of new changes have come into force. The good news is that there is little change in the overall tax burden for basic-rate taxpayers. However, there are number of areas that have changed that should be taken note of. Here’s what you need to know about the 2018/19 tax year changes and new initiatives.
Personal Allowance
Your wealth. Your legacy
Families shying away from difficult conversations
If you have significant assets, you may be wondering whether inheritance tax (IHT) affects you. Worryingly, some families appear to be shying away from difficult conversations, as almost half (47%) of uk adults say they have never discussed inheritance matters, according to new research.
IHT receipts increased by 22.9% in the first quarter of this tax year, according to data from the Office for National Statistics. The figures show that more than £2 billion has been taken from people’s estates in IHT since March.
Funding Future Care Costs
‘The tragedy of old age is not that one is old, but that one is young’
With the UK’s population ageing, more people will be living with long-term care needs. Oscar Wilde once said: ‘the tragedy of old age is not that one is old, but that one is young.’ but the good news of rising life expectancy also brings with it the challenge of how we fund our future care costs. The question is: who is responsible for looking after us if we need care in old age?
Good grief! How to prepare for the financial consequences of death
Published in the Mail on Saturday 6th May 2017
It is a subject no one likes to talk about. But this week ‘death cafes’, crematoria tours and ‘ask a funeral director’ sessions will all be on offer to the public at venues around the country as a notorious taboo is lifted.
These events are part of Dying Matters Awareness Week, organised by a coalition of groups including hospital trusts and trade unions, funeral directors and lawyers. The aim is to encourage more people to talk openly about the realities of dying, death and bereavement.
Career Kick-Start
Parents feel it is their responsibility to support their children
Despite footing the bill for further education, almost a quarter (23%) of parents worry that their children’s qualifications won’t be valuable in the workplace.
Parents in Britain are spending on average £17,400 to help kick-start their children’s careers, new research from Scottish Widows’ think tank, the Centre for the Modern Family (CMF), has found. For the average UK family, this equates to an estimated £7,900 per child[1].
CHALLENGING JOBS MARKET
Foreign expats living in the UK
New regulations coming into force from 6 April 2017
As the tax year end approaches, people will be rushing to ensure they maximise their annual allowances and have their finances in good shape. This deadline applies equally to foreign expats (often referred to as ‘non-UK domiciles’) living in the uk as it does to those who were born in the UK. In fact, this year, foreign expats may have even more considerations due to new regulations coming into force from 6 April 2017.
