A guide to passing on wealth
You’ve spent a lifetime building your wealth, so you’ll want to make sure that it’s distributed according to your wishes. Planning ahead is key to minimising the tax your loved ones will have to pay, so they get the full benefit of your hard work. It’s not always easy to talk about what will happen…
READ MOREVAT on Property and Construction
The VAT that a business incurs on its purchases and overheads is called ‘Input tax’. For businesses that only makes taxable supplies (either standard-rate, lower-rate or zero-rate) this input tax, with the exception of certain specifically excluded items, such as business entertaining, is fully recoverable. A VAT registered business which makes exempt sales cannot charge…
READ MOREUK Personal Tax Residence Rules
The Statutory Residence Test (SRT) has been applied since 6 April 2013 and determines whether or not an individual is a UK tax resident based on both time spent in the UK and other links to the UK. There are essentially three parts to the test. Our UK Personal Tax Residence Rules document provides a…
READ MORESocial Investment Tax Relief (SITR)
The Social Investment Tax Relief (SITR) is designed to support social enterprises seeking external finance by offering a range of tax reliefs to individual investors who invest in new shares, or new qualifying debt investments in those social enterprises. SITR applies for investments made on or after 6 April 2014. It was due to expire…
READ MORETax relief for expenditure on property
Many business owners are aware of the tax allowances available for items of plant and machinery acquired to use in the course of their trade, but not so many understand how tax relief can be obtained for expenditure on their business property, whether that be an office, a factory, or a room at home. Expenditure…
READ MOREShare options and incentives
The continued growth and success of your business can be dependent on your workforce. It is therefore important to ensure that you are recruiting, incentivising and retaining the right people. Operating a share based incentive scheme can help you achieve these goals. Share incentive schemes can be divided into two categories: those which involve the…
READ MORELasting Powers of Attorney
Moore Kingston Smith’s legal team have created a guide on the function of the two types of Lasting Powers of Attorney (LPA). It also explores who can act as your attorney and how we can guide you through the process of completing an LPA. Download the guide How can Moore Kingston Smith assist me?…
READ MOREAppointing a Trust Corporation as a Trustee
Either when a trust is created or during the lifetime of a trust, the settlors or existing trustees may ask their professional adviser to take on a role as a trustee. The appointment of a professional individual can create problems when that professional dies, retires, loses capacity or moves overseas. Appointing a trust corporation however…
READ MOREEstate planning and administration
Getting the right advice and planning ahead is crucial for estate planning and administration, as we cannot always predict what will happen in the future. As soon as you start accumulating assets and have dependants, or simply enter into a marriage or civil partnership, you should be thinking about protection and planning for the future.…
READ MOREWill preparation
A Will is a legal declaration of how you wish the assets in your estate to be dealt with after your death. Will preparation makes it much easier for your family or friends to administer your assets when you die. If you die without a Will the process can be more time consuming and stressful.…
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