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Landlords: beware when incorporation sounds too good to be true

09 May 2017

The internet is awash with information for landlords on the benefits of incorporation, but the promised tax reliefs will not be available to all. Landlords are therefore advised to seek advice relating to their own specific circumstances before rushing to incorporate. Unfortunately in tax if something sounds too good to be true, it usually is.

Why the new tax year makes planning ahead even more important

05 April 2017

The start of a new tax year is a reminder that it is never too early to plan your affairs tax efficiently for the coming year. Making plans now can help maximise reliefs and allowances, aid cash flow through the understanding of what tax is payable and when, and avoid a last minute dash to the finish line this time next year.

Penalty alert for non-residents selling UK homes

21 February 2017

April 2015 saw the introduction of CGT for non-residents owning UK residential property. Not only are non UK residents now liable to UK CGT on the sale of UK residential property, they also have an obligation to file an online return with HMRC within 30 days of the property being sold. Failure to do so can mean penalties rack up on a daily basis.

Year end tax planning (but not the usual stuff)

21 February 2017

With the end of another tax year fast approaching many will be considering whether any action should be taken before 5 April to mitigate their tax liabilities for the year. Whilst we should not forget the usual year end planning points, such as using ISA allowances, the 2016/17 tax year has a number of new complexities that should not be overlooked.

Have you thought about inheritance tax?
Joan Foster

To help you to maximise the inheritance you leave it’s important to review what inheritance tax (IHT) could be payable, identify any exemptions and reliefs, and – crucially – plan ahead.

Trustees warned over tax return requests

12 October 2016

RSM has become aware of a number of incidences in which HMRC’s gateway system shows a tax return has been issued to a trust, even if no corresponding notice to complete a tax return has been issued to trustees.

Education costs planning to take you top of the class

16 September 2016

Although school and university fees will have been paid for September, all parents should be aiming for an A* for tax planning in their next end of term report.

No such thing as a simple life for trustees

13 July 2016

While various government initiatives are focused on making tax compliance easier, life is becoming much more complicated for trustees. While professional trustees should be well placed to keep up-to-date with legislative changes, lay trustees could be at a real disadvantage.

When does a 'granny flat' become a second home?

13 July 2016

Proposed changes to legislation clarify how the new stamp duty surcharge will apply to property purchases that include an annexe.

After Brexit - what can individuals expect?

29 June 2016

There is rarely a time when individuals are not faced with some uncertainty, and the outcome of the referendum is no different. The only certainty is that there are bound to be some winners and some losers as a new tax regime evolves outside of EU oversight.

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