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Buying a house? You'd better be quick to save on SDLT

Marc Dorsett
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The Chancellor, Rishi Sunak, has made his Summer Statement and as I write this the Shadow Chancellor, Anneliese Dodds, is replying in the usual opposition way. I'm not here to debate politics and to argue which side is right, that's very much...

Potential SDLT Reduction to be Announced?

Marc Dorsett
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A potential SDLT reduction? Whilst we may not yet have a cure or vaccination for Covid-19, Rishi Sunak and his team (let's be honest here, it's not just him coming up with these ideas) have made proposals to give the housing market a shot in the...

The Tax Increases That Could Pay For The Coronavirus Crisis

Marc Dorsett
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As you will be aware, unless you've been living in a cockerel's boot, we are in the middle of a crisis. It's a crisis with many faces, each having an impact on the other. The health crisis means lockdown and restrictions on movement which in...

Help For The Self-Employed

Marc Dorsett
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Further help to the self-employed, if you qualify... The Government has announced a raft of measures in response to the Coronavirus pandemic. The latest announcement, depending on when you read this, relates to help for the self-employed. The package only...

Update For Tax Due 31 July 2020

Marc Dorsett
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Further to my blog on 24th March , HMRC have now confirmed that the deferral of the payment on account due by 31st July 2020 can be deferred by everyone. There is no longer the stipulation that you had to be self-employed so will apply to individuals,...

The Virus and Tax Deferrals

Marc Dorsett
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The World is currently going through a difficult period at the moment, to put it very mildly. As at the time of writing, the majority of the Country is on lockdown and who knows what the daily Government broadcast will bring today. A couple of the measures...

The 2020 Budget: £30billion For Coronavirus

Spencer Davis
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The New chancellor promises to support individuals and business as country tackles coronavirus threat. Business rate cuts, cash grants for small enterprises and support for both employees and employers on sick pay were among the emergency announcements...

Multiple Dwellings Relief: Time To Get Your Skates On...

Marc Dorsett
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It has now been confirmed that any late claim for Multiple Dwellings Relief (MDR) cannot be made by claiming overpayment relief. Often MDR is overlooked by a purchaser as the rules are complex and this leads to claims not being made at the point of...

CGT Payment Is Changing: What You Need To Know

Marc Dorsett
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Capital Gains Tax payment for UK property sales is changing. The deadlines for paying Capital Gains Tax after selling a residential property are changing in April. From 6th April 2020, if you’re a UK resident and sell a residential property in...

SDLT: Saving You Thousands

Marc Dorsett
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The Chancellor of the Exchequer is not going to be happy… For almost a year now Gepp Solicitors have been successfully providing a bespoke Stamp Duty Land Tax saving service. You will note the word ‘ service ’ and not ‘ scheme...

CGT Changes From April 2020 Won't Be Flushed Away...

Marc Dorsett
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George Osborne loved residential property when he was Chancellor. More specifically, he loved making taxes more complicated and expensive for residential property owners, mainly landlords or people with more than one property. When he was still in office,...

Tax Scams Are So Archaic...

Marc Dorsett
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Tax scams are so archaic… Taxes have been around a very long time, probably before written records were kept. In the UK, for example, income tax was brought in by William Pitt the Younger in 1798 but there was a window tax from 1707 (yes, the more...

Feathering New Nests For Fledglings

Marc Dorsett
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Exam results have been released and new students know where they will be heading for university.  Following the relief of results day, the next big headache for parents is often the search for accommodation, whether for first-timers or returning...

DIY Tax Could End Up Costing You MORE

Marc Dorsett
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There are loads of books on the market to help you prepare your self-assessment tax return each year. There is even more information available online which will give you the answers you seek. However, whilst you may save a few pounds by doing it yourself...

Tax Trumps God

Marc Dorsett
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Tax is not avoidable, even through God... A bizarre tax case has been heard in Australia which centres around whether tax is actually payable as it goes "against God's will". A brother and sister refused to pay income tax to the Australian...

Potential Tax Changes Under The Next Tory PM

Marc Dorsett
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Unless you've been living in a cockerel's boot for the past few months, you'll be aware of the ongoing race to be the new Prime Minister. Now we have just two MP's on the shortlist, Messrs Johnson and Hunt. The choice for who tries to take...

Inheritance Tax on Lifetime Gifts: Could the System Be Simplified?

Marc Dorsett
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Inheritance tax on lifetime gifts , could the system be simplified? A recent review of the Inheritance Tax (IHT) system was made by the Office of Tax Simplification (OTS), particularly focusing on chargeable lifetime gifts. IHT applies primarily on...

Is Change Coming to APR and BPR?

Alexandra Frumosu
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Agricultural Property Relief ( APR ) and Business Property Relief ( BPR ) are set to undergo changes.. For many years, rumours have been going around that Agricultural Property Relief (APR) and Business Property Relief (BPR) will be...

SDLT: Have You Paid The Right Amount?

Marc Dorsett
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If you have recently purchased a residential property, it is highly likely that you would have paid Stamp Duty Land Tax (SDLT). However, many people fail to consider whether the amount they are paying is correct and potentially miss the chance to a claim a...

Probate Fee Increase Delayed

Hollie Allcorn
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The probate fee increase has been delayed... The Probate Registry have confirmed on 27th March that the new fee increase will not be introduced on 1st April as previously expected. The proposed fees will only come into force by an Order once they have...

End of Tax Year & Start of the Phishing Season

Marc Dorsett
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As the tax year ends, the phishing season begins. As we near the end of the tax year it's time for many people to consider how they utilise their ISA allowances, CGT annual exemptions and such like. It's also the perfect time of year for...

Chancellor's Spring Update Overshadowed By Brexit

Marc Dorsett
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The continuing uncertainty over Brexit saw the Chancellor deliver a Spring Statement that was more holding plan than action plan. Following just one day after the latest rejection by Parliament of the government’s latest Brexit deal, there were few...

Tax return filing deadline rapidly approaching

Marc Dorsett
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If you listen to commercial radio you'll have heard the, fairly regular, adverts from HMRC regarding the 31 January filing deadline for the 2017/18 tax return. There are only 3 weeks from the date of writing in which to file your return online. The paper...

Failure to Prevent - the new rules explained

Marc Dorsett
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In April 2017, the Criminal Finances Act was given Royal Assent. It was primarily introduced to bring online the new corporate criminal offences of failure to prevent criminal facilitation of tax evasion and has been designed to tighten up several existing...

A Self-Assessed Christmas

Marc Dorsett
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In case you aren't aware, Christmas is nearly upon us - just over a week in fact from the time of writing. All that merriment and good cheer to look forward to. Laughing children frolicking in the snow whilst the turkey cooks alongside crispy roast...

Inheritance tax forms, is it time for a change?

Marc Dorsett
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Following a recent simplification review of Inheritance tax (IHT), the OTS (Office of Tax Simplification) said that the process is complex and old fashioned. During the review, over 3,500 people shared their opinions about IHT, which makes this particular...

No Mystic Meg...

Marc Dorsett
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The Budget is over for another year and I thought I'd revisit the predictions from my last article. Did my crystal ball work or did it fail to connect to the spirit underworld? Judging from the title I think it's clear that the predictions were...

Chancellor's anti-austerity spending spree has few surprises

Marc Dorsett
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An anti-austerity package of £30 billion of government spending was announced in the Chancellor’s Autumn Statement, drawing on improved public finance projections to support a range of new initiatives.  Predicted growth for 2019 now stands...

Brotherly (and sisterly) love

Julie Flight
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Following a Supreme Court ruling and thousands of petitioners, it was announced a few weeks ago that the law will be changed to allow civil partnerships for mixed sex couples. Since this announcement by Theresa May there have been calls for the proposals...

Budget 2018 - crystal ball time

Marc Dorsett
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The Chancellor announced that the Budget for 2018 will be held on Monday 29 October, not the usual Wednesday. It's a Monday for the most obvious reason - the Wednesday is Halloween so Thursday's newspapers would be filled with all manner of horror...

Parents gifting to children in bid to reduce IHT on death

Alexandra Frumosu
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A recent report by Direct Line shows that, in an attempt to reduce inheritance tax, 1/5th of parents have made gifts to their children. The idea being that their estates would be reduced and the families will not have to pay inheritance tax on their death. ...

Court Ruling Means All's Fair in Love and Civil Partnerships

Marc Dorsett
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A heterosexual couple have recently been successful in their appeal to the Supreme Court to allow civil partnerships for mixed-sex couples.  Currently in the UK, only same-sex couples have a choice between marriage and entering into a civil...

Try to avoid penalties this July

Marc Dorsett
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Even if you are not a sports fan, to many, the World Cup with the excitement of penalty shootouts  and the  thrill of Centre Court at Wimbledon, are likely considered to be more enjoyable events of July than thinking about your income tax! Once...

NHS windfall = higher taxes for everyone = problem?

Marc Dorsett
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I've been enjoying the football in the World Cup, as have a lot of other people (although not seemingly those I work with..) and Theresa May took the opportunity off the back of the England team's opening victory (this may not actually be true!) to...

Why not use a law firm for tax advice?

Marc Dorsett
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Growing up my parents used to tell me all sorts of things to assist in my development through to adulthood, and beyond.  "Never go out without clean underwear on, in case you get hit by a bus", "it's not the winning, it's the...

Extra cash for summer?

Marc Dorsett
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If you file self-assessment tax returns there's a chance that you are subject to making payments on account twice a year, 31 January during the estimated tax year and 31 July after the tax year end. They are advance payments of an estimated tax liability...

New tax year, new you

Marc Dorsett
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It is now roughly a month after the end of the 2017/18 tax year and HMRC have issued their notices to file a tax return to many individuals, trustees and partnerships. Most people habitually file these away for a rainy day and remember around Christmas time...

The end is nigh! almost...

Marc Dorsett
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Following months of hard work and the reading of countless missives and documents from HMRC and various professional bodies, not to mention the many blogs such as this, the deadline for registering an existing trust on the Trust Registration Service (TRS)...

February 14th approaches

Gregory John
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Chocolates, roses, romantic meals for two spring to mind, or perhaps even diamonds so Happy Valentine's Day! Whilst it's not something any of us tends to dwell on, sadly it is a fact that not all couples will enjoy a long term relationship...

How can I protect my interest in a jointly purchased property?

Gregory John
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The majority of houses are no longer bought by married couples. As exciting (and often stressful!) as buying a new home is, it is of great importance to document how a property is to be held in the event the property ever needs to be sold. It is often the...

LEI Registration: Legal Entity Identifier - Trusts

Marc Dorsett
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What is an LEI? The LEI (Legal Entity Identifier) is an initiative which was started in August 2013 giving every legal entity a 20-charater alphanumeric reference code. The purpose of creating the LEI is to generate a global referenced data system to...

Married couples potentially missing out on £230

Marc Dorsett
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On the 6th April 2015, the Government introduced the Marriage Allowance for the benefit of husbands, wives and civil partners by allowing the lower earning spouse to transfer up to 10% of their unused personal allowance to their partner for that year. In...

A little known inheritance tax relief?

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When undertaking inheritance tax planning, most people are aware of the opportunity to gift money. If the donor survives 7 years from the date of the gift, the gift is not included in the inheritance tax calculation for the estate.  As we age, the...

School's out... The 31st July is almost here...

Marc Dorsett
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Do you make payments on account towards your tax bill?  If so, before packing your suitcase and heading to the airport, remember the deadline for paying the second instalment towards a 2016/17 tax bill is rapidly approaching. If you think that the...

Trust Registration

Marc Dorsett
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Individuals often create Trusts for a variety of reasons. Each time a new Trust is created it must be registered with HMRC who will then issue the Trustees with a Unique Taxpayer Reference. This will be needed when dealing with HMRC, including any required...

Are you making the most of the new Residence Nil-Rate Band?

Lisa Carter
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Introduced in April this year, the new Residence Nil-Rate Band (RNRB) could save your estate as much as £140,000 in inheritance tax (IHT) if you pass your family home to your children on your death.

Spring Budget Watch

Lisa Carter
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The first steps towards preparing the UK for a post-Brexit future were announced by Chancellor Philip Hammond in his Spring Budget, which avoided headline-grabbing shake-ups and tax breaks in favour of economic stability.