Posts from February 2022

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Managing your inheritance tax

Posted on 27th February 2022 at 17:00

Inheritance tax (IHT) is one of the most unpopular form of taxes due to the extremely high 40% tax rate which typically is more than most would pay during their lifetime. Making plans to minimise IHT has never been more important.

Bounce-back loans - current state

Posted on 27th February 2022 at 16:36

PwC initial suggested there would be around £4.9 billion of fraud associated with the Bounce Back Loan Scheme, which it subsequently reduced to £3.5 billion.

NI to increase by 1.25% from April to fund the Health and Care Levy

Posted on 27th February 2022 at 16:15

The Government is set to increase National Insurance Contributions (NICs) by 1.25% from April to fund the Health and Social Care Levy.

Stamp Duty Land Tax – it’s effect on house prices and ways to reduce it

Posted on 18th February 2022 at 17:09

Stamp Duty Land Tax (SDLT) receipts last year were extremely different in comparison to previous years. This is due to a number of factors; the SDLT tax relief for properties worth up to £500,000 ended June, 2021 and the tax relief for properties worth between £125,000 and £250,000 was also brought to an end on September 30.

These two deadlines created a huge spike people complete purchases properties under these thresholds thereby avoiding having to pay SDLT. According to Government data, transactions in October to December last year were 10% lower than the previous quarter, and 13% lower than Q4 2020.