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Families to pay an extra 900 million in inheritance tax

An expected £900m extra in Inheritance Tax will be paid by 2022 In March 2017, The Office for Budget Responsibility published figures showing that £32.4 billion in Inheritance tax would be collected between 2016 and 2022, but in new figures published with the November Budget, the figure anticipated to be paid to HMRC over that period has now been increased further by almost £1bn. The Office for Budget Responsibility is anticipating an additional £200m per year in inheritance tax to be paid for the coming tax years 2018-19 and 2019-20, but the biggest change lies with the 2017-18 tax year, as an estimated £300m over the initial estimate of £5bn will be collected. The main cause for the increa

US Senate Passes Bill for Large Tax Cuts

Trumpeted as the biggest over-hall of US taxes since the 1980’s, the proposed new finance bill will introduce and legislate sweeping tax cuts for both households and businesses. Critics of the bill argue that the largest cuts benefit the highest income earners and that the cuts for the less wealthy are limited in duration. Following a series of amendments, the bill was passed by a small majority of 51 votes to 49. President Trump is now negotiating to reconcile the rival House and Senate bills so as to merge legislation and have a final bill agreed ahead of the 22nd December deadline. This will then enable him to have the bill signed into law before the end of 2017. So what does the Senates

Points-type System to Replace Tax Return Fines

The Treasury has announced that it will be bringing in a points type system to replace the present fine for filing a late tax return, to enable the HMRC to concentrate further on serious tax avoidance. Currently there is an immediate £100 fine for filing a late tax return, and this will be replaced by a driving licence-style points system. In the last tax year 840,000 people missed the 31st January deadline and were liable for the penalty fine. The change will form part of a series of treasury reforms that will allow more focus on significant tax avoidance, rather than those late payers that have made a simple mistake. The treasury document detailing the changes states that: “The government

What do you need to consider when filling out your Tax form?

Well the official slogan is ‘tax doesn’t have to be taxing’, but for many working their way through the many variables and different rules this can be far from the case. Here we have detailed just some of the areas that you will need to consider when filling out your tax forms and if you need any assistance understanding your tax, remember we are always here to help. Your Personal Tax Allowance We all have a personal tax allowance, currently £11,500, which represents the amount we can earn without paying any income tax. Once this limit is reached you then start to pay tax at the appropriate rate on any income you receive. Marriage Tax Allowance This allows couples, both married or in a civi

What Do You Need To Do Before The U.S. Tax Year Ends?

For most U.S. taxpayers the 31st December is the last day you can make any changes that will impact on your 2016 tax returns. Gillian Everall from Everfair Tax recommends that you give yourself plenty of time to consider options for maximising your tax position and has put together some pointers to help you get the ball rolling. Start with your Capital Gains Tax and decide whether you can sell assets to realise a capital gain or loss to ensure you minimise any capital gains tax payable. This allowance cannot be carried forward to subsequent years, so we would advise clients to use this tax-free allowance and reduce the risk of incurring significant Capital Gains Tax bills in subsequent years

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