David Hartles

New article alert 🔔 Non-Dom Reforms: Changes to Inheritance Tax 📆 The latest Budget introduces significant changes that will reshape inheritance tax (IHT) rules for non-doms starting April 6, 2025. In Part 2 of our series, we break down the details and implications of these changes for individuals and trusts. Key highlights include: A new residency-based test will apply to determine the scope of IHT on most non-UK assets, with new rules being implemented for lifetime transfers, spouse exemptions and gifts with reservation of benefit, amongst others. The scope of IHT on offshore settlements will now depend on the residence status of the settlor and will only be permanently fixed once the settlor has died. The new rules will provide certainty for UK domiciled individuals who have been living outside of the UK long term but could also bring some unexpected tax charges for any trusts which they have created in the past. These changes are complex and far-reaching, affecting both non-domiciled individuals and UK domiciled individuals living abroad. Transitional arrangements offer some exceptions to the rules but the clock is ticking to take advice before the changes are implemented. Check out my article for the full details 👇 https://lnkd.in/eEjrTWJ9 #InheritanceTax #Budget2024 #NonDomChanges

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With speculation mounting around potential inheritance tax changes, this Evelyn Partners article considers how the use of particular inheritance tax reliefs can offer significant savings with the right structure: https://lnkd.in/eCyT9Rxp

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Autumn 2024 Budget Highlights for UK SMEs 📊 Chancellor Rachel Reeves’ Autumn 2024 Budget, presented on 30 October, brings impactful changes for UK businesses, focusing on fiscal stability and investment. Here’s a summary of key elements: No Rise in Key Taxes 🚫 Income Tax, VAT, and Corporation Tax (CT) rates remain steady, with CT capped at 25% for small profits. Full Expensing, Annual Investment Allowance, and R&D reliefs are maintained. Employers’ National Insurance Increase 💷 From April 2025, the rate rises to 15%, with the threshold lowering to £5,000. This change could affect salary structures and increase costs for employers, potentially encouraging a shift to contractor hiring. Enhanced Employment Allowance 💼 To offset National Insurance increases, Employment Allowance doubles to £10,500, benefiting smaller businesses. National Living Wage Increase 📈 Effective April 2025, the National Living Wage will increase by 6.7% to £12.21/hour. The National Minimum Wage also rises, with potential cost implications for employers. Capital Gains Tax (CGT) Adjustments 💰 CGT rates increase by up to 8 percentage points, with business disposal reliefs gradually rising through 2026, aimed at supporting entrepreneurship. Fuel Duty Frozen ⛽ No increase in Fuel Duty until March 2026, providing relief to businesses dependent on transportation. Stamp Duty Land Tax Changes 🏡 An increase to 5% for additional properties from 31 October 2024, designed to support primary homebuyers. This budget brings a blend of tax increases and relief measures, presenting both challenges and opportunities for UK SMEs. Business owners may need to adapt strategies to manage rising employment and operational costs while leveraging reliefs and allowances.

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As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the inheritance, such as dividends from shares and to capital gains tax on the increase in value on assets after the date of inheritance. #IHT #InheritanceTax #Inheritance

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Given the proposed changes to IHT business relief, understanding the value of the business is going to be key. Our latest article explores the proposed changes in more detail and some of the options available to business owners.

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📺🎤 What does Private Client Tax and Dolly Parton have in common? Find out in episode 7 of 'You in Two' with Phoebe Towner! 🏍️ Discover how she supports clients and why her next big purchase might just be a motorbike 👇 https://lnkd.in/e6Wm_GG7 #YouInTwo #Accountant #PrivateClient #Tax #Sussex

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While administration can be a useful process in the right situation, it is not suitable – or even possible – for all instances of company insolvency. When directors choose to place their company into administration, it must first be determined that administration will satisfy one of the following statutory purposes. https://lnkd.in/dCG2Jnta

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Company insolvencies in the first half of 2024 reached levels last seen during the 2008-09 recession. Take a look at the latest company insolvency statistics with insights from Xeinadin Director, Charles Brook... https://sowo.kr/3zJuxvgh #CompanyInsolvencies #Insolvency #Statistics #Insights #Recession #SMEs

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Navigate inheritance tax complexities like a pro with our effective strategies. Unlock the secrets to smart inheritance tax planning with our professional strategies. Learn more at https://lnkd.in/dPSgmXr6 #inheritancetax #inheritancetaxplanning

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Who's joining Socket for a fireside chat? 🔥 Fireside chat: Master your firm's Compliance 🗓 Date: Wednesday 11th December ⏰ Time: 10:00am 👉 Sign up here 👈 https://lnkd.in/ek-yG_fq With the launch of Socket Engage our best in class Engagement Letter system we're having a fireside chat with Ian Waters (he helped us curate the content) and he'll be joined by Georgi Rollings and Richard Sergeant. We'll be tackling questions like: ✅ What must an engagement letter include to protect your business? ✅ What are the consequences of not issuing one? ✅ How often should I reissue engagement letters? They’ll also discuss professional ethics and practice compliance, helping to clarify these critical topics and giving you the confidence to ensure your practice is fully protected. And we're so excited about what we have built and we are offering Socket Engage completely free for 3 months if you sign up before Christmas Eve. 🎄 Yes, Christmas has come early. What to find out more? Head to usesocket.com or slip into my DMs (🤔 that's what the kids say right?)

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8 Comments

When a business can no longer be saved, our approach is centred on delivering a professional, efficient, and transparent process aimed at realising the maximum value of all available assets. Our priority is to achieve the best possible return for creditors while maintaining fairness and objectivity throughout the process. What does this entail in practice? It involves a thorough assessment of the business's assets, whether physical, financial, or intellectual, and strategically working to realise their full potential. This may include liquidating property, inventory, or other assets in a way that maximises their value for the benefit of all stakeholders. Throughout this process, we maintain consistent, open communication with creditors, ensuring every step is explained and every action is justifiable. While the process of winding up a business is never easy, we pride ourselves on conducting it with integrity, professionalism, and clarity, ensuring that even in challenging circumstances, the best possible outcome is achieved for all parties involved.

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Crowe partners respond on the Inheritance Tax aspects of today's budget....

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Minimize inheritance tax & maximize inheritance for loved ones with smart strategies: gift allowances, trusts, property transfers, & professional will & power of attorney. Get personalized advice: lawrencegrant.co.uk #FinancialWisdom #EstatePlanning #TaxStrategies

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Minimize inheritance tax & maximize inheritance for loved ones with smart strategies: gift allowances, trusts, property transfers, & professional will & power of attorney. Get personalized advice: lawrencegrant.co.uk #FinancialWisdom #EstatePlanning #TaxStrategies

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Now we are into the post Budget analysis, one of the key areas of change getting a lot of comments are the wide ranging IHT restrictions on APR and BPR. The CIOT did a very good analysis ahead of the budget of why there are pros and cons to all of the changes to IHT - with hindsight it does a very good job of explaining “how did we end up here”. https://lnkd.in/e6NhxPKw

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Business Owners should reach out. We can certainly assist prior to April 2026, when Business Property Relief / Inheritance Tax will become a 'nuisance'. ASWATAX #taxadvisory #taxplanning #inheritancetax

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See below our October Newswire with all the Business News you need to know and Key Dates for your Diary #financialstrategies #businessrestructure #RandD #Taxcredits #capitalallowances #properyowners #capitalallowances #kittelvat #budget #labourpledges #incometax #salary #dividends #pensioncontributions #directorsloans #fiscaldrag #taxthresholds #businessnews #keydates Jo Edwards MGI Worldwide

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