The amount of inheritance tax (IHT) collected by HMRC continues to rise rapidly, reaching £ 6.7 billion in the 2022/23 tax year, some 12 percent higher than the 2021/22 figure. One in every 21 deaths resulted in an IHT charge, equal to the previous high of 2016/17 before the residential nil-rate band was introduced. The...
In FS Capital v Adams (2025 EWCA Civ 53), the England and Wales Court of Appeal ruled that transactions carried out by FS Capital Ltd were void because they constituted a breach of three insolvent Jersey trusts that held substantial loan assets. The transactions cut out the beneficiaries and diverted the assets to a company under...
Running a small business in the UK comes with many responsibilities, including staying on top of your taxes. Effective tax management can significantly impact your bottom line, freeing up resources for growth and development. Here are some top tax-saving strategies for small businesses to help you navigate the complexities of the UK tax system. ...
Trust must pay exit tax despite UK law’s EU-incompatible provisions. The Upper Tax Tribunal upheld the decision requiring a trust that moved from the UK to Cyprus in 2004 to pay an exit tax on its assets, despite UK capital gains tax (CGT) law at the time conflicting with European Union (EU) law. The tribunal...
As a Muslim living in the UK, it is crucial to ensure that your wealth and assets are distributed according to both Islamic principles and UK laws after your passing. This is where an Islamic Will, or “Wasiyyah,” becomes vital. By drafting an Islamic Will, you ensure that your estate is distributed in line...
Understanding your ownership structure is vital when co-owning property, especially if you wish to control how your share of the property is handled after your passing. One important legal concept for property owners is the severance of tenancy, a process that can protect your interests and ensure your estate is distributed according to your...
At Care Accountancy, we understand the importance of efficient probate processing for our clients. In recent developments, the Probate Service has significantly reduced the turnaround time for digital probate applications, particularly in straightforward cases. This improvement is a welcome change for many families navigating the complexities of estate administration. Significant Reduction in Processing Delays...
Business succession planning is essential for long-term business growth and continuity. Financial experts understand that involving an accountant can significantly enhance the process. Financial Analysis: An accountant can help analyze the company’s financial health, essential for business succession planning. Understanding the company’s financial performance and potential impacts on the succession plan is vital to make...
In today’s intricate and ever-evolving financial landscape, businesses and individuals face the challenge of understanding and managing their tax obligations. This is where a reputable accountancy firm’s expertise and tax advisory services become invaluable. From optimizing tax strategies to ensuring compliance with complex regulations, these services are pivotal in securing financial success. Specialized Knowledge and...
HMRC has strict laws called the Construction Industry Scheme (CIS), which govern how contractors in the construction industry manage to pay their subcontractors in the UK. What difference does it make whether I’m a subcontractor or a contractor? You must understand whether you are a contractor or a subcontractor under the regulations to pay the...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
