Improved Processes for Trusts and Estates: What You Need to Know Managing trusts and estates can often feel overwhelming, especially given the intricate legal and tax-related responsibilities. However, recent changes in the UK have streamlined these processes for trusts and estates, bringing much-needed clarity and efficiency for both professionals and individuals. This post explores the...
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...
LAND AND PROPERTY: In Matthews v Matthews (2024 EWHC 2182 Ch), a solicitor acting on behalf of an elderly farmer attempted to sell some of his land to cover tax bills and care fees. This sale was challenged by the farmer’s second cousin, who claimed a prior right of first refusal at market price. The...
GRAB THE OPPORTUNITY BRIDGE THE GAPS IN NATIONAL INSURANCE CONTRIBUTIONS AND AVAIL THE FULL STATE PENSION NIC is the tax paid by employees, self-employed, and employers on behalf of their employees. It can help you qualify for certain benefits such as state pension and other allowances depending on the type of NIC, the adequacy...
What are the PETs and Gifts With Reservation of Benefit (GROB)? A gift, often referred to as a potentially exempt transfer (PET), is a transfer of value, such as an outright gift to a person or a willing sale of property while the owner is still alive. For Inheritance Tax (IHT) reasons, the value represents...
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...
As an employer, you might be eligible for relief on some of your National Insurance Contributions (NIC). This can significantly lower your tax burden and might be crucial given that every firm is currently experiencing escalating prices. How much do businesses contribute to national insurance? Employers contribute to national insurance on the salary and benefits...
As the country gets familiar with the full effects of the Autumn Statement 2022 and the big picture of the national finances, many people will wonder what these decisions will mean for them and their loved ones. Over the next few weeks, analysts will break down the details of the Autumn Statement and explain what...
Reversal of Growth Plan – When Kwasi Kwarteng came before parliament to deliver his maiden fiscal statement, no one could have imagined that within three weeks, the vast bulk of his announcements would be reversed or that his first (mini) budget would be his last. Jeremy Hunt, the new Chancellor, has dropped £32 billion in...
IR35 Scrapped – Mini Budget 2022 -A News for Self-Employed Workers The Chancellor has committed to repealing the Off-payroll legislation today in the mini budget, which was supposed to reform IR35, but instead held businesses back. The IR35 Reforms, which rolled into the public and private sectors in 2017 and 2021, respectively, will no...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
