FREE CONSULTATION - CALL US TODAY! 0203 189 1736|info@pmaaccountants.co.uk

Making use of gift exemptions for IHT

2019-09-02T11:23:11+01:00June 14th, 2019|Categories: Blog, Personal Finance, Taxation|Tags: , , , , |

According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax (IHT) rules surrounding such payments. The report entitled Lifetime Gifting: Reliefs, Exemptions, and Behaviours, reveals a significant lack of awareness of the gifting rules, liability for inheritance tax and the risk of making financial gifts without considering tax rules, which can apply for any gifts over £3,000 in value in a given tax year. The research also revealed that those with potentially smaller estates (below £500,000) appear to have a limited knowledge of the longer-term reach of inheritance [...]

May 2019 Questions and Answers

2019-09-02T11:22:43+01:00May 22nd, 2019|Categories: Questions & Answers|Tags: , , , , |

Q. I have realised that I made a mistake on my most recent VAT return. What do I need to do to put things right? A. You can make adjustments to correct errors on past returns if the error: - was below the reporting threshold (broadly, less than £10,000, or up to 1% of your box 6 figure (up to a maximum of £50,000); - was not deliberate; and - relates to an accounting period that ended less than 4 years ago. When you submit your next return, add the net value to box 1 for tax due to HMRC, [...]

October Questions and Answers

2019-09-01T22:08:58+01:00October 31st, 2018|Categories: Questions & Answers|Tags: , , |

Q. I bought my house in 1998 and I lived in it until 2000 when my employer required me to work in Spain. I returned to live in the house in 2005 and have lived there until now. I have never owned any other properties. Will I qualify for full private residence relief for capital gains tax purposes when I sell my home? A. Based on the information provide, you should be entitled to full relief. The qualifying periods of absence are: a) absences for whatever reason, totalling not more than 3 years in all b) absences during which you're [...]

Go to Top