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George Lilley is licensed and regulated by AAT under licence number 1001040

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30 Nov 2018

Pass on your house free of IHT

The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. It is available for deaths on or after 6 April 2017.

The RNRB...

23 Nov 2018

Give away £3,000 IHT-free each year

There are various exemptions for inheritance tax purposes which enable a person to make tax-free gifts. One of the more useful is the annual exemption.

Nature of the exemption

The annual exemption is set at £3,000. The exemption allows...

16 Nov 2018

Tax-free Christmas parties

Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax charge on the staff Christmas party, the exemption is limited in scope and application. It is unwise to assume that there will be no t...

9 Nov 2018

Claim a deduction for pre-trading expenses

As a general rule, a deduction is allowed for expenses that are incurred wholly and exclusively for the purpose of the trade. Thus, for the deduction to be available, the business must have started trading. However, most busine...

2 Nov 2018

Savings income – how is it taxed?

The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are able to enjoy savings income tax-free. For these purposes, savings income means interest on saving...

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