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Recent news

20 july 2018

Spotlight on inheritance tax

Recent reports have suggested that the UK’s current inheritance tax (IHT) system is ‘unnecessarily complicated’, with one business group going so far as to suggest abolishing the tax altogether. Here, we provide an overview of the IHT system, outline some of the recent suggestions, and highlight ways in which you can help to minimise your liability to the tax. IHT is the tax payable on a deceased individual’s estate: in 2018/19, IHT is payable where a person’s wealth is in excess of £325,000 - otherwise known as the ‘nil-rate band’. IHT is currently charged at 40% on the proportion of the individual’s estate that exceeds the nil-rate band. Both the value of chargeable assets held at death and the value of chargeable lifetime gifts made within seven years of death are included within the estate. The Residence Nil-Rate Band (RNRB) On 6 April 2017, the RNRB came into effect, permitting some individuals to escape the IHT net. The RNRB applies where a residence is passed on death to a direct descendant, such as a child or a grandchild. For 2018/19, the RNRB is set at £125,000 and is set to rise annually thereafter, reaching £175,000 in 2020/21. The RNRB is in addition to an individual’s nil-rate band, and can only be used in regard to one residential property which has been, at some time, a residence of the deceased. The RNRB is tapered at a withdrawal rate of £1 for every £2 for estates with a net value of more than £2 million. Making the most of IHT reliefs Planning to minimise your liability to IHT is crucial. Here, we explore some of the key areas to consider. Individuals may wish to make IHT-exempt transfers between themselves and their spouse. Such transfers are generally exempt from IHT, no matter whether they are made during a person’s lifetime or on death. Both the nil-rate band and the RNRB may be transferred between spouses and civil partners. Making lifetime gifts can also help to reduce the IHT liability on an individual’s estate. Provided that the person survives the gift by seven years and no longer benefits from it themselves, the gift will escape IHT. A ‘taper relief’ may also apply where lifetime gifts are made between three and seven years before death. However, this relief applies to the tax on the gift, as opposed to the gift itself. IHT reliefs on agricultural and business property also exist, which can help to take such property outside of the IHT net. Recent developments In a recently published review, the Association of Accounting Technicians (AAT) stated that IHT is ‘unnecessarily complicated’ and ‘widely misunderstood’. The AAT called for several IHT exemptions to be abolished, including gifts on marriage and gifts to political parties, arguing that the general public are ‘largely unaware’ of these exemptions. Meanwhile, in a separate report, think tank the Resolution Foundation suggested that IHT should be abolished in its entirety, and replaced with a new ‘Lifetime Receipts Tax’. This would be set at a considerably lower rate than the current 40% standard rate of IHT, and would permit each individual to have a lifetime allowance of £125,000, after which tax would be payable at a rate of 20%, up to £500,000. As your accountants, we can help you to minimise the IHT due on your estate. The sooner you act, the better - please get in touch with us for further advice and support.


20 july 2018

UK entrepreneurs call on government to 'provide more support'

In a recent report carried out by banking group Aldermore, UK entrepreneurs have called on the government to supply them with ‘more support’. Aldermore found that 80% of entrepreneurs believe that government is not doing enough to support small businesses, whilst 71% of firms are not currently taking advantage of government support. According to the report, 36% are not even aware of the support that exists. 43% of those surveyed stated that rigorous enterprise education and training would be useful, whilst 53% said that a cash bonus would be helpful for those seeking to start up in business. Meanwhile, 42% of entrepreneurs would like ‘better tax incentives’, and 39% require improved rates on business loans. Ewan Edwards, Head of Savings at Aldermore, commented: ‘Governments rightly recognise the key role that small businesses play as an engine of the economy – they represent five million enterprises, employing over 15 million people in the UK. ‘But our findings reveal that the current system of support suffers from needless complexity, low awareness and low take-up across the board. We believe the government needs to take a fresh approach with better targeted support and better publicity to increase awareness of what is available.’


20 july 2018

Tax Update

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20 july 2018

The most important aspect of the day!

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20 july 2018

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These forms are either online forms or PDFs. The online forms can be viewed in your browser. To view the PDF forms you need Adobe Acrobat Reader (or an equivalent PDF reader) installed on your PC.

Change of accounting reference date
Dormant Company Accounts (DCA)
Statement of guarantee by a parent undertaking of a subsidiary company
Notification of single alternative inspection location (SAIL)
Change of location of the company records to the single alternative inspection location (SAIL)
Change of location of the company records to the registered office
Change of registered office address
Appointment of director
Appointment of corporate director
Appointment of secretary
Appointment of corporate secretary
Termination of appointment of director
Termination of appointment of secretary
Change of director's details
Change of corporate director's details
Change of secretary's details
Change of corporate secretary's details
Striking off application by a company
Withdrawal of striking off application by a company
Application to register a company
Notice of appointment of an administrative receiver, receiver or manager
Particulars of a charge
Particulars of a charge subject to which property or undertaking has been acquired
Notice of change of name by resolution
Memorandum of Association
Special resolution on change of name
Written special resolution on change of name
Return of allotment of shares
Return of purchase of own shares
Notice of cancellation of shares
Notice of name or other designation of class of shares
Application for the incorporation of a Limited Liability Partnership (LLP)
Appointment of member of a Limited Liability Partnership (LLP)
Appointment of corporate member of a Limited Liability Partnership (LLP)
Change of details of a member of a Limited Liability Partnership (LLP)
Change of details of a corporate member of a Limited Liability Partnership (LLP)
Termination of appointment of member of a Limited Liability Partnership (LLP)
Change of accounting reference date of a Limited Liability Partnership (LLP)
Statement of guarantee by a parent undertaking of a subsidiary LLP
Change of Registered Office Address of Limited Liability Partnership (LLP)
Notification of the single alternative inspection location (SAIL) of a Limited Liability Partnership (LLP)
Change of location of the records to the single alternative inspection location (SAIL) of a Limited Liability Partnership (LLP)
Annual Return of a Limited Liability Partnership (LLP)
Notice of change of status of a Limited Liability Partnership (LLP)
Particulars of a charge created by a Limited Liability Partnership (LLP)
Particulars of a charge subject to which property or undertaking has been acquired by an LLP
Notice of change of name of a Limited Liability Partnership (LLP)
Striking off application by a Limited Liability Partnership (LLP)
Click here to access more Companies House forms.

As well as general accountancy and tax skills, we also have individual specialist skills which enable us to provide clients with a first class service as and when required. With our wealth of experience, we pride ourselves on delivering an unparalleled service to all clients, whatever their size or sector.

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