14 Elm Road, Chessington, KT9 1AW.

Mon-Sat, 9.00-18.00.

Resources 

Provided useful resources access to HMRC and company forms.

Taxt Rates & Allowances

Income tax
Capital gains tax
Corporation tax
Capital allowances
Inheritance tax
Vehicle benefits
Mileage allowances
National insurance contributions
Pension contributions
ISAs
Stamp taxes
Land and Buildings Transaction Tax
Land Transaction Tax
Value added tax
Some useful rates
Key dates and deadlines

Inheritance tax

2018/19 2017/18
Standard threshold £325,000 £325,000
A further nil rate band of £125,000 may be available in relation to current or former residences. Nil rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased spouses/civil partners.
Rate of tax on balance
Chargeable lifetime transfers 20% 20%
Transfers on, or within 7 years of, death* *40% *40%

* A lower rate of 36% applies where 10% or more of a deceased person's net estate is left to charity.

All lifetime transfers not covered by exemptions and made within seven years of death will be added back into the estate for the purpose of calculating the tax payable. Tax attributable to such transfers is then subject to Taper Relief:

Years before death 0-3 3-4 4-5 5-6 6-7
Tax reduced by 0% 20% 40% 60% 80%

Main Reliefs
Business property %
business or interest therein 100%
qualifying shareholdings in unquoted* companies 100%
land, buildings, machinery, or plant used by transferor's controlled company or partnership 50%
Agricultural property %
Agricultural property relief 50% or 100%

* Unquoted companies include those listed on AIM

Main Exemptions
  1. Most transfers between spouses and civil partners.
  2. The first £3,000 of lifetime transfers in any tax year plus any unused balance from previous year.
  3. Gifts of up to but not exceeding £250 p.a. to any number of persons.
  4. Gifts in consideration of marriage or civil partnership of: up to £5,000 by a parent, up to £2,500 by a grandparent or great grandparent, or up to £1,000 by any other person.
  5. Gifts made out of income that form part of normal expenditure and do not reduce the standard of living.
  6. Gifts to charities, whether made during lifetime or on death.

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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