Our first newsletter of the year brings you news about how businesses are dealing with the apprenticeship levy, the latest figures about UK spend on research & development, calls for Inheritance Tax to be digitised and calls for MTD rollout to be delayed.
Most people don’t like to think about their own mortality, but planning for the future is important to ensure your estate; property, money and possessions are distributed the way you intend.
Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones.
Despite this, a study from YouGov found that 62% of the UK’s adult population did not possess a will in 2017. In fact, most people tend to put it off, with only 36% of 45 to 54-year-olds saying they have a will, compared to 67% of over-55s.
When asked why they hadn’t made a will, the main reason was simply that they “hadn’t got round to it yet”.
If you’re among the majority of people in the UK who haven’t drafted a will, this article covers why you need one, how to go about making one, and what could happen if you don’t.
It’s a common scenario.
As the year draws to a close, the thought of your tax return is there, at the back of your mind. But with so much time before the deadline, you decide not to worry about it for now.
Then the weeks start to fly by, Christmas comes and goes, and soon you’re planning for the New Year and getting back to work as normal.
Before you know it, it’s the end of January, you’re searching for your registration details, and HMRC’s waiting times are growing longer as thousands of other taxpayers in the same predicament try to get in touch.
Our December Newsletter includes information about the upcoming temporary rise in Annual Investment Allowance, a reduction in Business Rates for small retail businesses, the IR35 reforms set to cost contractors more in tax and the national insurance rise for higher rate earners.
These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.
Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?
But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.
If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.