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Planning your estate: wills

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Planning your estate - writing a legally valid willHow to plan and make a legally valid will.

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.

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Completing your self-assessment tax return

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What you need to know before fCompleting your Self Assessment Formiling self-assessment for 2017/18.

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.

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Deregistering for VAT

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Deregistering for VAT When and how to begin the process of deregistration.

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.

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Starting a business – what you need to know before launching a startup.

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Starting a businessBritain is a nation of fearless business entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.

If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.

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Using pension funds in your business

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How your pension savings can help finance your business.

As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.

Funding your business using your pension pot may be an overlooked option compared to these. It can be well worth considering if you want more control over the way you finance your business.

Rather than relying on a traditional lender to buy into your business and provide continued support, using your pension lets you take on the responsibility yourself.

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Budget Report 2018

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Welcome to the SeavorChartered Budget Report.

This report looks in depth at how the Budget affects you with sections including Business, Personal, Duties, VAT and other announcements.

At a glance, the headlines are:

 

Business

  • Small retail businesses in England will see business rates reduced by a third.
  • The annual investment allowance is to rise five-fold from £200,000 to £1 million for two years.
  • Reforms to individuals working under IR35 are to be extended to the private sector from April 2020.

Personal

  • The personal allowance is to rise to £12,500, higher-rate threshold up to £50,000.
  • A 4.9% increase will see the national living wage set at £8.21 an hour for over-25s.
  • Stamp duty land tax abolished for first-time buyers of shared-ownership homes worth up to £500,000.

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SeavorChartered awarded Xero Gold Partner Status

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Xero Gold PartnerWe are very pleased to announce we are Gold Champion Standard Xero Accountants.

Always looking to offer up to date, time-efficient resources and information for clients, we chose Xero as our recommended cloud-based accounting software. Xero benefits our clients by providing 24/7 real-time access to their accounts so that we can easily view their current financial position meaning we can give business and financial advice at any time, not just at year end. 

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The Chartered Institute of Taxation

The Association of Taxation Technicians

Xero Gold Partner