Make tax efficiency your New Year resolution

RWB image_Tax planning

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

Read our round up of the latest tax rules for some useful planning points, to make you tax efficient in 2018…

Making Tax Digital: Get yourself prepared

In a recent report by HMRC, seven out of ten small businesses are uncertain  about Making Tax Digital and what is means for them. 

Despite originally being pencilled in for April 2018, HMRC’s Making Tax Digital (MTD) Scheme isn’t due to go live now until 2019 for businesses over the VAT threshold and then not until at least 2020 for those who are not VAT registered.

This seems to offer plenty of time to implement the changes. However, as every business owner knows, time flies, so it’s best to prepare yourself as soon as possible. 

Here’s what you need to know to get yourself ready for MTD.

Password Security - are you the weakest link?

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Every day there are stories about the latest business to suffer from a cyber attack. Businesses install quality security software and password protected servers to guard against cyber threats and protect precious data. However, the weakest link in your IT security could be your employees and the strength of the passwords they use to log in to your cloud based systems.

How can you protect yourself and improve password security?

Inheritance Tax Planning – Cutting through the Confusion

RWB image_Inheritance tax planning

Two and a half years ago, the then Chancellor George Osborne handed taxpayers a boost by announcing his intention to increase the Inheritance Tax starting point on homes worth up to £1m, while keeping the basic Inheritance Tax allowance at the same level. However, the relief gradually reduces for estates over £2m so the extra relief will benefit far fewer people than initially thought.

Fast forward to 2017 and there remains little doubt that Inheritance Tax is here to stay, with Theresa May tabling the possibility of a further tax to pay for improved social care in the run up to the General Election. Although this didn’t materialise, the possibility of additional taxes to fund care for the elderly cannot be discounted. 

So, what can you do to make sure your loved ones receive a fair share of your estate? 

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