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KRW Tax Tips

30 October 2012

Planning for the high income child benefit charge

on Tuesday, 30 October 2012.

As mentioned in this month’s Tax News article, the High Income Child Benefit Charge (HICBC) arrives on 7 January 2013 and will affect those with earnings over £50,000 per annum.

The HICBC is a tax charge which effectively claws back the Child Benefit received where a single parent or at least one partner in a couple earns over £50,000 per annum.

27 September 2012

Pay 10% less inheritance tax by leaving money to charity

on Thursday, 27 September 2012.

Amounts left to charity in your will have been exempt from Inheritance Tax for many years, but a new rule can reduce the Inheritance Tax rate on the remainder of your estate, in some cases.

You may have read the headlines from this year’s Budget about the lower Inheritance Tax rate of 36% (instead of the usual 40%) where money is left to charity? As is often the case, the devil is in the detail, with complex rules and an outcome that is not quite as good as it first sounds!

25 July 2012

Minimising capital gains tax on holiday homes: flipping your PPR

on Wednesday, 25 July 2012.

As mentioned in this month’s Q&A article, selling your home is usually free from Capital Gains Tax under the Principal Private Residence (PPR) exemption. But what if you own a holiday home too?

The PPR exemption is a very valuable relief from CGT, and it can be used when you sell a property that has been used as ‘your only or main residence’. There is no minimum period of occupation cited in the legislation and case law tends to focus on quality of occupation rather than quantity.

27 June 2012

Relevant life insurance: a rare tax-free benefit for directors

on Wednesday, 27 June 2012.

Relevant life insurance policies provide for your loved ones should the unthinkable happen to you, and, unusually, are not treated as a taxable benefit-in-kind for Directors and employees.

In this month’s Tax Tip we look at the possible tax savings available to companies on relevant life insurance premiums, and how you can benefit.

31 May 2012

Further tax relief now available for research & development

on Thursday, 31 May 2012.

With effect from 1 April 2012 SME’s can get tax relief on 225% of qualifying Research & Development expenditure.

In this month’s Tax Tip we look at what activities qualify and how further changes have made it easier than ever to claim for small businesses.
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