As the October 2024 Budget approaches, Ward Williams urges UK residents to focus on Inheritance Tax (IHT) planning. This article explores the current IHT landscape, highlighting the frozen nil-rate band and the potential impact of upcoming budget changes. Key strategies for effective IHT planning include reviewing and updating wills, strategic gifting, managing property portfolios, maximising the residence nil-rate band, and considering pension planning.

With possible changes to IHT reliefs on the horizon, including caps on business and agricultural relief, proactive planning is essential. Ward Williams emphasises the importance of seeking professional advice to navigate these complexities and adapt to any new measures. As the deadline approaches, now is the time to review and optimise your estate planning with Ward Williams to safeguard your family's financial future.

Ward Williams Accountancy emphasises the urgent need for parents of 16 to 19 year olds in education to renew their Child Benefit claims. With nearly 1 million families at risk of losing payments after 1 September 2024, it is crucial to act by 31 August. Child Benefit provides essential financial support for families, and the renewal process is quick and straightforward through the GOV.UK website or HMRC app. Don't miss out on this important financial assistance—ensure your claim is up to date today!

Navigating the complexities of investment taxation can be challenging, especially with rising interest rates and changing allowances. At Ward Williams, we are committed to helping you avoid unexpected tax surprises. Our expert team breaks down the key factors affecting your investment income taxes, including the Personal Savings Allowance, changes to dividend income, and considerations regarding capital gains. We offer proactive tax planning, self-assessment support, and tailored advice to optimise your tax efficiency. Don’t let tax complexities overwhelm you—let Ward Williams guide you through the intricacies of investment taxation and help secure your financial future.

The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS). The economy grew by 0.7% between January and March 2024, up from the previous figure of 0.6%. Growth in the UK services sector helped to push it even higher, the ONS said. The positive news on growth followed the UK inflation rate ...

The UK’s business groups have pledged to work in partnership with the new Labour government to revitalise the nation’s economy. Labour leader Sir Keir Starmer is the new Prime Minister after leading the party to a decisive win in the General Election. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said:  ‘Congratulations to the Labour Party on ...

The government has announced a significant change to the Child Benefit rules, potentially benefiting families who were previously ineligible due to their income level. Effective from April 6th, 2024, the High Income Child Benefit Charge (HICBC) threshold has been raised from £50,000 to £60,000. This means that if your adjusted net income is below £60,000, you may now be eligib ...

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG). The issue centres around the payment of voluntary Class 2 National Insurance contributions (NICs) that can be made by self-employed taxpayers with profits under £6,725. ...

HMRC has launched a new online voluntary NICs payment service. The government says the new service will make it easier for customers to check for and fill any gaps in their National Insurance record to help increase their State Pension. It also said that the new Check your State Pension service has been enhanced to include an end-to-end digital solution. The service shows cu ...

HMRC’s decision to halt its plans to restrict taxpayer helplines and direct people to online services instead has been met with relief by the Federation of Small Businesses (FSB). The tax authority had announced that it was closing its self assessment helpline for six months every year. It was also restricting the opening times of its VAT helpline and the usage of its PAYE hel ...

At a glance The Annual Tax on Enveloped Dwellings (ATED) is an annual charge on UK residential properties which are valued at £500,000 or more and held by a company, a partnership with a corporate partner (also known as mixed partnerships), or Limited Liability Partnerships.   The rules do not apply to the total value of properties held but apply to each individual property a ...