Tax Efficient Investments

There are a number of tax efficient investment schemes.

Enterprise Investment Scheme (EIS)

EIS gives you tax relief for investing in new shares in qualifying unquoted trading companies.  The tax incentives for investing in companies qualifying for EIS relief are

Pensions and ISAs

Pensions

The lifetime allowance is £1,073,100 for 2020/21 and is likely to increase in line with inflation in subsequent tax years.  Certain taxpayers who have already funded their pension plans on the basis of the previous lifetime limits had the opportunity to apply for fixed

Inheritance Tax Planning

The key to successful estate planning is to first make sure that your wishes for your estate are properly carried out and second that opportunities to reduce the inheritance tax are fully taken.

Inheritance tax planning is therefore normally considered on a long term

Capital Gains Tax Planning

Capital gains tax planning should always form part of your regular tax planning activities. So, in this second post in our Year End Tax Planning series, we take a look at some of the key considerations you should have in mind as we approach the end of the financial

Optimising your marginal income tax rate

As the end of the tax year approaches, we hesitate to think about what we said this time last year.  Stability was expected from a government with a sizeable majority promising to deliver on its manifesto.  In fact, about the only significant promise

And if so, how to take away some of the pain

Nobody wants to fall out with HMRC but unfortunately there sometimes comes a time when, despite everyone’s best efforts (or even sometimes because of them), you’re faced with the prospect of litigation. For some, this may feel like a chance at

But should you attend a meeting with HMRC?

When HMRC advise you that they’ve opened an investigation into your tax affairs, it’s unnerving, to say the least. It’s also not uncommon in the early days of your investigation for HMRC to invite you to attend a meeting with them. Which begs two

But do you have to send HMRC all the information they’ve asked for?

You’ve received the letter from HMRC announcing they are enquiring into your tax return.  HMRC will typically say what concerns them – a certain transaction or potentially omitted income or capital gain – and you’re into the first

Bearing in mind our recent post about furlough fraud, the chances are that there’s more than a few people who will be facing an HMRC inquiry in the coming months.

What do you do next?

The brown envelope is sitting on your desk and the letter inside has just informed you that you’re the subject of