A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust.
With rising property costs and low interest rates, many people took out a mortgage to invest in a buy-to-let property. As long as property prices continued to rise and the tenants paid their rent, investors could make money from the rising market while the rent from the tenant paid off the mortgage
Financial forecasts provide an insightful glimpse forward and are an essential tool for any business. The growth, or simply the survival of your business largely depends on your ability to think ahead, predict and make decisions based on what the future may hold.
An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year.
The VAT flat rate scheme is a simplified VAT scheme, which allows small traders (turnover of £150,000 excluding VAT) to account for the VAT that they pay to HMRC by reference to a percentage of their VAT-inclusive turnover.
The residence nil rate band (RNRB) is an additional nil rate band, which is available where a death occurs on or after 6 April 2017 (or, in the case of married couples and civil partners, the death of the second spouse/civil partner occurs after that date) and the property is left to direct descendants.