There were a number of measures in the Summer Budget that will impact the taxation of property income. These include: the abolition of the 10% wear and tear allowance (see details below); the restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This will be phased in over Continue Reading
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Home owners and IHT
One of the tax issues that the Conservative Party promised to legislate for, a promise they made during the recent election campaign, was the easing of the Inheritance Tax charge for home owners in the UK. The much publicised change was to take family homes of up to £1m out of Inheritance Tax charge completely. The Chancellor’s announcement last month Continue Reading
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Seminar 20 March 2015 – Budget Review
The 2015 Budget – What Does it Mean to You? On the 18th March George Osborne will deliver his last budget before the election, what will it mean to businesses in Northern Ireland? We will be running our usual post budget seminar on Friday 20th March to address this issue, to book your free place simply click here or email info@mcclearyaccountants.com . As usual, the venue Continue Reading
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When was the last time you reviewed your Will
Do you have any idea if your estate will have an inheritance bill when you die? How much will it be? Who will have to pay it? Planning opportunities arise if: If you have assets that you would like to give away. If you have any interests in a business or company, or own agricultural property. If you have assets Continue Reading
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