The Residence Nil Rate Band and Downsizing

Downsizing your home can come at a cost.   The Residence Nil Rate Band (RNRB) did not initially include provisions for downsizing. But, following a consultation, new provisions were introduced for those downsizing their home after 8 July 2015. These provisions take account of downsizing in two cases:- The deceased downsized to a lower value[…]

The Residence Nil Rate Band

It’s important that your accountant is there to give you the best advice when you need it, in good times and in bad. When a loved one passes away it can bring a number of important decisions that will affect the surviving family. That is why it’s important to develop a relationship with your accountant[…]

Dividend changes: are you ready?

In his 2015 Budget, Chancellor George Osborne introduced significant changes to the taxation of dividends. Owners of small businesses need to take note. It’s quite usual for directors of small companies to extract profits as dividends, which form a regular income. The main reason is tax efficiency, as when the dividend is paid out to[…]

In a partnership or LLP? New tax rules have BIG implications

Partnerships have long been an attractive structure for people running small businesses. They’ve been particularly favoured by owners of professional practices – from solicitors and accountants through to architects and dentists. The fluidity of the arrangement allows partners to change with few tax implications – something that becomes more problematic within the confines of the[…]