OTS calls for tax rules on gifts to be simplified
The Office for Tax Simplification (OTS) has said that fewer people should have to pay tax on gifts made to loved ones in the years before their death. Under the current rules, inheritance tax of up to 40% is paid when someone dies within seven years of making a gift....
Less than half of us are aware of inheritance tax gift rules
A poll carried out by HMRC has revealed that the vast majority of people gifting money or assets are unaware of the inheritance tax rules that might apply to them. Of the 2,090 people who were questioned by the tax authority, it was found that a mere 25% who have...
HMRC changes VAT rules for construction businesses
Last summer we published a blog revealing that HMRC will be changing the rules around VAT for construction companies. With reverse VAT charges coming into effect from October 2019, now is the time to familiarise yourself with the changes. Why are the rules...