A lasting power of attorney (LPA) gives another person or persons (known as your “attorney(s)”) the authority to act for you if you are unable to do so yourself. That authority continues even if you lose the mental capacity to make decisions for yourself.
The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree’s basic needs plus enough for some social activities, such as a week of holiday in the UK, eating out once a month, but not including running a car.
JMS Accounting commentary on 2021 Autumn Budget. There were high expectations by landlords of further reforms in the budget, and sadly many opportunities to improve the situation for landlords were missed.
Trusts are usually taxed very heavily. Nevertheless they are in some cases well placed to expedite a person’s wishes,
HMRC’s rent-a-room scheme is an optional exemption scheme, which allows individuals to receive up to £7,500 of tax-free gross income (income before expenses) from renting out spare rooms in their only or main home.
Iain Rankin from Tax Insider explores potential ways to overcome the tax and finance challenges that make the decision to incorporate not as straightforward as some landlords believe
On 23rd Sept 2021 HMRC announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will be introduced a year later than planned, in the tax year beginning in April 2024.
On 21 Oct 2021 at 19:00 JMS Accounting will make a presentation on Inheritance Tax (IHT) Planning with special focus on Property.
From 6 October 2021, VAT chargeable on Service Accommodation, hotels and travel accommodation in UK has gone up to 12.5% from 5%
This rate will be applicable to 31 March 2022, thereafter the rate will revert to 20%.
A deed of variation – or DOV – is a legal document that allows the beneficiaries of an estate (e.g. children) to make changes to a will, in the name of the deceased, after their death.