By owning your home with your spouse or civil partner as ‘tenants in common’ you could save on the inheritance tax.

By changing the ownership of your home to ‘tenants in common’  each tenant has a distinct share in the property which allows them to split the liability of  inheritance tax. When the first partner passes away their share of the house can  be passed to their children or beneficiary and,  providing the  value is less than  £285,000,  inheritance tax will be avoided.

When the second partner passes away the same process will apply and, providing  their  share is below the threshold inheritance tax figure, payment will again be avoided.

Please seek financial advice before changing your affairs and,  if you require any further information on this or any other save saving tips, please call Wes Mason or speak to your client manager.

Identity theft

The Federation of Small Businesses have warned small companies across the UK that they face an increase risk of being targeted by a new wave of identity theft crimes.

It has been discovered that fraudsters are using the Companies House register of company names to hijack  identities.  They then register a legitimate business using their victim's identity to gain credit.

FSB have also revealed that they have been receiving phone calls from fraudsters posing as officials from Companies House probing for vital computer passwords.

The Metropolitan Police estimates that the average ID fraud costs each company concerned £2 million and that victims may find they are not insured against such losses.

Companies House have also confirmed to us that they contact companies through the post and the only occasion they would phone you is if an incorrect order had been processed and you had previously supplied them with a contact number.

To ensure you do not fall victim to this type of fraud it is vital you do not give any passwords or accounts details to anyone, including banks, unless you ring them, over the telephone. 

LLP Forum’s

One of the most tax effective methods has been overlooked in previous years. Wes Mason one of our tax consultants will be running LLP forums where these methods will be explored further. There are set dates for the forums and each forum will last only 2 hours.

This forum will be appropriate to anyone included in the following:

• Owners pay tax at the higher rate of income tax

• Trading through limited company

• More than one business

• Own rental property personally

• Thinking about starting up new business/going for more new contracts

• Have a number of members of staff/subcontractors that manage their own work

If you are interested in attending an LLP forum please call Cheryl on 01474 853 856 to book your place. It could be the most profitable hour you spend!

Quote of the week

"Alone we can do so little; together we can do so much"

Helen Keller