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Inheritance Tax – Passing on a home

Everything you need to know about how your property is taxed when you pass it on to your heirs, the rules and threshold for the main residence nil-rate band in 2021-22. Do you pay inheritance tax on your home?   As with the vast majority of assets, inheritance tax is levied on the property when you pass away. But thanks to an extra allowance introduced in April 2017, couples can now leave property’s worth up to £1m before paying any tax.…

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Inheritance Tax Avoidance

When Inheritance Tax (IHT) was introduced approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death. With (IHT) came the concept of `potentially exempt transfers` (PETS) make a lifetime gift of capital to an individual and, so long as you live for seven years after making the gift, there can be no possible IHT charge on it whatever the value of the gift. The rules create uncertainty until the seven-year period has…

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What is tax planning and what are the benefits?

What does tax planning mean? Tax planning refers to the process of minimising tax liabilities. In other words, you want to reduce what you owe on your tax bills by taking advantage of any allowances, exclusions, exemptions, and deductions, for business owners this would mean looking both at company taxes as well as personal taxation. Types of tax planning Tax planning is an integral part of every individual’s financial growth story. Since paying taxes is mandatory for every individual falling…

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How will Brexit effect businesses from 1st July 2021?

Brexit seems to have taken a back seat because of the pandemic, but now that the UK has finally left the EU with a trade deal, what will the impact of Brexit on businesses? It’s official, the UK is no longer a member of the EU. It has never been more critical to consider how the rapidly changing political environment will impact your business In short, every industry is affected by Brexit due to the potential economic impacts and manpower…

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What effect has Brexit had on VAT?

VAT after BREXIT Changes from 1 January 2021 The UK continues to levy VAT and the rules relating to UK domestic transactions continue to apply to businesses as they did previously. VAT procedures, on the whole, remain as those prior to 31 December 2020, but there have been some changes to the VAT rules and procedures for transactions between the UK and EU member states. UK VAT RULES Vat is charged on most goods and services sold within the UK…

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What is the long-term effect of Brexit?

What was Brexit? The UK formally left the EU on 31st January 2020. At that point, a transition began that ended on 31 December 2020 Key from a business perspective is that, following the end of the transition period, Great Britain is no longer a member of the EU’s single market and customs union. These enable the EU member states to function as a single trading area with no tariffs or border checks, the little requirement for import/export documentation, and…

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MTD (Making Tax Digital) – What effects will it have?

Making VAT tax digital HMRC’S Making Tax Digital plans to involve getting small businesses and the self-employed to complete digital tax records and returns, with the eventual aim of going completely paperless. HMRC says that MTD is how they’re delivering on making it “easier for individuals and businesses to get their tax right and keep on top of their affairs.” VAT registered businesses with a taxable turnover of more than 85,000 must follow the rules for “Making Tax Digital” by…

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What is bankruptcy and how can it affect you?

What is bankruptcy and how bad can it be? Bankruptcy is a legal process, when people cannot repay debts to creditors may seek relief for some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often imitated by the debut. Bankruptcy in the UK relates only to individuals and partnerships. Companies and other corporations enter into differently named legal procedures, liquidation and administration. However, the term `bankruptcy` is often used when referring to companies…

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What counts as inheritance tax avoidance?

With Inheritance Tax (IHT) was introduced over approximately 30 years ago and broadly charges to tax certain lifetime gifts of capital and estates on death. With (IHT) came the concept of `potentially exempt transfers` (PETS) make a lifetime gift of capital to an individual and, so long as you live for seven after making the gift, there can be no possible IHT charge on it whatever the value of the gift. The rules create uncertainty until the seven year period…

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Capital Allowance – What are the tax implications when selling an asset.

When you sell or “dispose of” something you claimed capital allowance on, include the value in your calculations for the accounting period you sell it in. Dispose of an asset You can dispose of an asset if you  Sell it  Give it away as a gift or transfer it to someone else Swap it for something else Get compensation for it- like insurance payout if it’s been lost or destroyed Keep it, but no longer use it for your business…

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Asmat Accountants

Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

CONTACT US


  • 84 High Street, Slough, Berkshire SL1 1EL, United Kingdom
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  • 01753 424968 / 02035 988 621
  • 01753 437109
  • info@asmataccountants.co.uk

Reading Office

  • 365-367 Oxford Road, Reading, RG30 1HA
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  • 0118 950 9841
  • reading@asmataccountants.co.uk



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