Category Archives: Individuals & Families

Find out more about how we can help here: https://www.goodmanjones.com/who-we-help/personal-tax-planning

Whilst HMRC are saying that penalties won’t apply for those who fail to register in time, it has said that they will penalise deliberate or subsequent failures.

Do I need to register my child’s trust now?

Reena Bhudia - rbhudia@goodmanjones.com

Posted on 10th June 2022

Categories:

A Picture of Richard Verge - Tax Director

If you buy a property which falls into either of these categories and make the appropriate claim, the amount of SDLT due could be considerably less than the SDLT due on a single residential property purchase of similar value.

Have you paid too much Stamp Duty Land Tax?

Richard Verge - Tax Director - rverge@goodmanjones.com

Posted on 8th April 2022

Categories:

With the use of trusts and proper estate planning, this kind of dispute could be avoided and if structured correctly, you could minimise or avoid paying inheritance tax altogether.

Family Matters: Looking after your family by avoiding a contentious estate: The role of trusts in estate planning

Reena Bhudia - rbhudia@goodmanjones.com

Posted on 23rd November 2021

Categories:

Setting up a trust may be ideal for those parents or grandparents who may wish to save money over a period of time to fund school fees or if they wish to transfer a lump sum as part of their estate planning.

What do parents and grandparents need to know about school fees and education trusts?

Reena Bhudia - rbhudia@goodmanjones.com

Posted on 14th August 2021

Categories:

I encourage anyone with an unincorporated business and the year end which is not already aligned with the tax year to contact their accountants to discuss the potential impact of these proposed changes

Will I have to pay more tax next year? Changes affecting partners in professional practices and sole traders

Richard Verge - Tax Director - rverge@goodmanjones.com

Posted on 9th August 2021

Updated on 10th August 2023

Categories:

FICs are a solution primarily aimed at family wealth preservation. Until 2006 the usual strategy to preserve family wealth would have been the trust, but tax changes since 2006 have made the use of a trust less attractive.

What is a FIC and why are they gaining in popularity?

Graeme Blair - Partner - gblair@goodmanjones.com

Posted on 21st April 2021

Updated on 17th August 2023

Categories:

A Picture of Aidan Roberson - Tax Manager

Family businesses could see three key areas impacted by changes to capital gains tax proposed by the Office for Tax Simplification

What do the changes to CGT mean for family businesses?

Aidan Roberson - Tax Manager - aroberson@goodmanjones.com

Posted on 2nd December 2020

Categories:

With glimpses of the end of the pandemic in sight, it would seem prudent to accelerate existing plans for company liquidations and asset disposals ahead of the Budget expected next spring.

Back to the Future for CGT?

Aidan Roberson - Tax Manager - aroberson@goodmanjones.com

Posted on 12th November 2020

Categories:

We've been talking through some of the questions which clients have been grappling with in recent weeks. One I've been asked a number of times are from employers concerned about their employees being able to continue to afford contributions into their auto-enrolled pensions. What options do they have at the moment?

Financial Planning priorities for employers and individuals – 2020

Richard Verge - Tax Director - rverge@goodmanjones.com

Posted on 13th July 2020

Categories:

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Category Archives: Individuals & Families

Whilst HMRC are saying that penalties won’t apply for those who fail to register in time, it has said that they will penalise deliberate or subsequent failures.

Do I need to register my child’s trust now?

If you buy a property which falls into either of these categories and make the appropriate claim, the amount of SDLT due could be considerably less than the SDLT due on a single residential property purchase of similar value.

Have you paid too much Stamp Duty Land Tax?

With the use of trusts and proper estate planning, this kind of dispute could be avoided and if structured correctly, you could minimise or avoid paying inheritance tax altogether.

Family Matters: Looking after your family by avoiding a contentious estate: The role of trusts in estate planning

Setting up a trust may be ideal for those parents or grandparents who may wish to save money over a period of time to fund school fees or if they wish to transfer a lump sum as part of their estate planning.

What do parents and grandparents need to know about school fees and education trusts?

I encourage anyone with an unincorporated business and the year end which is not already aligned with the tax year to contact their accountants to discuss the potential impact of these proposed changes

Will I have to pay more tax next year? Changes affecting partners in professional practices and sole traders

FICs are a solution primarily aimed at family wealth preservation. Until 2006 the usual strategy to preserve family wealth would have been the trust, but tax changes since 2006 have made the use of a trust less attractive.

What is a FIC and why are they gaining in popularity?

Family businesses could see three key areas impacted by changes to capital gains tax proposed by the Office for Tax Simplification

What do the changes to CGT mean for family businesses?

With glimpses of the end of the pandemic in sight, it would seem prudent to accelerate existing plans for company liquidations and asset disposals ahead of the Budget expected next spring.

Back to the Future for CGT?

Financial Planning priorities for employers and individuals – 2020

Whilst HMRC are saying that penalties won’t apply for those who fail to register in time, it has said that they will penalise deliberate or subsequent failures.

If you buy a property which falls into either of these categories and make the appropriate claim, the amount of SDLT due could be considerably less than the SDLT due on a single residential property purchase of similar value.

With the use of trusts and proper estate planning, this kind of dispute could be avoided and if structured correctly, you could minimise or avoid paying inheritance tax altogether.

Initial thoughts are that companies should be looking at their distributable reserves and considering paying dividends before 6 April 2022 and employers could consider salaries and bonuses before the same date as well.

Setting up a trust may be ideal for those parents or grandparents who may wish to save money over a period of time to fund school fees or if they wish to transfer a lump sum as part of their estate planning.

I encourage anyone with an unincorporated business and the year end which is not already aligned with the tax year to contact their accountants to discuss the potential impact of these proposed changes

FICs are a solution primarily aimed at family wealth preservation. Until 2006 the usual strategy to preserve family wealth would have been the trust, but tax changes since 2006 have made the use of a trust less attractive.

Family businesses could see three key areas impacted by changes to capital gains tax proposed by the Office for Tax Simplification

With glimpses of the end of the pandemic in sight, it would seem prudent to accelerate existing plans for company liquidations and asset disposals ahead of the Budget expected next spring.