In a month, I will be moving to New Zealand... I will still be running my business writing articles, books and continuing with my private tutoring. I will also be continuing my CPD courses for MBL Seminars, my online STEP teaching for CLT, and my ACCA evening courses for Kaplan, but sadly there will be no more classroom courses. I will miss these immensely, but a new life beckons... It's been a fantastic privilege to teach you live, but the pandemic has shown us that we can work from anywhere so I hope to see you all online very soon from down under! x
I just heard that Lawskills.co.uk have reviewed my Inheritance Tax book. They said and I quote...
"This is a book which deserves its place on a number of practitioner’s bookshelves"... "...accountants and solicitors who generally advise on IHT will welcome a comprehensive single-volume as the first port of call to turn to when a query arises."
I am so delighted to get another such postive review! You can read the full review here.
And orders can be made here...
Have a great day everyone!
Just over three weeks until the IR35 rules kick in...These "off-payroll working" rules have been implemented to make sure that individuals working as if they were employees but through their own limited company (a ‘personal service company’ or ‘PSC’s or 'intermediary'), pay an equivalent amount of Income Tax and NICs as those taxpayers who are employed directly. The changes apply to all payments to the taxpayer for services provided in the 2021-22 tax year. Come and hear all about how you decide if you or your client is employed or self-employed and what the differences are for UK tax in my MBL Seminars Ltd 's Learn Live tomorrow morning, online and streaming live from the comfort of you home. You can book here:
It's on the decline in the number of trusts...
The 2018/19 trust statistics have recently been issued by the government. Amongst the information provided is the number of trusts in existence. Both interest and possession trusts and discretionary trusts, have yet again fallen. The absolute number of trusts has continually fallen since the records the government disclosed began. In 2004/5 there were 220,500 trusts but the 2018/19 figures record only 151,000 trusts....
The maze of IHT...Do you know how to calculate an exit charge in a discretionary trust? Did you know there is a completely different method of calculation in the first 10 years of the trust? What about the charge in the first 3 months of the trust... did you know that is also different? How do we deal with capital distributions, business property relief, and related trusts in calculating IHT and when do we gross up? Come and find out the answers to all these questions and more, in my MBL Seminars Ltd Inheritance tax in discretionary trusts course running next Monday. Live at your desk complete with lots of examples, polls and illustrations... Let's find the way out the maze together!
I left school at 16. If I told my small-town Kiwi teenage self I would go on to get a university degree, move to the other side of the world, get three professional qualifications and then write a technical book she would not have believed me... but with a hard work ethic and a pocket full of dreams, you can do anything you set your mind to. Start small... keep going... don't give up... 🙌🤸👊
You can by the book here...
Are you clear on the theory behind inheritance tax calculations, but lost when it comes to actually making the calculations? Come to my MBL Seminars Ltd course on Friday afternoon! We will be looking at the precise steps required to get you from theory to the calculation of the eventual IHT including dealing with CLTs and PETs in life, the practical application of business and agricultural relief and charitable donations... it will be fun 😀
Good news for those wishing to rely on the Conditional Exemption Tax Incentive Scheme for buildings, land, works of art and other objects that qualify; leading to an exemption from UK IHT and CGT as long as they are open/viewed by the public for a certain minimum period in the tax year. Due to the COVID-19 lockdown, HMRC have confirmed that they will not consider the conditions broken if the national heritage property is closed, or delays its opening to later in 2020. This will apply even if some periods covered by the agreement are missed, or that it does not open at all in 2020. When the government advice on the lockdown changes, HMRC will expect the property to be open later in the year to make up for any lost days, if possible.
Quick message for all my CLT International STEP – Advising Families Across Generations 'UK Tax For International Clients students'... check out The Upper Tax Tribunal's decision in Davies v HMRC (2020 UKUT 67 TCC) where you will find a great discussion of the 'motive defence' we talked about in our last session together. The case shows that HMRC doesn't have to prove an allegation of tax avoidance, it is the taxpayer who must themselves prove there was no intention for avoidance.