THP Blog

When child benefit becomes a liability
Posted by Jon Pryse-Jones on May 11, 2018

A typical two parent, two child family can claim £34.40 per week in Child Benefit. In a tax year this would amount to £1,789. Often, this becomes part of the family housekeeping and is spent. However, if one of the parents earns more than £50,000 in a tax year you could owe an additional tax charge due to the high income child benefit charge (HICBC).

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child benefit HICBC
Canny Ken and his Diddymen from Knotty Ash have the last laugh!
Posted by Jon Pryse-Jones on March 23, 2018

According to recent press commentary, Ken Dodd married his long-time partner, Anne Jones, just two days before he died. With an estate estimated to be £7m, the executors were facing an Inheritance Tax bill of over £2m, but tying the knot means that assets transferred to Anne can now be made tax-free.

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Inheritance Tax
When it comes to saving tax – timing is everything – part two
Posted by Jon Pryse-Jones on January 12, 2018

The week before Christmas we posted an article pointing out the value of checking out the tax advantages of investing in new plant and equipment. We stressed the importance of timing. But this is just one matter that should be considered before the end of the current tax year. Every business owner and individual with

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Tax Planning
When it comes to saving tax…..timing is everything
Posted by Jon Pryse-Jones on December 29, 2017

Time flies. We are again fast approaching the end of the current tax year. Of course, Individuals have no choice as to their year end date, as for them the self-assessment tax year ends on 5 April. Their tax returns for last year must be filed online by 31 January 2018. But 31st March (or

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Tax Planning
Are you required to submit a self-assessment tax return?
Posted by Jon Pryse-Jones on December 19, 2017

It’s always worth knowing this to avoid being caught out. You could go for many years without meeting the criteria and then inadvertently hit it one year without realising. So, according to HMRC, you are required to submit a tax return in the last tax year if: You were self-employed (obviously you can deduct allowable expenses

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Things we need to be told before the end of the tax year….
Posted by Jon Pryse-Jones on November 15, 2017

We are moving closer to the end of the current tax year – 2017-18 – and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2018. If you are an existing THP client, in

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The crusade to register trusts
Posted by Ben Locker on September 27, 2017

New changes in place concerning trusts and the administration thereof. If you are a settlor, beneficiary, or trustee… this might concern you.

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trust fund
Your guide to the New Inheritance Tax rules
Posted by THP on September 22, 2017

Inheritance Tax has often been assumed to apply only to the very rich. In recent years however, the freezing of the existing tax free threshold has meant that more and more people living in the UK have become liable.

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The THP Guide to Inheritance Tax Planning
Posted by Jon Pryse-Jones on May 31, 2017

Understanding Inheritance Tax Nobody likes to contemplate the day when their Will becomes actionable. The thought of your loved ones experiencing the heartache of loss and managing the finer details of your estate can lead to worry and high levels of stress.

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Inheritance tax planning
Ahoy – The End of the Tax Year in Nigh!
Posted by Jon Pryse-Jones on February 1, 2017

Now we’ve all (hopefully!) finished with our Tax Returns for this year and have passed the 31 January date for submission, it’s time to prepare for the next important deadline of 5th April. With just two months left before the end of the current tax year, those who have income from business or property sources

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Tax Planning 2017
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