Pensions are great, but they are complicated. A recent ruling has made pensions particularly complicated for certain individuals. Some people who have a public service pension scheme (particularly individuals who work for the NHS or senior local government) may be affected by the ‘McCloud Judgement’.
We won’t go into the ins and outs of the calculations or how they have been generated…This blog will focus on the tax reporting requirements.
It’s often a sensitive topic, but it is possible that there may be some income tax and capital gains tax to pay on a deceased estate, after a person has died. I know - it seems so unfair! It’s also quite a messy process as information needs to be gathered by people other than the deceased – which can be very tricky during this sensitive time.
James gives you an example of something he sees quite a lot, and the list of action points which need to be done for income tax.
Join us in welcoming our 4th hire and first-ever intern at Anderson & Edwards, Jodie Archibald.
Jodie is a 4th year Accountancy and Finance student at Heriot-Watt University, with a strong interest in working with numbers and analytics; handling finances for small and large companies; and reading in her spare time.
“I’m selling my own home – I won’t pay any capital gains tax, will I?” Well… maybe. People do not generally pay Capital Gains Tax when they sell the home they live in due to the Principal Private Residence (PPR) relief. However, there are quirks to this relief and not every sale may qualify for it. Find out what these are.
February and March marks 6 Nations time for many. A beautiful time where rugby fans in the Northern Hemisphere come together to parrot the same phrases over, and over again in a bid to convince those around them of their own rugby expertise.Much like the rugby fans who only watch the game for 5 weeks every year - leaving the rest of us (purists) rolling our eyes – there are plenty of people who come out this time of year shouting about tax planning without “Going through the phases”. What do we mean by this? Let us entertain you… Here are the top phrases you may be likely to hear from tax advisers in the next couple of months as tax year-ends come to an annual close.
Tax advice and the infamous game Dungeons and Dragons (DnD) are not normally associated with each other. However, let us tell you why they are essentially the same concept whilst highlighting the impeccably similar and transferrable skill sets between the two.