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How to deal with Chargeable Event Gains on deceased estates

As a Chartered Tax Adviser, here is something I (James), often hear from Executry solicitors:

Hi Jamie, I’ve got this bond in a deceased estate that I’m dealing with, I wonder if you can clarify a few things?” 

Once I hear this, alarm bells start ringing. My gut tells me this isn’t going to be a lovely easy government gilt or a guaranteed bond from the National Savings and Investments platform.

Sole trader or limited company? You decide.

When setting up a new business, you have several structures to choose from before starting to trade. There are two types of business structures - unincorporated and incorporated entities. Each one has different reporting, legal and tax implications which you need to consider. Don’t know which one is right for you? We take you through the main advantages and disadvantages of each. 

Three things that make a Financial Director’s role vital for every company

What do Financial Directors (FDs) really do? And what does the role of a financial director usually entail? It may vary from company to company, however even as an outsourced financial director for our clients, there are certain tasks and responsibilities that people often overlook. If you want to know whether you should hire or outsource a Financial Director, perhaps these three things will help. After all, every company requires them at some point or another.

4 Tax Planning Options for New Parents

Dean is a recent new parent and I (James) am due my first child in May 2022. Since I’ve been doing some in-depth research on the tax-efficient products available for new parents, I thought it would be beneficial to share this information.

This is largely a ‘devolved’ issue so I’m only going to focus on what is currently available in Scotland.

How to know if you’re eligible for R&D Tax Credit

The Research and Development (R&D) tax credit is a relief available for companies working on innovative projects or improving business components. The R&D claim is made via the company tax return, and the credit can be used to reduce the corporation tax payable or received as a cash payment. The R&D tax credit is available to most sectors, and you can generally claim for the past two accounting periods. However, there are certain criteria that need to be met. 

Passing on wealth? Consider trust funds.

Trust funds - you’ve probably heard about them before. There’s always a fair share in your standard families-fighting-over-inheritance dramas and movies (Succession). More often than not, it is also used in a negative context or as a criticism - ‘He is a trust-fund baby’.

The reality is, a trust fund is simply a way of giving someone an asset (cash, a house, investments) without the donor giving up all the control to the recipient.

But why is it so important to create a trust fund? Not many people truly understand the benefits or structure of them. 


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