Changes to the Rules on Intestacy

The Inheritance and Trustees’ Powers Act 2014 was given Royal Assent on 14 May. Its aim is to simplify and modernise intestacy and administrative issues.

Here are the main points:

Intestacy

The changes are in respect of married couples:

Married/Civil Partnership with no children

Where someone dies intestate leaving a spouse/civil partner and no children, the Act now states that the entire residuary estate will pass absolutely to the surviving spouse or civil partner

HMRC Launch Let Property Campaign

HMRC has recently launched a Let Property Campaign. This is part of a focus on individuals that let out residential property and do not declare income tax on the rental profit or capital gains tax when they sell a second property.

HMRC have launched an online tutorial as part of this Let Property campaign. The online modules cover issues such as when property letting is classed as starting from, the various types of property income such as holiday lets, rent a room etc. and how these are taxed.

Our new & improved Excel Spreadsheet is now available

Our new and improved excel spreadsheet is now available for recording your business transactions.

It contains a number of improved functions such as:

a) A profit and loss account which updates automatically as you enter data. This also includes an estimate of the business tax you are likely to have to pay based on the profit.

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Our forward-thinking approach means that we are consistently up to date with the latest tax and business legislation.

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