Please find below all the articles from June 2017.
Our payroll manager, David Phillips, is leading a Morgan Hemp team through their paces, in preparation for a duo of challenges this summer to raise money for Golau Cancer Foundation.
David is leading a team of ten Morgan Hemp staff, who are in training as we speak to take on the Admiral Swansea 10k on September 24th, as part of a series of fundraising events to say thank you to Golau Cancer Foundation.
David will also lace up for the JCP Swansea…
Read MoreCapital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances when a gift is made.
The most common method for minimising a liability to capital gains tax is to ensure that the annual exemption is fully utilised wherever possible. Whilst this is relatively straight-forward…
Read MoreFrom April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is designed to help pass on a home to ‘direct descendants’, including children or grandchildren, tax-free after their death. The rules governing the inheritance tax (IHT) nil rate band are complex and it is always recommended that prior professional advice is considered.
Phasing in of RNRB
The RNRB is being phased in over a four-year period as follows:
– £100,000 in 2017-2018
– £125,000 in 2018-2019
– £150,000 in 2019-2020
– £175,000 in 2020-2021
Broadly, the…
Read MoreThe government’s plans to allow landlords to use the cash basis for tax purposes were confirmed in the 2017 Spring Budget, but although the proposed legislation was included in Finance Bill 2017, it did not appear in the much reduced Finance Act 2017, which received Royal Assent on 27 April 2017. It is likely that the proposals have been temporarily shelved, pending the outcome of the General Election, and are expected to reappear in a second Finance Bill later this year. If the provisions are subsequently enacted, they…
Read MoreThe House of Commons Library has published two research briefing papers entitled Brexit timeline: events leading to the UK’s exit from the European Union and Legislating for Brexit: the Great Repeal Bill.
The Brexit timeline paper provides a timeline of the major events leading up to the referendum and subsequent dates of note, looking ahead to expected events as the UK and EU negotiate Britain’s exit. The Queen’s speech at the State Opening of Parliament, scheduled for 19 June 2017, will include the Great Repeal Bill in…
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