Inheritance Tax – What is a gift?

Under Inheritance Tax (IHT) rules you are able to make certain payments to family, friends and others which are exempt from Inheritance Tax, these are known as gifts. 7 Year Rule Any gifts made to anyone, over 7 years before a person dies are exempt from IHT, irrespective of the amount, but there are also some gifts which you are able to make within 7 years which are also exempt:- Gifts of … [Read more...]

5 Myths about Finance Directors

 Peter Stamps, Director of FD Business Ltd., has extensive experience in the financial industry having worked with a range of organisations of all sizes in various sectors. Here, Peter dispels a few common misconceptions about the role of the Finance Director and how hiring one could dramatically improve the performance of your organisation even if you are an SME and don’t feel you’re large … [Read more...]

Simple payroll for small businesses

As we approach the end of the tax year, it is worth giving some time over to think about how small businesses operate their payroll, and what is the most effective method for processing the payroll. Many small businesses use the HMRC basic PAYE tools, which are very good but do not link to their accounting system, their bank or generate payslips, others use a standalone payroll system which … [Read more...]

Budget 2015 Report by FD Business

The UK Budget 2015 took place on Wednesday 18th March 2015. This will be the final budget before the next election in May 2015. Chancellor George Osborne used his final Budget statement of this Parliament to announce that “Britain is walking tall again”. The budget was clearly to help key sectors of the general public, in the hope that George will still be the Chancellor. The budget was … [Read more...]

New UK GAAP changes to Financial Reporting Standards will affect your profitability

Over the past few years financial reporting has been changing as International Financial Reporting Standards have been rolled out for bigger businesses. This is starting to impact medium and small enterprises. The drive for global reporting standardisation is driven by growth in international trade and shareholding. The aim is that it should enable easier comparison and greater consistency … [Read more...]

Pension Changes 2015 and Wealth Succession

Next month heralds the biggest pension changes in almost 100 years. As of April 6th 2015, individuals over 55 will be able to choose freely what they do with their accumulated pension wealth. The new pension changes to The Taxation of Pensions Act 2014 mean that individuals will now be able to cascade their wealth down to generations of their family in a tax efficient manner if they so … [Read more...]