Glazers February 2010 Newswire

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Inheritance Tax Planning – Is The Nil Rate Band Will Trust Still Relevant?

When considering inheritance tax planning, many married couples would in the past have been advised to include a Nil Rate Band Discretionary Trust in their Will. This relatively simple addition to a Will allowed married couples to use both nil rate bands and potentially save many thousands of pounds of tax. With the recent advent of the transferrable nil rate band we often get asked if this planning remains relevant.

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New Year Tax Planning Resolutions 2010

With the new tax year a couple of months away, it's not too late to make some tax planning resolutions for 2010. Here are some ideas to consider...

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Statutory Payments

The new Statutory Payment Rates for 2010/11 have been announced.

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Using Your Own Car For Work

HMRC have updated their guidance on using your own vehicle for work. The guidance needs to be read in conjunction with the mileage rates which for those using their own car for work purposes are unchanged at 40 pence a mile for the first 10,000 miles dropping to 25 pence a mile thereafter.

Internet links: HMRC factsheet mileage and HMRC mileage rates

 
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The Tax Health Plan (THP)

HMRC have obtained information from various sources, including NHS trusts, private hospitals and medical insurers and are introducing the THP as an opportunity for medical professionals with tax to pay to get their affairs up to date with the benefit of a fixed penalty.

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HMRC New Scam Emails

HMRC have issued a warning about a new scam email which is being sent from ‘HMRC Online Services - test@test.com’ stating that the recipient has one new ALERT message and should log onto their Online Account to read the message.

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Dispensations - New Online Application Form

HMRC have introduced the facility to apply for dispensations online.

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Tax Codes Being Issued

HMRC are advising employees that between January and March 2010 they will be issuing new PAYE coding for 2010/11. The tax codes should reflect the individual’s personal circumstances and include the tax allowances and reliefs that individuals are entitled to.

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Business & Tax News

You can find all our recent tax and business articles by clicking on the following links:

Tax - www.glazers.co.uk/tax_news.htm
Business - www.glazers.co.uk/business_news.htm

 
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Glazers Chartered Accountants
843 Finchley Road, London NW11 8NA
Tel no: (020) 8458 7427
Fax no: (020) 8458 8504
e-mail:quality@glazers.co.uk
web: www.glazers.co.uk


Glazers is registered to carry out audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.