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The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which for 2024/25 is set at £325,000. A person’s estate may also benefit from a further nil rate band—the residence nil rate band (RNRB)—where they leave a residence to a direct
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Just because an employee receives a lump sum on leaving does not necessarily mean the payment is exempt from tax under the £30,000 exemption for termination payments rules. The exemption generally only applies if the payment is compensation for the termination of employment or a change in the duties of a person’s employment. It does
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Many directors believe they have an absolute right to money deposited in a company’s bank accounts. However, payment cannot just be withdrawn, as there are set procedures to follow to be legally compliant. ‘Illegal’ dividend A dividend is a distribution of post-tax profits and it can only be paid if the company has sufficient retained
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With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest statistics published by the Insolvency Service state that ‘After seasonal adjustment, the number of registered company insolvencies in England and Wales in April 2024 was 2,177, 18% higher than in March 2024 (1,838) and 18%
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The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you owe £3,000 or less and wish to pay the tax that you owe through an adjustment to your PAYE code. While these dates are some way off, there can be
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Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at which you pay tax; not all routes are open to all. Personal allowance If you do not fully use your personal allowance elsewhere, any balance not otherwise used can be
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