Category Archives: Government

Carrington Blake Accountancy December Monthly Newswire – Tax E-News

CHRISTMAS IS THE TIME FOR GIVING; Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications. THE IHT ANNUAL EXEMPTION - USE IT OR LOSE IT! Although not particularly generous at £3,000 per donor per annum if this annual IHT exemption is not used by 5 April it is lost, although it is possible to carry the allowance forward one year if unused. This means that if the annual allowance for 2017/18 was not used an individual may make gifts of up to £6,000 in 2018/19. Where the gifts to individuals exceed the annual exemption there may still be no inheritance tax to pay if they survive for 7 years following the gift or...

Self-Employed, Freelancer or Starting a Micro Business? Which one are you?

SELF-EMPLOYED, FREELANCER OR STARTING A MICRO BUSINESS? Did you know that almost one in seven people in the UK are self-employed? You might also classify self-employment as “freelance work”. UK research suggests that 30% of those who work in the media call themselves “freelance”. Research by Skills Development Scotland noted that the creative sector is dominated by sole traders, micro and small businesses. Approximately 13,500 businesses employ 0 to 49 employees and accounted for nearly 98% of the total number of businesses in 2014. This is an increase of 35% in the number of small and micro businesses since 2009. So why start a micro business or become self-employed? The Royal Society for the Encouragement of Arts, Manufactures and Commerce (RSA) conducted a survey in which 27% of people who moved into self-employment within the last 5 years said they...
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