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  • LPA Archives - Cheesman Accountants
    to the people of your choice after you die then a will is a must Otherwise your property will be distributed under the laws of intestacy Generally anyone over 18 and of sound mind can make Continue Reading 0 Lasting Power of Attorney What is it why should I get one and how can it save my business By Carol Cheesman on 1st March 2013 in Company Secretarial A Lasting

    Original URL path: http://www.cheesman.co.uk/tag/lpa/ (2016-04-25)
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  • Shares Archives - Cheesman Accountants
    Why are they important for you and your business and when should you make one By Carol Cheesman on 1st July 2013 in Company Secretarial Nobody likes to think about or plan for their death However if you want to see your assets go to the people of your choice after you die then a will is a must Otherwise your property will be distributed under the laws of intestacy

    Original URL path: http://www.cheesman.co.uk/tag/shares/ (2016-04-25)
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  • will Archives - Cheesman Accountants
    to the people of your choice after you die then a will is a must Otherwise your property will be distributed under the laws of intestacy Generally anyone over 18 and of sound mind can make Continue Reading 0 Lasting Power of Attorney What is it why should I get one and how can it save my business By Carol Cheesman on 1st March 2013 in Company Secretarial A Lasting

    Original URL path: http://www.cheesman.co.uk/tag/will/ (2016-04-25)
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  • Joint tenants or Tenants in Common
    000 and anything above this amount will include a hefty 40 tax bill Married couples and civil partners are able to pass their personal IHT thresholds to their spouse upon death meaning that the surviving partner can bequeath assets worth up to 650 000 tax free For those not married tenants in common is beneficial if your share is less than 325 000 as you will avoid IHT when your share passes to your beneficiary If you are unmarried and joint tenants then when the property is passed on to your beneficiary they will need to pay IHT if the whole property is valued at more than 325 000 Debts The advantages of tenants in common go even further If for example your spouse has outstanding debts upon their death these will need to be paid out of their estate before assets can be passed to any beneficiaries stated in their will If you own your property as joint tenants your partner s share will be passed automatically to you on their death This means that their half now becomes part of your estate and creditors can apply for an Insolvency Administration Order within five years of the death which can force a sale of your home in order to pay the outstanding debts If you are tenants in common then it is far easier to pay outstanding debts through the deceased s separate share rather than as joint tenants where upon their death you will own the entire property which may force a sale You are not immune though and if the deceased s assets and shares cannot pay the entire debt then creditors could still force a portioned or full sale of the property Stamp Duty Land Tax Stamp Duty Land Tax SDLT is not payable if a property is owned in equal shares however if as tenants in common your shares are not equal and one person wants to buy the others out then they will have to pay SDLT if the amount paid is over the threshold Residential land or property SDLT rates and thresholds Purchase price lease premium or transfer value SDLT rate SDLT rate for first time buyers Up to 125 000 Zero Zero Over 125 000 to 250 000 1 Zero Over 250 000 to 500 000 3 3 Over 500 000 to 1 million 4 4 Over 1 million 5 5 SDLT is also applicable if as tenants in common one or more of the shareholders wishes to change their percentage of ownership if the amount is above the threshold Example John Smith and Jack Brown own a farm jointly in equal shares It s valued at 2 million They decide to split the ownership of the farm geographically and each takes 50 per cent of the land If the value of each half of the land is the same then no SDLT is due However if the land taken by John Smith happens to include the farmhouse and farm buildings John

    Original URL path: http://www.cheesman.co.uk/shall-we-buy-our-house-as-joint-tenants-or-tenants-in-common/ (2016-04-25)
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  • 10 self-assessment tax return mistakes to avoid
    bdaily co uk Carol Cheesman explains how to get started with your SATR and how to avoid these 10 common mistakes relating to Signature date National Insurance number and Incorrect Unique Taxpayer Reference UTR Supplementary pages Writing things like info to follow or as per accounts instead of writing required figures Incorrect figures Not declaring all income Capital Gains Trying to claim expenses that can t be claimed Ticking wrong boxes Missing the deadlines Improper Record keeping If possible it is always better to hire a qualified accountant or tax advisor to help you complete your Self Assessment Tax Return because they will make sure it is correct They will always seek to put your needs first helping you to reduce your tax bill as much as legally possible Particularly if you have lots of sources or complicated income an accountant or tax advisor can help make sure your tax affairs are handled properly Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not be taken without seeking professional advice No responsibility for loss by any person acting or refraining from action as a result of the material in this document can be accepted and we cannot assume legal liability for any errors or omissions this document may contain Cheesmans October 2013 All rights reserved About Carol Cheesman View all posts by Carol Cheesman Subscribe Subscribe to our e mail newsletter to receive updates Related Posts Changes to Capital Gains Tax affecting residential property owners who are non UK resident Are commercial woodlands a good place to invest surplus business cash Buying or Selling How will the new VAT changes affect

    Original URL path: http://www.cheesman.co.uk/10-self-assessment-tax-return-mistakes-avoid/ (2016-04-25)
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  • incorporate Archives - Cheesman Accountants
    to Content Tag Archives incorporate Incorporation The big deal By Carol Cheesman on 12th March 2013 in Company Secretarial Reproduced with kind permission from Nursery Management Today March April issue 2013 To incorporate or not to incorporate That is the question says Carol Cheesman who talks readers through some of the issues you have to consider before taking or not the big step You have a fledging nursery business or

    Original URL path: http://www.cheesman.co.uk/tag/incorporate/ (2016-04-25)
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  • Risk Archives - Cheesman Accountants
    to Content Tag Archives Risk Incorporation The big deal By Carol Cheesman on 12th March 2013 in Company Secretarial Reproduced with kind permission from Nursery Management Today March April issue 2013 To incorporate or not to incorporate That is the question says Carol Cheesman who talks readers through some of the issues you have to consider before taking or not the big step You have a fledging nursery business or

    Original URL path: http://www.cheesman.co.uk/tag/risk/ (2016-04-25)
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  • Resident or Non-Resident for tax?
    test is divided into three categories One Two and Three Part one is used to determine if you are resident anywhere outside of the UK If this cannot be proved then part two is used which determines if you are resident in the UK If neither category proves residency then individuals are tested in part three which determines an individual s residency by connecting factors to the UK If you are in the UK at midnight at the end of a day then that counts as a day of presence unless you are passing through the UK in transit The test PART ONE NON RESIDENT You will be non resident in a tax year if you were either Not Resident in the UK in all of the previous three tax years and are present in the UK for fewer than 45 days in the current tax year defined as an arriver or Resident in the UK in one or more of the previous three tax years and present in the UK for fewer than 10 days in the current tax year defined as a leaver or You left the UK to carry out full time work abroad so long as you are present in the UK for fewer than 90 days in the tax year and less than 20 days are spent working in the UK in the tax year PART TWO RESIDENT You are resident in a tax year if you were either Present for 183 days or more in the tax year or Have only one home or more which are in the UK or Work full time in the UK If a condition in both part one and two are met then part one will prevail and you will be classed as non resident for tax purposes If part one or two do not determine residency then part three will be used as a deciding factor It takes into account connections in the UK and compares them with the number of days spent in the UK PART THREE CONNECTIONS The various connection factors are as follows Family Spouse civil partner or common law equivalent or minor children are in the UK Accommodation Property that is accessible as a place of residence and is used by you or your family during the tax year Work Substantive work defined as 40 days or more in the tax year where at least three hours a day are worked UK presence in a previous year If you spent 90 days or more in either of the two previous tax years More days here than in any other country during the tax year For an arriver someone not resident in the UK for the previous three tax years the test will work as follows Fewer than 45 days in the UK means you will always be non resident 45 89 days you will be resident if four or more part three factors apply 90 119 days you will be resident if three

    Original URL path: http://www.cheesman.co.uk/am-i-uk-resident-or-non-resident-and-how-does-this-affect-my-business/ (2016-04-25)
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