Re: Avanti Group
As summer temperatures drop and the evenings become darker, the Avanti team are beginning another busy period as they look ahead to upcoming networking launches and the Franchise exhibition at Birmingham NEC.
The Avanti team launched the Avanti Networking Medway group in Tonbridge, Kent during September. The launch was a great success and further launches are planned in Dartford and Wolverhampton in November.
Avanti share their tips on inheritance and property tax:
As Benjamin Franklin said, “the only things certain in life are death and taxes” and inheritance tax (IHT) touches on both.
When you die, the Government assesses how much the assets of your estate is worth, then deducts your debts from this to give the value of your estate. Assets include:
How much tax will you pay:
Your estate will owe tax over a set threshold when you die, excluding your ‘main residence’ allowance. The allowance is only valid on your main residence and where the recipient of a home is a direct descendant. For couples, when the first partner dies, their allowance is passed to the survivor, thus doubling the threshold before tax is due.
Avanti can provide help and advice on Inheritance Tax.
Property income and HMRC
If you purchase a property for rental, you will pay capital gains on the eventual profits from the sale, but this can be reduced by deducting allowance expenses such as:
If purchasing a property for rental, Capital Gains Tax will be paid on the eventual profit from sale. If renting the property, you will have to pay tax on the profits from the rental income.
Selling your main home
When selling a main home (or only home) you don’t have to pay any CGT. However, there are some circumstances when you may have to pay some, for example:
You only have to pay CGT on gains that exceed your annual allowance, unless you are a property developer and this is your trade.
Brexit remains the word on everyone’s lips, and shows no sign of disappearing
Despite many declarations, the long-term effect that Brexit will have on the UK’s small to medium enterprise (SME) businesses is still largely unknown.
There will be challenges, but it can also create opportunities, however this has largely been ignored by commentators so far, who seem to prefer the gloomy outlook.
Research found that 30% of SMEs find raising finance to be the biggest obstacle to new business, with more than half of UK SMEs describing banks as being hostile to businesses.
The pounds depreciation may provide a solution by encouraging fresh investment, creating other avenues for growth and encouraging private equity firms to invest more in UK business.
The predicted employment crisis may be a little melodramatic, however, we’re likely to see a shortfall in workers once we leave the EU.
VAT is a major concern as it is not currently levied on trade within the EU; it is only charged when goods are sold to the end customer. If the UK were to leave the EU VAT regime without agreement, businesses could be required to pay VAT upfront, for the first time. This change would create both cash flow and time burdens, which could be costly for SME’s
Service companies would need to become VAT-registered in each member state where they operate. At present, being registered in one-member state is sufficient to trade in all.
Avanti can help you by providing valuations
What to do if you need a valuation?
How can Avanti help you?
For further information and proactive business advice call Avanti on (08000) 388 799 or visit their website.